Ariel Alternatives, LLCa leading private investment firm, has announced a strategic transaction with My Code, a leading multicultural marketing and media services company, marking a significant milestone in the marketing and advertising landscape. The acquisition, carried out through the Project Black Background by Ariel Alternatives, positions both companies to lead the vanguard in authentic representation of diverse audiences in the United States.
A look at the transaction
In this operation, the Project Black Fund has acquired 58.5 percent of My Code for $400 million. The sellers include Falfurrias Capital Partners, My Code management and employees, and other investors, who will retain a minority interest in the company. This strategic move reflects both companies’ vision of closing the racial information and opportunity gap in marketing and advertising.
My Code: pioneer in mmulticultural marketing
Founded in 2015, My Code offers solutions to brands that meet the growing need for multicultural marketing, with a mission to build a future for media and advertising where everyone is authentically represented. Formerly known as H Code, the Company was initially created to offer advertisers options to reach Hispanic consumers in the United States. Since its launch, My Code has expanded its products to address African American, Asian, Native Hawaiian and Pacific Islander, and LGBTQIA+ audiences, among others.
Right now, its network includes more than 1,200 platforms of consumer media and prominent properties. Enter those included Los Angeles Opinionthe most read Spanish-language newspaper in the United States, The New York Journal, the oldest Spanish-language newspaper in the United States that recently celebrated its 110th anniversary,Remix, one of the most influential digital media brands for the Latino community; and TV armchair, an advertising-based video-on-demand platform. To date, My Code has helped brands invest more than $250 million in advertising spend to reach multicultural audiences.
The vision of Ariel Alternatives: beyond investment
Ariel Alternatives, LLC, as a private asset management firm linked to Ariel Investments, LLC, stands out as an innovative company built on four decades of experience. Its pioneering fund, Project Black, is geared toward expanding sustainable minority-owned businesses, aiming to turn them into prominent suppliers to companies. Fortune 500 and promoting diversity in the supply chain.
This fund not only invests in currently non-minority-owned businesses, but also in already minority-owned businesses, shaping a new generation of Black and Brown entrepreneurs. Through its strategic investments, Project Black aims to close the racial wealth gap by creating jobs and stimulating economic growth in historically underrepresented communities.
According to information shared in the press release, “Their initiatives range from improving product accessibility for underserved customers to promoting diverse hiring at all levels, establishing contracts with minority vendors and suppliers, and forging philanthropic partnerships with organizations.” committed to civil rights.”
Short-term impact and future prospects
Additionally, the company’s announcement noted that it will allow My Code to leverage Project Black capital to drive growth initiatives and benefit from the Project Black CPO Council, comprised of Fortune 500 Chief Purchasing Directors, which provides valuable data on the demand of suppliers in various sectors. Diversity will also come to My Code’s board of directors with the addition of new directors with critical and diverse experience.
Parker Morse, Founder and CEO of My Code, stated: “We are exceptionally proud of the partnerships My Code has built over the past eight years with the many brands, creators and publishers who have placed their trust in our Company. We are honored that Ariel Alternatives also sees our growth potential. “With a new investment partner at our side, we look forward to working with both new and existing clients to help them understand, embrace and reach the underrepresented communities that drive economic growth in our country.”
My Code: “An investor who shares our mission”
The company added that “this strategic investment not only represents growth for My Code, but also a significant step towards closing the racial gap in the advertising and marketing sector. “Ariel Alternatives and My Code are committed to promoting diversity and authenticity in audience representation, laying the foundation for significant change in the industry.”
My Code added in the statement that in the short term it expects:
- Take advantage of the capital of Project Black to invest in growth initiatives.
- Benefit from Project Black CPO Council, a group of Fortune 500 Purchasing Directors that provides data on supplier demand in various sectors. The Board’s insights, including from Ariel’s vast acquisition network, will assist the investment team in providing My Code with potential client introductions.
- Welcome new directors to your board who bring critical and diverse experience:
- Leslie A. Brun is Co-Founder, Chairman and CEO of Ariel Alternatives and former founder of Hamilton Lane, a leading global private markets investment management firm. He brings more than four decades of financial experience and an entrepreneurial spirit that will support My Code’s growth ambitions.
- Eric Brice is a Senior Principal at Ariel Alternatives. He will leverage two decades of experience in private equity, venture capital and investment banking to partner with the My Code team in pursuing future additional product portfolio acquisitions.
- Clara Fagan, CFA, MBA, is Senior Vice President of Ariel Alternatives. She brings more than a decade of experience with an emphasis on private markets and impact investing, helping My Code ensure its business strategy aligns with its social purpose.
For more information about this transaction, please visit www.arielalternatives.com and www.mycodemedia.com.