In a dynamic move that reshapes the media landscape, Ariel Alternatives LLC, a private investment powerhouse, announced on Thursday its strategic acquisition of a commanding 58.5% share in the multicultural media titan, My Code. This deal, a cornerstone of Ariel’s ambitious Project Black fund, values My Code at an impressive $400 million.
Ariel Buys Stake In Multicultural Media Biz: Navigating the Stake Purchase
Ariel’s acquisition trail led to the doors of Falfurrias Capital Partners, along with My Code’s management, employees, and various investors. These groups, now previous majority stakeholders, will retain a minority share, keeping their roots firmly planted in My Code’s future growth.
Legal Eagles: Who’s Representing Whom?
A trio of legal titans has been called to the fore in this complex transaction. Willkie Farr & Gallagher LLP has taken the reins for Ariel, while K&L Gates LLP stands guard for My Code and Falfurrias Capital Partners. The visionary founder and CEO of My Code, Parker Morse, has entrusted his interests to Cooley LLP.
Project Black: Ariel’s Ambitious Commitment to Diversity
Launched in February with a war chest of $1.45 billion, Project Black is Ariel’s audacious initiative to infuse capital into minority-owned businesses. Targeting mid-market companies with revenues ranging from $100 million to $1 billion, Project Black is a beacon of hope for businesses craving growth.
Ariel Buys Stake In Multicultural Media Biz: A Mosaic of Multicultural Media
Founded in 2015, My Code has emerged as a champion of diversity, offering multicultural marketing solutions with a vision to create a media and advertising world where all voices are heard and represented authentically.
Boardroom Shuffle: New Faces, New Visions
The deal ushers in a fresh era for My Code’s board, with three new directors from Ariel’s ranks, led by the firm’s visionary co-founder, chair, and CEO, Leslie A. Brun.
Leslie A. Brun: A Vision for Inclusive Media
Brun, in a statement, expressed his exhilaration: “This acquisition is not just about business growth; it’s a step towards bridging the racial information and opportunity chasm. We’re aligning with a partner who echoes our commitment to reaching diverse audiences.”
Ariel Buys Stake In Multicultural Media Biz : My Code’s Diverse Reach
My Code stands as a beacon for underrepresented communities, including Black, Hispanic, Asian American, Native Hawaiian, Pacific Islanders (AANHPI), and LGBTQIA+ groups. Its impressive portfolio boasts 1,200 consumer media platforms, highlighted by the historic El Diario, America’s oldest Spanish-language newspaper.
CEO Morse’s Vision for Growth
Parker Morse, the helmsman of My Code, expressed pride in the company’s journey: “Our past collaborations have been monumental, and with Ariel’s partnership, we’re set to scale new heights in reaching the economically pivotal underrepresented communities.”
Ariel Buys Stake In Multicultural Media Biz : Ariel’s Diligent Approach
In preparation for this landmark deal, Ariel sought expertise from McKinsey & Co. and Deloitte LLP for commercial and financial scrutiny. Additionally, Bridge House Advisors and Insight Sourcing Group provided insights for social impact assessment.
Financial Advisory Cornerstones
The Raine Group LLP and Canaccord Genuity Group Inc. played pivotal roles as financial advisors to My Code and Falfurrias Capital Partners, guiding the transaction to its successful conclusion.
Counsel Information: Pending Revelation
As the dust settles on this historic deal, full details of the legal counsel involved remain under wraps, poised to be unveiled.
