Constellation gives $10m to support Black-owned firmsBy Nicola Carruthers
Svekda vodka owner Constellation Brands has pledged US$10 million to the Clear Vision Impact Fund, which invests in Black and minority-owned businesses.
The investment is part of Constellation’s commitment to invest US$100m in black and minority-owned alcohol businesses by 2030.
The Svedka vodka owner is also aiming to achieve greater justice for Black and minority colleagues at Constellation, across the alcohol industry, and in the communities where the company operates.
The Clear Vision Impact Fund was founded by Siebert Williams Shank and Co, and claims to be the only US investment bank certified as a women and minority-owned business.
“Minority-owned businesses are under represented in our industry, and many other business segments, as pervasive and systemic barriers have existed for these companies and their leaders for far too long,” said Bill Newlands, Constellation Brands’ president and chief executive officer.
“We remain committed to doing our part to help remove such barriers and we’re proud to partner with Siebert Williams Shank and Co and other companies that have joined this effort.
“Working together, we can provide greater access to capital and opportunity for minority-owned businesses as well as the employees and communities they support.”
Clear Vision aims to make investments in minority-owned businesses, with an emphasis on African-American/ Black-owned businesses; firms that operate in or serve mainly African-American and Latinx markets; and companies that adopt inclusive growth.
Michael McGrew, Constellation Brands’ chief diversity officer, added: “We’re proud to play a role in helping provide greater access to support and opportunity in our communities by giving Black and minority-owned small businesses a more equitable fighting chance through this investment.”