Stamford-headquartered Synchrony (NYSE: SYF) announced a $100 million commitment in Project Black, which aims to scale sustainable minority-owned businesses and position them as leading suppliers to Fortune 500 companies.
Project Black is a strategic initiative of Ariel Alternatives, the private equity subsidiary of Ariel Investments LLC, that invests in middle-market companies which are not currently minority owned, as well as existing Black- and Hispanic-owned businesses, providing capital, resources and minority executive talent. Under Project Black’s ownership, these companies are expected to be transformed into certified minority business enterprises of scale to fuel Fortune 500 vendor and supply chain diversity.
Synchrony, along with other investors, plans to explore collaboration opportunities with portfolio company management teams to pursue growth strategies.
“Building a more equitable, inclusive economy is a business imperative,” said Brian Doubles, president and CEO at Synchrony. “Our investment in Ariel and Project Black will help give Black, Hispanic and women entrepreneurs the support they need to grow long-term. Synchrony is committed to providing the resources and expertise to advance equity for diverse businesses and communities.”
