Accelerating Entrepreneurship Through
Acquisition Among Underrepresented Entrepreneurs
PROVIDENCE, R.I., June 19,
2024 /PRNewswire/ -- New Majority Capital (NMC) today
announced the first close of NMC Fund I. This milestone is a major
move for NMC on its mission to help close persistent wealth gaps in
the United States. NMC Fund I is a
Private Equity micro-buyout fund focused on the acquisitions of
profitable, cash flowing, small businesses that are coming to the
market with the Silver Tsunami of retiring owners.
New Majority Capital is proud to be joined by the Skoll
Foundation, among other investors, who have contributed to NMC Fund
I's first close.
"Truly inclusive entrepreneurship ensures that all individuals
have the opportunity to own the businesses in which they work,"
said Liz Diebold, Managing Director
at the Skoll Foundation. "Asset ownership is key to wealth-building
opportunities, but it remains systematically out of reach for many
workers in the U.S. NMC is reducing barriers to business ownership
with an equity-centered, non-extractive approach that generates
impact at multiple levels—from business owners and employees to the
communities they serve."
Over the last 12 months, NMC has closed on 12 acquisitions as an
independent sponsor or deal advisor. There are currently 20+ live
deals in a growing pipeline in which NMC has partnered with
well-qualified new owners to start selectively investing in.
"I am so proud to announce the first close of NMC Fund I
with our partners at the Skoll Foundation," says Havell Rodrigues, CEO & Managing Partner of
New Majority Capital. "This milestone is a testament to the
opportunity to build wealth through small business asset ownership.
We are excited about the Fund's launch given its potential to
significantly impact underrepresented entrepreneurs and the
employees in their acquired businesses who will benefit from the
profit share program."
To learn more about NMC Fund I, click here.
About New Majority Capital: New Majority Capital (NMC) is
an impact investing firm that provides training and non-extractive
capital for underrepresented entrepreneurs to acquire and scale
small businesses through ETA (Entrepreneurship through
Acquisition). As a B Corp, NMC's north star is addressing
persistent wealth gaps in the United
States. NMC is currently raising a Private Equity fund, NMC
Fund I, from accredited investors. Learn more at
newmajoritycapital.com.
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SOURCE New Majority Capital