Constellation Brands Announces Commitment to Invest $10 Million in ‘Clear Vision Impact Fund’ to Support Black and Minori...
March 11 2021 - 6:30AM
Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading
beverage alcohol company, announced today a commitment to invest
$10 million in the Clear Vision Impact Fund, LP, a newly-formed
investment vehicle founded by Siebert Williams Shank & Co., LLC
– the only U.S. investment bank certified as a women and
minority-owned enterprise. The Clear Vision Impact Fund’s objective
is to make investments in minority-owned businesses, with an
emphasis on African American/Black-owned businesses; businesses
that operate in or serve underserved, predominantly African
American and Latinx, markets; and businesses that foster inclusive
growth.
“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 & 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.”
According to small business financing company Guidant
Financial’s analysis of African American/Black-owned businesses in
2020, lack of cash flow or capital is cited as one of the main
challenges facing Black entrepreneurs(1). In addition,
minority-owned firms often face lending discrimination. The
National Community Reinvestment Coalition, an organization that
works to champion fairness and end discrimination in lending,
housing and business, found that in 44 percent of tests, Black
business lending applicants received disparate treatment from
lenders, including discouraging Black firms from applying for a
loan and requiring additional information of Black firms compared
to White firms(2).
Constellation’s investment in the fund is part of the company’s
commitment to invest $100 million in African American/Black and
minority-owned businesses by 2030, a component of the company’s
multi-initiative racial justice action plan aimed at achieving
greater equity for African American/Black and minority colleagues
at Constellation, within the beverage alcohol industry, and within
the communities where the company operates.
“Supporting our communities has been a core part of
Constellation Brands’ DNA since our founding more than 75 years ago
and we are committed to fostering economic prosperity and
development for disadvantaged communities around the world where we
operate,” said Michael McGrew, Constellation Brands’ chief
diversity officer. “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. While we still have much
work ahead to reach our ultimate goals, I am extremely inspired by
our team’s passion and dedication to making meaningful
progress.”
(1) https://www.guidantfinancial.com/small-business-trends/african-americans-in-business/
(2) https://ncrc.org/lending-discrimination-within-the-paycheck-protection-program/
ABOUT CONSTELLATION BRANDSAt Constellation
Brands (NYSE: STZ and STZ.B), our mission is to build brands that
people love because we believe sharing a toast, unwinding after a
day, celebrating milestones, and helping people connect, are Worth
Reaching For. It’s worth our dedication, hard work, and the bold
calculated risks we take to deliver more for our consumers, trade
partners, shareholders, and communities in which we live and work.
It’s what has made us one of the fastest-growing large CPG
companies in the U.S. at retail, and it drives our pursuit to
deliver what’s next.
Today, we are a leading international producer and marketer of
beer, wine, and spirits with operations in the U.S., Mexico, New
Zealand, and Italy. Every day, people reach for our high-end,
iconic imported beer brands such as Corona Extra, Corona Light,
Corona Premier, Modelo Especial, Modelo Negra, and Pacifico, and
our high-quality premium wine and spirits brands, including the
Robert Mondavi Brand Family, Kim Crawford, Meiomi, The Prisoner
Brand Family, SVEDKA Vodka, Casa Noble Tequila, and High West
Whiskey.
But we won’t stop here. Our visionary leadership team and
passionate employees from barrel room to boardroom are reaching for
the next level, to explore the boundaries of the beverage alcohol
industry and beyond. Join us in discovering what’s Worth Reaching
For.
To learn more, follow us on Twitter @cbrands and visit
www.cbrands.com.
MEDIA CONTACTS |
INVESTOR RELATIONS CONTACTS |
Mike McGrew 773-251-4934 /
michael.mcgrew@cbrands.comAmy Martin 585-678-7141 /
amy.martin@cbrands.com |
Patty Yahn-Urlaub 585-678-7483 /
patty.yahn-urlaub@cbrands.comMarisa Pepelea 312-741-2316 /
marisa.pepelea@cbrands.com |
A downloadable PDF copy of this news release can be found
here. http://ml.globenewswire.com/Resource/Download/4bb022b7-a83c-4fb5-b0ea-e685a7e9a567
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