One of the largest black-owned asset managers buys stake in provider of video communications for the deaf
The private arm of Ariel Investments, one of the largest black-owned asset managers in the US, has bought a majority stake in a video communications provider for deaf consumers for $1.3bn, in the first of a series of deals aimed at turning minority-owned businesses into multibillion-dollar companies.
Ariel’s private equity arm is acquiring 52 per cent of Sorenson Communications from a consortium of existing investors led by Blackstone, KKR and Franklin Mutual Advisers. That group took control of the company after converting debt claims into equity as part of its 2014 restructuring. Sorenson is among the largest providers of video communication services like videophones and mobile applications for the deaf and the hard of hearing.
The acquisition marks the first control investment by Ariel since launching its private equity platform in early 2021, seeking to buy and grow “sustainable minority-owned businesses” and position them as suppliers to America’s largest corporations.
Read more : FT
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