Wal-Mart announced yesterday (3 May) that it was investing US$5m in Simeus Foods International through its private equity fund established in October 2005 to support women- and minority-owned businesses. The investment fund is managed through co-investor and private equity firm Erasmus Advisors.
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Simeus Foods, the largest African American-owned food manufacturer in the US, produces frozen food products for the restaurant industry, including ready-to-cook meats, appetisers, soups and sauces.
SFI founder and CEO Dumas M. Simeus said: “Simeus Foods is proud to have Wal-Mart as an investor in our company through Erasmus Advisors. We are energised by the prospect of partnering with Wal-Mart on growth opportunities and appreciate the company’s commitment to develop relationships with minority-owned companies such as ours. We intend to demonstrate through our performance that this type of investment is a sound business strategy and guiding principle.”
“Through this private equity fund we are able to invest in businesses, such as Simeus Foods International, that have the talent and capacity to help drive supplier diversity,” said Esther Silver-Parker, vice president of diversity relations, Wal-Mart Stores. “This and future minority-owned business investments extend our company’s long-standing supplier diversity efforts and will serve as an invaluable resource to talented minority and women entrepreneurs seeking to expand their businesses.”
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