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Saalex Corp Strengthens Defense Presence with $75 Million Acquisition

3 mins read
saalex

Saalex Corporation is a federal services contractor that provides engineering and information technology services for the Department of Defense, municipalities, and small to medium-sized businesses.

On January 24th, Saalex announced the acquisition of Spalding Consulting, for over $75 million. This strategic move positions Saalex as a major player in the lucrative defense sector, expanding its reach and expertise.

“At Saalex, we are continually exploring avenues for inorganic growth to complement our strong proposal capabilities. The acquisition of Spalding Consulting aligns seamlessly with our expansion objectives,” said Travis Mack, Chairman and CEO of Saalex. “

This acquisition follows Saalex’s 2022 purchase of Netsimco, an information technology services provider, for approximately $30 million. The transaction aimed to enhance Saalex’s IT capabilities in the Department of Defense and aerospace markets. Netsimco, with over 180 employees across four states and a consistent annual growth rate of 20 percent, played a crucial role in Saalex’s long-term growth strategy.

The Spalding Consulting acquisition brings several key benefits to Saalex:

Expanded Defense Footprint: Gaining access to Spalding’s established clientele and expertise strengthens Saalex’s presence in the defense industry, unlocking doors to new contracts and opportunities.

Talented Workforce Integration: With Spalding’s 430 skilled professionals joining Saalex’s ranks, the employee base surpasses 1,200 nationwide. This influx of talent enhances Saalex’s ability to deliver a broader range of services to its clients.

Enhanced Software Development Capabilities: Spalding’s expertise in software development complements Saalex’s strengths, enabling the combined entity to offer more comprehensive solutions to clients.

Projections suggest an annual revenue increase exceeding $175 million, solidifying Saalex’s position as a major player in the aerospace and defense market.

This acquisition signifies a significant step forward for both Saalex and Spalding Consulting. Saalex gains a valuable foothold in the defense sector while Spalding gains access to resources and opportunities that fuel continued growth.

The strategic synergy not only benefits the companies involved but also their clients, who can expect a wider range of innovative and comprehensive solutions to meet complex needs.

Looking ahead, Spalding will operate as a wholly owned subsidiary of Saalex, with the executive leadership remaining in place during the transition.

by Tony O. Lawson

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Chess in Slums Africa: Empowering Futures, One Move at a Time

2 mins read
chess in slums africa

Founded by Chess Master Tunde Onakoya, Chess in Slums Africa aims to harness the transformative power of chess to overcome the challenges posed by poverty.

Onakoya, who himself experienced life in a Lagos slum, understands firsthand the potential of chess to bring about positive change.

Rising to become the 13th-ranked chess player in Nigeria despite facing adversity, Onakoya envisioned chess not merely as a game but as a tool for empowerment. In 2018, he established Chess in Slums Africa with a mission to leverage chess as a catalyst for education, mentorship, and opportunity in underprivileged communities.

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The organization conducts two-week intensive chess camps in slums such as Majidun, Makoko, and Oshodi. These camps not only introduce children to the intricacies of chess but also impart valuable life skills.

Participants learn critical thinking, problem-solving, strategic planning, discipline, and focus – skills that extend beyond the chessboard, empowering them to navigate the complexities of their circumstances and envision brighter futures.

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Chess in Slums Africa’s impact extends beyond the classroom, with a 3-year grant deal with Lufthansa Airlines Global The deal, according to Onakoya, will facilitate the development of a chess academy and STEM innovation lab in Lagos, Nigeria, that will be open and free to street children without access to education.

Chess in Slums Africa has also strategically partnered with chess.com, the world’s leading online chess platform to gain access to educational resources, online tournaments, and a global network of chess enthusiasts.

Through strategic partnerships, innovative initiatives, and a commitment to empowerment, Chess in Slums Africa continues to pave the way for a brighter future for children in underprivileged communities.

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Eastside Golf Receives $3.4 Million to Drive Cultural Shift in Golf

3 mins read
eastside golf

Eastside Golf, the lifestyle golf brand founded in 2019, recently closed a $3.4 million seed round led by EP Golf Ventures, a partnership between the PGA of America and Elysian Park Ventures. The investment aims to accelerate Eastside Golf’s growth and redefine the cultural perception of golf.

Founded by Olajuwon Ajanaku and Earl Cooper, Eastside Golf has achieved remarkable success, experiencing a 600% year-over-year growth in the past two years. The company has grown from 2 employees to 16, its revenue reportedly increasing from $100,000 in its first year to $4 million in 2023.

eastside golf
Eastside Golf founders, Earl Cooper (L) and Olajuwon Ajanaku (R)

The brand’s unique apparel line has resonated beyond traditional golf circles, embraced by professionals, celebrities, and athletes.

EP Golf Ventures, recognizing Eastside Golf’s potential, commended the founders for creating a brand that transcends golf’s traditional boundaries. Jay Adya, Managing Partner at Elysian Park Ventures and EP Golf Ventures, expressed confidence in Eastside Golf’s capacity for immense growth.

Seth Waugh, CEO of PGA of America, highlighted the organization’s commitment to evolving golf culture. The partnership with Eastside Golf aligns with PGA of America’s goal to broaden participation in the sport and make it more inclusive. The investment supports Eastside Golf’s mission to create new entry points for diverse audiences.

With the secured funding, Eastside Golf plans to launch new product lines, including wholesale and women’s apparel. The company aims to double the number of pop-up events in major markets, hosting its second-annual Eastside Golf Invitational during New York Fashion Week. The highly anticipated “Spring Forward” collection will debut at the PGA Show in Orlando.

eastside golf

The company’s success extends to celebrity endorsements, including NBA stars Chris Paul and Jayson Tatum, NFL great Victor Cruz, musician DJ Khaled, and former President Barack Obama. Collaborations with global brands like Jordan Brand and strategic partnerships with the NBA, MLB, and Mercedes Benz underscore the brand’s impact.

Deeply committed to social causes, Eastside Golf has donated $150K to support HBCU golf, emphasizing inclusivity and authenticity. The founders envision creating brick-and-mortar locations and expanding internationally, with gratitude for EP Golf Ventures’ support.

With a focus on inclusivity and innovative design, Eastside Golf is poised to lead the way in making golf more accessible and appealing to a diverse audience.

by Tony O. Lawson

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Spelman College Receives $100 Million Donation, Largest-Ever Single Gift to an HBCU

2 mins read
Spelman College

Spelman College, renowned for its historic role in educating and empowering Black women, erupted in jubilation today as it announced a monumental $100 million donation – the largest single gift ever received by a Historically Black College or University (HBCU). This transformational gesture comes at a particularly poignant moment, coinciding with the centennial anniversary of the college’s official naming in 1924.

The gift originates from businesswoman and philanthropist Ronda Stryker, a Spelman College Trustee since 1997, and her husband, William Johnston, Chairman of Greenleaf Trust.

“We are invigorated and inspired by this incredible act of generosity,” declared Dr. Helene Gayle, president of Spelman College. “This gift is a critical step in our school’s mission to eliminate financial barriers to starting and finishing a Spelman education. We can’t thank Ronda Stryker enough for her selflessness and support as both a trustee and friend. There’s no doubt that Spelman College is better because of her.”

A cornerstone of the initiative is a $75 million commitment to endowed scholarships, ensuring that brilliant young minds can pursue their academic dreams at Spelman regardless of financial constraints. This investment in talented young Black women promises to enrich the college’s vibrant community and contribute to a more diverse and equitable future.

Not only will financial accessibility be enhanced, but the remaining $25 million will be used to cultivate new avenues for intellectual exploration and growth. A dedicated focus on public policy and democracy will empower Spelman students to become influential agents of change in their communities and beyond. Additionally, improvements to student housing and the allocation of flexible funding for strategic needs will further create a nurturing and well-equipped environment for academic excellence.

This landmark donation transcends its financial magnitude. It serves as a powerful testament to the enduring legacy of Spelman College and its unwavering commitment to nurturing the intellectual and societal leadership of Black women. As the college embarks on its next century, Stryker and Johnston’s transformative gift provides a vital springboard for Spelman to continue shaping the future, one extraordinary woman at a time.

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Business Buying: A Potential Path to Early Retirement

4 mins read
business buying

As the Baby Boomer generation prepares for retirement, a vast, untapped potential emerges: established, profitable businesses seeking new ownership. This presents a unique opportunity for discerning investors, not just corporate giants, to acquire thriving businesses and chart a course toward financial independence.

No longer the sole domain of private equity firms, business buying is becoming accessible to individual investors with foresight and ambition. Imagine owning a beloved local bakery, a bustling community bookstore, or a well-established gym – businesses with proven track records, loyal customers, and the potential to fuel your dreams.

In this article, we’ll provide a high level overview of the key steps in the business acquisition process.

Step 1: Identify the Perfect Match

The first crucial step in purchasing a business is finding the right fit for you. Consider factors such as location, industry, and size. Assess whether you prefer a hands-on approach or a business with an existing manager. Initiate your search online, leveraging various platforms to compile a list and carefully evaluating each potential deal. If you possess expertise in a specific industry or skill, starting there can minimize knowledge gaps and expedite your success.

Step 2: Extend an Offer

Once you’ve identified the ideal business, it’s time to make an offer. Formalize offers using a Letter of Intent (LOI), outlining the price structure and terms. Accurately determining the actual value is crucial, as sellers may overvalue their businesses. Consider hiring an advisor for precision, with many CPA firms offering a service known as “quality of earnings.”

Step 3: Conduct Due Diligence

The third step, due diligence, involves a thorough examination of the business’s financials, operations, and other critical aspects. While this step may seem formidable, avoid going through it alone. Engage a diligence firm or a CPA to streamline the process and ensure a clear understanding of the business’s true profit.

Step 4: Secure Funds and Finalize the Deal

Securing the necessary funds is pivotal. Explore options such as small business administration (SBA) loans, allowing you to invest as little as $50,000 in a million-dollar business. Negotiating the purchase agreement is critical, and collaboration with the seller and their attorneys will facilitate the finalization of the ownership transfer.

Step 5: Grow the business

Congratulations, you are now the proud owner of a revenue-generating enterprise! The final step is to concentrate on growing the business. Boost revenue through marketing and sales efforts, and trim costs by optimizing vendor fees and eliminating unnecessary expenses. Enhance the business’s effectiveness and efficiency to pave the way for financial success and early retirement.

For those who prefer a more hands-off approach, consider negotiating with the current owner to stay involved or hire a capable manager. This ensures a smooth transition and allows you to leverage their expertise, providing you the flexibility to steer the business toward financial success and early retirement without being directly involved in day-to-day operations.

 

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The Honey Pot Co. Acquired for $380 Million by Compass Diversified

3 mins read
The Honey Pot Co

The Honey Pot Co. a leading plant-based feminine hygiene brand, has secured a $380 million partnership with middle-market investment firm, Compass Diversified, propelling growth in the natural feminine care sector.

This strategic alliance signifies a significant advancement for both companies, poised to reshape the industry by promoting natural alternatives and empowering women to make informed choices.

The Honey Pot Co

Founded in 2012 by Beatrice Dixon, The Honey Pot Co. has championed a campaign against harsh chemicals and synthetic fragrances, resonating with a growing demographic of women seeking healthier options. With a strong presence in over 33,000 stores, including major retailers like Target and Walmart, The Honey Pot Co. has achieved considerable success. This morning, during a conference call hosted by CODI, it was disclosed that The Honey Pot Co. exhibited strong financial performance in 2023, achieving $121 million in gross sales, $29 million in adjusted EBITDA, and a remarkable 54% gross sales CAGR since 2020.

Dixon expressed her optimism about the partnership, stating, “We are excited to embark on this collaboration with CODI, a firm that aligns seamlessly with our values and is dedicated to championing our vision of destigmatizing feminine care through accessible products and promoting holistic wellness, both inside and out.”

Elias Sabo, CEO of Compass Diversified, acknowledged the remarkable work done by Beatrice and her team, noting, “They have a strong leadership team, an efficacious line of products, and a track record of impressive innovation and category disruption. We believe they have tremendous growth opportunities on the horizon.”

This partnership ensures the preservation of The Honey Pot Co.’s core values and vision. Beatrice Dixon will continue to lead as CEO and Chief Innovation Officer, with existing owners retaining a significant stake, ensuring continuity in the brand’s mission and facilitating a seamless transition toward accelerated growth.

Beyond reshaping the industry, the partnership aims to enhance the accessibility of natural solutions. Increased resources will enable The Honey Pot Co. to broaden distribution channels, ensuring that their products reach diverse communities, especially those traditionally underserved by the industry.

The acquisition, subject to customary closing conditions, is expected to conclude in February.

by Tony O. Lawson

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Lincoln University Reels in Wake of Beloved VP’s Tragic Death and Allegations of Mistreatment

2 mins read
Lincoln University

The Lincoln University community is mourning the unexpected death of Dr. Antoinette “Bonnie” Candia-Bailey, Vice President for Student Affairs, while grappling with unsettling allegations of workplace bullying and a toxic environment that surrounded her final days.

Dr. Candia-Bailey, an alumna of Lincoln University and a revered figure in the community, passed away on January 8th, 2024. Her death sent shockwaves through the campus, with students, faculty, and alumni expressing deep sorrow and sharing heartfelt tributes. However, the grief has been accompanied by a growing wave of anger and concern fueled by unconfirmed reports of Dr. Candia-Bailey’s struggles within the university administration.

Lincoln University
Dr. Antoinette “Bonnie” Candia-Bailey

These reports, supported by an email allegedly sent by Dr. Candia-Bailey before her death, paint a disturbing picture of alleged bullying and severe mistreatment at the hands of President John Moseley. This has sparked outrage and protests demanding President Moseley’s resignation, with the hashtag #FireMoseley gaining traction online and resonating within the community.

Adding to the turmoil is the news of an investigation launched by the Board of Curators into the university’s handling of Dr. Candia-Bailey’s situation. This investigation aims to determine whether proper support was provided and whether university policies were followed in addressing her concerns. The results of this investigation are highly anticipated, as they are expected to shed light on the circumstances surrounding Dr. Candia-Bailey’s death and potentially hold those responsible accountable.

Amidst the swirling emotions and unfolding developments, one thing remains clear: the Lincoln University community is hurting. Their beloved leader, a champion for social justice and student well-being, is gone, leaving a void that is difficult to fill.

This story continues to evolve, and the coming days and weeks are likely to bring further revelations and potential consequences. With eyes fixed on the investigation and demands for accountability, the Lincoln University community navigates a period of grief, confusion, and growing discontent, hoping to find answers and a path forward while honoring the memory of Dr. Antoinette “Bonnie” Candia-Bailey.

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Adebayo Ogunlesi’s Infrastructure Fund Acquired by BlackRock for $12.5 Billion

3 mins read
Adebayo Ogunlesi

In a groundbreaking move poised to redefine the global infrastructure landscape, BlackRock, the world’s largest asset manager, has entered into a monumental deal to acquire Global Infrastructure Partners (GIP) for a staggering $12.5 billion.

Global Infrastructure Partners (GIP) is a leading infrastructure investor that specializes in investing in, owning, and operating some of the largest and most complex assets across the energy, transport, digital infrastructure, and water and waste management sectors.

The agreement, expected to be finalized in Q3 2024, involves a payment of $3 billion in cash and approximately 12 million shares, valued at around $9.5 billion based on January 11 closing prices.

At the forefront of this strategic merger is Adebayo Ogunlesi, the Chairman and CEO of Global Infrastructure Partners. Ogunlesi, along with four founding partners, leads the GIP management team, playing a pivotal role in guiding the combined infrastructure platform. As the Chairman and CEO of GIP, Ogunlesi is strategically positioned to navigate the integration of GIP and BlackRock operations, expanding his influence beyond the boardroom to orchestrate a consolidation that maximizes synergies while minimizing disruption.

The significance of this deal is underscored by its timing, making it BlackRock’s largest transaction since the acquisition of Barclays Global Investors in 2009. This strategic move reflects BlackRock’s ambition to solidify its position in the rapidly expanding market for private and alternative assets.

The GIP management team, under Ogunlesi’s leadership, is not only instrumental in the merger but also represents a continuation of GIP’s legacy in infrastructure funds management. GIP currently oversees a portfolio valued at about $100 billion, with companies within its equity portfolio collectively generating an impressive annual revenue of $80 billion. Notable assets in GIP’s portfolio include Gatwick Airport, London City Airport, Port of Brisbane, Port of Melbourne, Sydney Airport, and the Ruby Pipeline, a 680-mile gas pipeline in the US.

This strategic partnership between BlackRock and GIP is more than a mere acquisition; it’s a calculated alliance leveraging the strengths of both entities. BlackRock gains immediate access to GIP’s proven expertise and established portfolio, while Adebayo Ogunlesi secures his legacy by assuming a crucial role in the newly formed entity.

The $12.5 billion BlackRock-GIP merger is set against the backdrop of a growing trend in the alternatives market. Infrastructure has emerged as a lucrative investment opportunity as investors seek to profit from addressing a projected $15 trillion spending gap in global infrastructure by the end of the decade, as projected by McKinsey consultants.

This strategic partnership holds the promise of driving innovation, democratizing access to investments, and prioritizing sustainability in the global infrastructure landscape. With Adebayo Ogunlesi’s visionary leadership and the backing of the GIP management team, the BlackRock-GIP alliance sets the stage for a future built on vision, expertise, and a commitment to shaping a more connected and sustainable world.

by Tony O. Lawson

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Most Sneakers Are Not Built for Women’s Feet

3 mins read
Sneakers

Imagine effortlessly gliding through your run, each step feeling like a natural extension of your movement. Envision shoes that seamlessly merge with your feet, offering both support and momentum as you propel forward.

It sounds like a dream, doesn’t it? Yet, for many women, the reality of running often involves painful blisters, sore ankles, and a persistent feeling that something isn’t quite aligned.

The truth behind this discomfort lies in the design of most sneakers available. Surprisingly, many of these shoes weren’t crafted with women’s feet in mind. Traditionally, manufacturers followed a “shrink it and pink it” strategy, essentially resizing men’s shoe structures and adding pink or purple colors.

Allyson Felix, an Olympic icon and the founder of women’s footwear brand, Saysh, delves into this issue: “Unlocking the secrets behind making shoes was an eye-opener for me. It’s surprisingly straightforward, but I never gave it much thought. Think about this: shoes are shaped based on a mold of a foot, but here’s what’s shocking – most brands (yes, the ones you’re picturing right now) have been using a man’s foot as the template, even for so-called ‘women’s’ shoes.”

Allyson’s realization mirrors a glaring gap in the footwear industry. Women’s feet differ significantly from men’s—they tend to have wider forefeet, higher arches, and different heel structures. Squeezing these unique feet into shoes designed for a different anatomy only leads to pain and dissatisfaction.

Sneakers

This oversight is where Saysh excels. Their FemiformityFIT Technology is tailored specifically to women’s feet. Podiatrist, Dr. Sandi Nagata, underscores the importance of such innovation: “Many women face discomfort due to ill-fitting shoes while running, which can discourage them from continuing. Having a running shoe that considers the individual foot’s structure, especially for beginners, is crucial in preventing unnecessary pain.”

Saysh takes pride in supporting women through every stride, especially during motherhood. For every customer who becomes an expectant mother, they send a fresh pair of sneakers in a new size, free of charge. 

Allyson’s journey speaks volumes about the transformation these shoes offer. It was in her own Saysh shoes that she returned to the Olympics, becoming the most decorated track and field athlete. This personal testament exemplifies the power of footwear designed to embrace women’s distinct anatomical needs.

Sneakers

Saysh invites women to prioritize comfort and performance in their running experiences, ushering in a future where each stride is a testament to empowerment, support, and celebration of individuality.

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Health In Her HUE Raises $3 Million to Bridge Racial Health Disparities

3 mins read

Health In Her HUE is a digital health platform dedicated to tackling racial health disparities for Black women and women of color. The company recently announced the successful closure of a $3 million seed funding round, marking a pivotal moment in its mission to revolutionize healthcare access through technology and community-driven initiatives.

Founded in 2018 by Ashlee Wisdom, Health In Her HUE emerged with a clear goal: to create a supportive ecosystem that empowers women of color by connecting them with culturally responsive healthcare providers and vital health-related information.

Health In Her HUE

This funding round, led by Seae Ventures, includes backers such as Johnson & Johnson Impact Ventures, Morgan Stanley Inclusive Ventures Lab, Genius Guild, HBCU Founders Fund, Stanford Impact Fund, and a group of angel investors.

Health In Her HUE’s platform includes an array of offerings aimed at addressing the unique healthcare needs of its nearly 13,000 members. The platform encompasses a comprehensive directory featuring over 1,300 diverse healthcare providers across 60 specialties. This directory empowers members to personalize their healthcare journey by connecting with providers who understand and cater to their cultural nuances and individual requirements.

Furthermore, the platform offers an extensive collection of educational health content through various mediums, including long and short-form videos, articles, and live virtual events. These resources serve as informative tools, ensuring women remain informed and engaged in managing their healthcare effectively.

Central to its impact is the vibrant community fostered by Health In Her HUE. Forums and programs, such as the Care Squad Program, provide spaces for women to engage, learn from each other’s experiences, and access peer support groups curated by healthcare professionals. Topics range from fibroids and fertility to mental health, addressing critical issues often overlooked in conventional healthcare settings.

Wisdom expressed pride in the platform’s achievements and emphasized her firsthand understanding of the challenges faced by women of color within the healthcare system. Her vision to provide a safe and inclusive space where women feel seen and heard while receiving quality care has been the driving force behind Health In Her HUE’s growth and impact.

The success of this recent funding round marks the second significant investment received by the company, bringing the total investment to $4.2 million. It not only highlights investor confidence but also underscores the urgent need to address racial health disparities, acknowledging the pivotal role technology and community engagement play in effecting meaningful change.

by Tony O. Lawson

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