Constellation Brands to Invest $100 Million in Black-, Minority-Owned Businesses

By Colin Kellaher

Constellation Brands Inc. Monday said it plans to invest $100 million over 10 years in Black- and minority-owned businesses to an effort to improve representation in the beverage alcohol industry.

The Victor, N.Y., beer and spirits company said the move is part of a comprehensive effort to advance social justice and help eliminate systemic racism.

Constellation said its corporate venture capital group, will invest $100 million in African American/Black and minority-owned businesses in the beverage alcohol space and adjacent categories by 2030.

The company noted that a similar effort aimed at businesses owned by women has increased the venture group's portfolio mix to 50% female-owned from 20%.

Constellation said its new social-justice action plan also includes a review of its recruitment, hiring and talent-development practices, and a $1 million contribution to the Equal Justice Initiative.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

June 29, 2020 09:41 ET (13:41 GMT)

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