Some of Charlotte's most prominent business leaders have formed an investment firm focused on Black- and Hispanic-owned companies.
Bright Hope Capital LLC launched with the acquisition of R.J. Leeper Construction, one of Charlotte's largest Black-owned companies. Financial details of the deal were not disclosed. It closed on Dec. 30.
Bright Hope's primary investors are: Hugh McColl, former Bank of America CEO; Lloyd Yates, former Carolinas region president at Duke Energy; and Malcomb Coley, managing partner at EY Charlotte. McColl has also co-founded McColl Partners and Falfurrias Capital since retiring from BofA in 2001. Both firms target middle-market companies.
Coley said Bright Hope would like to invest in six to 12 firms in the next year or so. He did not provide specifics but said the new firm is well-capitalized and stacks up to its peers. He said capital is not an issue. Investments will not necessarily be acquisitions similar to the R.J. Leeper deal.
"Every investment opportunity is different," Coley said. "The most important thing is, how do we infuse financial capital and how do we infuse social capital to scale the business?'"
Investment into social capital is how Bright Hope seeks to stand apart from other firms. The team wants to help employees build wealth with livable wages and provide plans for retirement, health care and education reimbursement.
Bright Hope is not looking to invest in particular business sectors, Coley said. It is looking for businesses with a history of solid performance that the firm could help scale. He said Bright Hope plans to announce another deal in a couple of weeks that involves an investment deal with a young African American business owner.
James Mitchell Jr., an at-large member of Charlotte City Council, was tapped as president of R.J. Leeper Construction. The company is keeping its name and existing employees. It has finished more than 150 projects in the Carolinas totaling about $650 million. Mitchell said he has met one-on-one with staff members to reassure them this is an opportunity to expand.
That expansion will involve a growth plan that adds to headcount and invests money in infrastructure, Coley said.
Ron Leeper, founder of R.J. Leeper Construction, said he has known McColl for decades. He met McColl while serving on the Charlotte City Council — a role he filled for a decade. McColl loaned Leeper money to start his construction business in 1993.
He recently approached McColl about now exiting the construction business, Leeper added with a laugh.
Leeper said minority business owners, especially African Americans, have trouble accessing capital. He saw those challenges running his own company. Driving that is less connectivity with those who have influence and resources, he said.
"As a result of it, we struggle with that lack of lifeblood," he said.
Leeper started his own workforce development initiative, an effort Mitchell wants to keep going. Mitchell views Leeper as a friend and mentor. Leeper said his company has hired almost 60 people in less than a year. All of them earn at least $15 an hour.
The employees were hired to work on contracts with the Charlotte Convention Center and the Charlotte Douglas International Airport. Providing opportunities for gainful employment will improve economic mobility, an area where Charlotte lags, Leeper said.
Bright Hope is working with community leaders and organizations to source potential investments.
