Shawn Rochester and Robin Watkins are poised to break through more barriers in the financial world. (Courtesy photo)
Shawn Rochester and Robin Watkins are poised to break through more barriers in the financial world. (Courtesy photo)

Shawn Rochester, who authored “The Black Tax: The Cost of Being Black in America,” and Robin Watkins, a highly-regarded financial and operations accountant, have made Wall Street history.

In fact, they stand poised to break through more barriers in the financial world.

Their latest venture, Minority Equality Opportunities Acquisitions, Inc. [MEOA], has raised $126.5 million, earmarked to help minority businesses and enterprises grow and prosper through mergers and acquisitions.

“It’s amazing to be a part of this,” said Watkins, a Drexel University graduate.

While Rochester serves as CEO of MEOA, Watkins counts as the company’s CFO.

“I come from a family of entrepreneurs,” Watkins remarked in an interview that took place inside the National Newspaper Publishers Association’s new state-of-the-art television studios in the District.

Because her grandfather owned a trucking company and café in Lawrenceville, Virginia, with her father and other family members establishing themselves as entrepreneurs, she leaped at this latest opportunity.

“It’s historic and it’s amazing,” Watkins stated.

MEOA raised the money after its initial public offering in August and now counts as the first special purpose acquisition company – or SPAC – headed by African Americans.

“We are trading now on the Nasdaq under MEOAU,” said Rochester, who earned a master’s degree in business administration from The University of Chicago Booth School of Business with a focus in Accounting, Finance and Entrepreneurship.

MEOA will target MBEs and Black-owned businesses nationwide.

“We’re really a blank check company that’s funded through an IPO,” Watkins said. “The funds are held in trust to acquire another company. In this case, we are looking at minority business enterprises to take them public through our IPO. We are the only SPAC that’s targeting minority business enterprises.”

According to financial experts, SPACs generally have two years to complete an acquisition. If they fail, the company must return the money raised to its investors. But for Rochester and Watkins, failure isn’t an option.

Rochester said they’re looking at companies with enterprise values between $250 million and $500 million with recurring and predictable revenues. Additional criteria include having a history of being able to generate a sustainable free-cash-flow.

“There is unprecedented demand for diverse suppliers but many minority firms don’t have the resources to meet the demand,” Rochester said.

“That’s where MEOA and the decades of combined experience that our team has in operations, strategy, business development and acquisitions enter the picture for the right business to help accelerate growth,” he continued.

Further demonstrating a commitment to racial equity and economic inclusion, MEOA engaged the Industrial Bank of Washington, one of the country’s preeminent Black-owned institutions, for its working capital banking needs during the SPAC and IPO process.

The company’s directors include: Dr. Julianne Malveaux, MIT economist and dean, College of Ethnic Studies, Cal State Los Angeles; Ronald Busby, Sr., president and CEO, US Black Chamber, Inc.; and Patrick Linehan, partner, Steptoe & Johnson.

“The mission and purpose of MEOA will help to catapult minority enterprise in this country,” Rochester said. “As a SPAC, we have the opportunity to not only help drive significant change and unleash superior performance but to also signal to the broader marketplace that there is tremendous value in companies and teams that have long been ignored.”

Stacy M. Brown is a senior writer for The Washington Informer and the senior national correspondent for the Black Press of America. Stacy has more than 25 years of journalism experience and has authored...

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