There are new strides being taken by Ariel Alternatives co-founders Mellody Hobson and Leslie A. Brun.

According to a press release, Ariel Alternatives — a private equity subsidiary of Ariel Investments — has purchased a 58.5% stake in My Code from existing shareholders, including Falfurrias Capital Partners. My Code is a multicultural media and advertising company created in 2015 to build a more inclusive landscape.

The acquisition was made possible through Ariel Alternatives’ Project Black Fund and was valued at $400 million. Falfurrias Capital Partners and other existing shareholders will still own a minority stake in My Code.

“Today marks our Fund’s first acquisition in the marketing and advertising sector,” Leslie A. Brun, co-founder, chairman and CEO of Ariel Alternatives, said in the news release. “We chose to partner with a business that shares our passion for speaking directly to diverse audiences, ultimately closing the racial information and opportunity gap. We will work hard to scale My Code by providing access to both capital and customers.”

Parker Morse, founder and CEO of My Code, shared in a statement:

“We are exceptionally proud of the partnerships My Code has built over the last eight years with the many brands, creators, and publishers who have put their trust in our Company. We are humbled that Ariel Alternatives sees our growth potential as well. With a new investment partner by our side, we look forward to working with both new and existing clients to help them understand, embrace, and reach the underrepresented communities driving economic growth in our country.”

To date, My Code has assisted brands in investing over $250 million to provide advertising that caters to diverse audiences. The acquisition will support the expansion of My Code’s products beyond its 1,200 current consumer media platforms.

Ariel Alternatives intends for My Code to become a certified minority business enterprise (MBE) and eventually a top supplier to Fortune 500 companies.

“Falfurrias has been a proud partner to My Code during a period of growth these past few years, and we couldn’t be more excited for this next part of the journey alongside Ariel Alternatives,” Alexander Jutkowitz, executive in residence at Falfurrias Capital, said in a statement. He is also former executive chairman of My Code and a current board member. “Our new partners bring a passion for aiming to take companies to the next level and catalyze growth, and together we believe My Code has a tremendous opportunity to continue expanding its footprint at the intersection of profits and purpose. I’m enthusiastic to continue serving on My Code’s board.”