The merger, announced late last month, combines the groups’ operations and missions, with the collective goal of creating a “more inclusive and equitable St. Louis economy,” according to a press release.
The transaction created a new entity, the St. Louis Minority Business Council, LLC, with its own board and governance. The Regional Chamber will handle administrative duties and house the new entity at its downtown St. Louis offices. The new organization’s Board will include local minority business owners, leaders from major sourcing/purchasing organizations, and leaders from organizations committed to helping minority owned businesses grow.
“The new St. Louis Minority Business Council, powered by the St. Louis Regional Chamber, will identify, develop, and implement forward-thinking strategies to best support minority business enterprises as they build capacity, grow their wealth, and create more jobs,” the groups said in their press release. “MBEs will have the professional community services of the Council combined with the resources, advocacy, and larger membership network of the Regional Chamber.”
Thompson Coburn’s work on the merger included advising the Regional Chamber regarding legal and tax structure and documenting and closing the transaction.