Lafayette Square Provides Financing to Support the Growth of Capital City LLC, Makers of Capital City Mambo Sauce
Capital City, the iconic maker of D.C.’s beloved Mambo Sauce, has announced its first-ever round of funding from investment platform, Lafayette Square, today October 9th!
Amid a challenging climate for DEI and a scarcity of capital for Black women-owned businesses, Lafayette Square’s bold investment provides Capital City with the fuel it needs to reach new heights. This milestone funding arrives through Lafayette Square’s Specialized Small Business Investment Company (SSBIC) license, emphasizing the commitment to elevating businesses often overlooked in the mainstream. This no-equity funding loan allows a space for Capital City to grow without compromising ownership stake, which remains 100% Black-owned and woman-owned.
Founded in 2011 by Arsha Jones and her late husband Charles Jones, Capital City celebrates D.C. culture and heritage through its flagship Mambo Sauce. From humble beginnings in 15 local mom-and-pop shops, the brand now boasts a retail presence with over 3,000 stores nationwide, including Target, Amazon, Walmart, and partnerships with KFC, Papa John’s and the Washington Commanders. This year alone, Capital City expanded with partnerships including &pizza, D.C.’s own MLS team D.C. United at Audi Field, and Costco stores.
Please see the full press release below.
Lafayette Square Provides Financing to Support the Growth of Capital City LLC, Makers of Capital City Mambo Sauce
Investment in the women-led, minority-owned local DC business is the BDC’s first loan issued under its new SSBIC license
Miami, FL & Washington, D.C. – October 9, 2024 – Lafayette Square announced today that it has provided a First Lien Term Loan Facility (the “Facility”) to support the growth of Capital City LLC (the “Company”), makers of Capital City Mambo Sauce, a favorite condiment in the Washington DC region and beyond.
Capital City, LLC, founded in 2011 by Arsha Jones and her late husband, Charles Jones, is a rapidly growing minority-owned family business specialized in the production and distribution of Mambo Sauce. Based in Maryland, it operates as a niche player in the condiment market. Mambo Sauce is a versatile sauce originating from Washington D.C.'s chicken wing restaurants, used on various dishes including fried chicken wings, ribs, french fries, fried jumbo shrimp, and fried rice. Arsha Jones has strategically transformed her DC-based business into a recognized, standalone CPG enterprise. The Company has a comprehensive sales approach including direct-to-consumer sales, as well as partnerships with major retail chains including Walmart, Target, and Costco, and leading fast-food chains including Papa John's, KFC, and McDonald's.
The Facility represents the first financing Lafayette Square has provided under its recently announced Specialized Small Business Investment Company (“SSBIC”) license, which is granted by the U.S. Small Business Administration and focused on providing financing to small business ventures owned and managed by historically underrepresented populations, specifically women, minorities, and veterans.
“This investment has special meaning to me not only as our first investment from our new SSBIC, but also as a Washingtonian myself and avid consumer of Mambo Sauce," said Damien Dwin, Founder & CEO of Lafayette Square. "Arsha is phenomenal, both in business and in life, and Stacey Wade—an accomplished business builder—saw the potential early on when he introduced us last year. There are too few businesses like Arsha's generating eight-figure revenue with steady margins. Let's create more."
“We are excited to work with Damien and his team at Lafayette Square to grow and expand our business,” said Arsha Jones. “They have a unique understanding of how to support our company and have a clear and vested interest in supporting our workers and our surrounding community.”
Along with financing, Lafayette Square offers its portfolio companies access to Worker Solutions, a custom-built platform offering interest rate step-downs to portfolio companies adopting services and HR policies designed to measurably reduce turnover and increase adoption of healthcare and retirement benefits.
About Lafayette Square
Lafayette Square invests in middle market companies while positively supporting people and communities. We believe the demand for capital in businesses headquartered outside of high-income places is an overlooked opportunity. We seek investment opportunities that stimulate economic growth across the United States through the creation and preservation of working-class jobs. For more information, please visit www.lafayettesquare.com.
Media Contact:
Jansel Murad
Dukas Linden Public Relations
646-722-6537
lafayettesquare@dlpr.com
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