Our Supplier Diversity program works to integrate products and services from small and diverse businesses into our procurement processes.
These partnerships help us ensure that our products and services evolve to meet the needs of our customers, while also contributing to the economic growth of communities across the country.
In 2018, our spending with small and diverse businesses — including 398 owned by women and 373 owned by minorities — totaled $2.2 billion.
One of those businesses is Chicago-based Loop Capital Markets, which has been providing investment banking services to CVS Health since 2012. Here, Sidney Dillard, partner and head of Corporate Investment Banking at Loop, shares what it’s been like to be part of our Supplier Diversity Program.
Describe how Loop Capital Markets and CVS Health work together.
Within our peer group, Loop Capital is leading the way in helping our clients achieve their corporate social responsibility objectives through innovative financing solutions. Loop Capital provides both share repurchase and bond underwriting services to CVS Health.
Our connection to CVS Health’s Supplier Diversity Program developed over time, as the company began to incorporate its finance and treasury departments into the supplier diversity effort. This is unique because there aren’t a lot of Fortune 500 companies that have the strong connectivity that CVS Health’s finance department has with supplier diversity.
What are some specific services Loop Capital provides to CVS Health?
Some of the work we’ve done for CVS Health includes:
- Since 2012, Loop Capital Markets has been involved in repurchasing a significant percentage of the overall stock that CVS Health has repurchased
- Loop Capital has underwritten more than $352 million in bonds for CVS Health since 2015
- Through our affiliate, Loop Capital Financial Consulting Services, we have worked with CVS Health to provide valuation services for small acquisitions.
As CVS Health continues to set the highest standards for corporate stewardship, we look forward to providing unique financial services ideas to help the company maintain its leadership within the realm of corporate social responsibility.
How has working with CVS Health been beneficial to your business?
CVS Health has been an important driver of growth at Loop Capital across both our global equity and debt capital markets businesses. Our well-established relationship with a recognized leader like CVS Health has truly elevated the global visibility and recognition of the long-standing investment banking capabilities of Loop Capital.
How has the partnership benefited the communities you serve?
By partnering with Loop Capital for its financial services needs, CVS Health has demonstrated a vital commitment to diversity and inclusion by awarding business to one of the largest minority-owned investment banking, brokerage and advisory firms in the U.S. As a leader in both ethnic and gender workforce diversity, as well as in the philanthropic space, Loop Capital is creating not only professional empowerment for the diverse professionals we employ, but is also creating economic empowerment in the communities in which we operate.
How has working with CVS Health changed the way you do business?
At Loop Capital Markets, we continually think about how we can do what we do better and how we can increase our value-add to our clients to help them achieve their goals. Our relationship with CVS Health has led us to think about and incorporate strategic partnerships. We have partnered with firms that do things that we don’t do and vice versa to provide a complete solution to CVS Health.