Cincinnati Business Excellerator Announces First ETA Fund Investments and $400,000 Surdna Foundation Grant Supporting the Exellerator’s Broader Mission

The Cincinnati Business Excellerator, formerly known as the Minority Business Accelerator, today announced the first two investments made through its affiliated Entrepreneurship Through Acquisition (ETA) Fund I, alongside a new two-year, $400,000 grant from the Surdna Foundation that will support the Excellerator’s work to build the highest potential, scalable businesses that catalyze employment and economic opportunities for underserved populations while stimulating the broader regional and national economy. 

These announcements reflect the continued evolution of the Cincinnati Business Excellerator as it builds on its 20+ year track record of helping minority entrepreneurs grow larger, more competitive businesses. Today, the organization’s work promotes access to advisory, investment, and client engagement opportunities for business owners through 1:1 advisory services. In 2025, its affiliated investment organization, the ETA Fund, closed its first round of funding with $26 million in capital. Together, the Excellerator and ETA Fund create an integrated model designed to scale successful companies, create jobs, and generate long-term economic opportunities for traditionally underserved communities. 

“Our first ETA Fund I investments, alongside the continued support of the Surdna Foundation for the work of the Excellerator, represent an exciting next chapter,” said Curtis Hollis, CEO of the Cincinnati Business Excellerator. “Entrepreneurship through acquisition is one of the most powerful ways to preserve successful businesses that drive the economy within our communities while creating new pathways to ownership. By pairing flexible investment capital with strategic advisory support, we’re helping entrepreneurs acquire great companies and giving those businesses the resources they need to grow, create jobs, and deliver lasting economic impact.” 

The first of the ETA Fund I’s two investments provides $1.5 million in capital to Brian Hall, CEO of Ohio-based Specialized Construction Inc., in his acquisition of Cuyahoga Fence, a commercial fencing and guardrail contractor. KeyBank provided additional financing for the transaction. By bringing Cuyahoga Fence together with Specialized Construction, Hall has created a stronger infrastructure services platform with complementary capabilities, nearly $20 million in annual revenue, and greater capacity to pursue larger projects, expand its workforce, and serve customers across the region. 

The Fund’s second investment is a $2 million preferred equity investment in International Display Systems (IDS), a Dayton-based company that designs, installs, and maintains passenger information display systems for airports and public transit agencies, including Amtrak, Chicago O’Hare International and Indianapolis’ IndyGo multi-modal transit system. The investment supports the company’s continued growth following its acquisition by entrepreneur Aaron Williams in 2025, providing capital to accelerate expansion, strengthen operations, and pursue new opportunities with transportation agencies nationwide. After nearly 40 years of doing business with clients in more than 30 states, IDS is well positioned for continued growth and to drive value in the regional economy with Williams at the helm. 

The Surdna Foundation grant will help the Excellerator expand its services by strengthening the organization’s investment capabilities, cultivating the next generation of entrepreneurs looking to acquire businesses , and deepening partnerships that connect business owners with capital, executive expertise, and growth opportunities. The grant also supports CBE’s efforts to address the growing wave of business-owner retirements by helping more entrepreneurs successfully acquire and grow established companies rather than seeing those businesses close or leave their communities. 

These announcements demonstrate what’s possible when talented entrepreneurs have access to the right combination of capital, strategic guidance, and business relationships. The Cincinnati Business Excellerator and ETA Fund I are designed to work hand in hand. The Fund provides entrepreneurs with the capital to acquire strong businesses, while CBE surrounds them with the expertise, relationships, and strategic support they need to scale. Together, they’re creating a model that helps businesses thrive, preserves jobs, and expands economic opportunities for generations to come. 

For additional information about the Cincinnati Business Excellerator or to inquire about its advisory services, visit cbexcell.com. For investment inquiries and the ETA Fund I, visit etafund.com. 

About the Cincinnati Business Excellerator 

The Cincinnati Business Excellerator (formerly the Minority Business Accelerator) exists to help entrepreneurs build larger, more competitive businesses that create jobs, generate wealth, and strengthen communities. Founded in 2003, the Excellerator has built a nationally recognized organization that combines executive advising, strategic partnerships, access to capital, and business acquisition support to help entrepreneurs scale established companies. By expanding access to business ownership and accelerating high-growth enterprises, CBE works to create a more dynamic and inclusive economy that benefits businesses, workers, and communities across the region and beyond. 

About ETA Fund I 

Launched with $26 million in committed capital, ETA Fund I is an affiliated investment fund of the Cincinnati Business Excellerator that invests in entrepreneurs acquiring and growing established businesses. The Fund provides flexible debt and equity capital that helps entrepreneurs complete acquisitions, support successful, established companies, and unlock their next phase of growth. By supporting entrepreneurship through acquisition, ETA Fund I addresses the growing transition of privately held businesses while strengthening regional economies, protecting jobs, and creating long-term value.