Jones Capital, a Mississippi-based private equity firm, is building a new corporate headquarters in Hattiesburg.
The 80,000-square-foot facility is expected to open in the fall of next year, and company officials said they are excited to see the benefits it will bring to the 74-year-old firm.
Amanda Sanford, the firm’s chief of staff, said the four-story-tall building represents more than a $50 million investment. It will house about 250 employees. Those workers are currently scattered across various temporary office buildings throughout the Hub City.
Room to grow
The new building is desperately needed, she said, especially as the firm continues its monumental growth. Jones Capital directly manages 10 portfolio companies and owns a sizable stake in a number of other businesses. Its combined workforce includes more than 1,300 employees, with workers in nearly every U.S. state as well as in China and India.
Sanford said the state-of-the-art building, located in Hattiesburg’s bustling District at Midtown, will unite the firm’s growth efforts by increasing employee collaboration and boosting employee development and recruitment activities. It will also provide a jolt to the local economy.
The economic impact associated with the project is already being realized, she said. Company officials broke ground on the building in September of last year. At that time, they expected to bring 100 new jobs to Forrest County.
“Instead, we have added 230 new jobs, and the building isn’t even open yet,” Sanford said. “Those jobs range from back-office roles, like accounting and sales positions, to field jobs, like drivers and laborers.”
Codaray Construction, one of the firm’s portfolio companies, is building the new headquarters. In addition to office space, the building will have eight conference rooms and amenities such as two nursing rooms for mothers. There will also be a training room that can accommodate up to 100 people.
“At Jones, we’re really passionate about talent development,” Sanford said. “We started Jones Leadership Academy, a program for up-and-coming company leaders, about 10 or 11 years ago. That training room will be the primary place for continual learning programs.”
The training room will be available for community events and for use by other organizations, she said.
The firm will also have plenty of room to grow at its new site, Sanford said.
“We grow rapidly, and we do have enough land — after completing 18 real-estate transactions — to build a second phase if necessary, but there is also growth space in the current design,” she said.
A perfect fit
Sanford said the building’s exterior design will blend in well with other buildings in the midtown district, which was established in 2017. The building’s neighbors include the 100-room Hotel Indigo, a variety of restaurants and shops, and, across the street, the University of Southern Mississippi.
“The building will have a timeless look,” she said. “It will complement the district’s existing buildings as well as those found at the university.”
As part of the project, company officials are also building a spacious promenade that connects the building to the rest of the midtown district.
“The promenade will feature seating areas — picnic tables — and public Wi-Fi,” Sanford said. “There’ll be a large green space, and maybe we’ll hold outdoor concerts there one day. We also have a landscape architect from Boston who is working on the landscape design. It’ll promote foot traffic and a positive outdoor working environment.”
Upon completion, the building will house administrative offices for the firm and seven of the firm’s portfolio companies, including Codaray Construction, FV Recycling, Jones Logistics, Jones Lumber, Jones Power, Portabull Cold Storage and Tru Solutions.
“Our companies tend to work off of each other and feed off of each other,” Sanford said. “The building will enhance collaboration among our Mississippi-based companies’ efforts to achieve national scale. It’ll be somewhat of a growth lab and a game-changer.”
History and values
Prior to its move to temporary office spaces in Hattiesburg, the firm was headquartered in Columbia. It was founded there as a lumber company in 1949.
Jonathan Jones, who lives in Houston, Texas, is the firm’s CEO and third-generation owner. He grew up in Sandy Hook, attended school in Columbia and graduated from the University of Mississippi in 2003. Shortly thereafter, he started working at the family business, and he assumed the top job in 2012.
Under his leadership, the firm has created thousands of new jobs around the country, Sanford said. Jones has been recognized by EY, a global professional services firm, as Entrepreneur of the Year for the Gulf Coast region.
She added that Jones is a mission-oriented leader who believes in the firm’s core values of unity, sustainability, humility, integrity and passion.
“He lives out our mission statement and seeks to invest in businesses that share our common values,” she said. “He loves our employees and recognizes them as the firm’s backbone. He also believes in making a positive impact in our communities. The Jones family has always been passionate about that, and they reinvest any capital that we make from our companies. They use those funds to create additional jobs and enhance the lives of our employees.”
Future goals
Sanford said the company is always innovating and looking for ways to better serve its various stakeholders.
To that end, the firm is diversifying its portfolio and expanding its reach in the technology sector, she said.
“Our portfolio is currently more industry-related,” Sanford said. “I would say, if I had a Magic 8 Ball, that we’re going to be moving more toward technology. Right now, we’re 75% industry-related and 25% technology-related. I think, over time, it’ll be more balanced … a 50/50 split.”
A recent investment shows the firm’s dedication to emerging technology. Last year, Jones Capital participated in the first outside investment round for Greenscreens.ai, which offers dynamic pricing infrastructure for the logistics industry. The product optimizes and enriches historical and real-time market data, allowing for more accurate buy rates and sell prices.
Sanford said the firm has also invested in Foundation AI, which uses artificial intelligence to build solutions for the insurance and legal industries.
“We’re excited for the future,” she said. “Of course, the new building is something to look forward to, but we are always doing big things. It’s always a good time to be a part of Jones Capital.”