IMB Partners Achieves $1 Billion in Revenue in Landmark Year
January 26. 2023
The milestone for the rising private equity firm follows over 12 years in business and three major transactions in 2022
January 26, 2023 – IMB Partners (“IMB”), a leading middle market private equity firm specializing in government contractors in food, cybersecurity and IT services, and electric and gas utilities, today announced its tremendous growth in 2022 with over $1 billion in revenue reached across its portfolio of investments. For IMB, this achievement is the result of 12 years of strategic investments and acquisitions, backed by an expert team of over 15 talented investment professionals. To commemorate this progress, Founder and CEO Tarrus Richardson shares a timeline of the firm’s “Road to $1 Billion.” (Learn more or connect with us on LinkedIn.)
“The growth of IMB over the last 12 years has been a source of true personal pride,” said Richardson. “Our work in 2022, demonstrated by the $1 billion revenue milestone, is a testament to the grit, talent, and savvy of both our investment team and business partners. I am confident that we will see IMB excel to new heights in the next decade.”
Richardson and Managing Directors Kelvin Pennington, Farrah Holder, and Richard Beaty together have more than 80 years of private equity experience, and have invested an aggregate of $800 million of capital in more than 30 platform and add-on acquisitions for IMB and other firms.
In October 2010, Richardson founded IMB with the core value of partnership and people first, supported by an inclusive workforce that is equipped to meaningfully support minority ownership and supplier diversity. Over the next decade, IMB established a new entity in the insurance managed-service provider space and completed eight platform investments across the utilities, infrastructure, food services, and cybersecurity industries, including two significant acquisitions in 2022.
In March 2022, IMB closed its largest investment to date with a majority stake in the electrical contracting firm Carr & Duff, pushing the firm over the $1 billion revenue mark. In August 2022, IMB exited its first platform, LaFata Contract Services (LCS), a utility project and construction management firm, which sold to Anser Advisory with a 27x return to investors. During IMB’s partnership with LCS, diversity at the company grew from six to 22 percent, women as a percentage of the workforce grew from nine to 23 percent, and the employee base grew from 90 to over 200, contributing to the increase in value and highlighting the importance of a diverse workforce. In October 2022, IMB closed its second strategic investment of the year with an investment in cathodic protection and corrosion control services company Farwest Corrosion Control, expanding its holdings in the West coast.
This banner year also included 10% plus revenue growth in IMB’s existing portfolio companies. In 2022, the firm added four employees to expand and accelerate its capabilities: Maurice Markey, Operating Partner in the food services platform; Rich Beaty, Managing Director; Norman Yu, Director; and Zipporah Sanders, Executive Assistant.
About IMB Partners:
Founded in 2010, IMB is a private equity independent sponsor focused on investing and partnering with management teams to grow lower-middle-market companies serving government agencies and electric and gas utilities. Over the last 12 years, IMB and its principals have invested over $800 million of capital in over 30 platform and add-on investments, setting itself apart through its differentiated value creation process and emphasis on valuing partnership and people first. IMB believes that diversity and inclusion are assets that require intentionality in all dealings. IMB seeks platform investment targets with $3-$25 million in EBITDA and will go as low as $1 million in EBITDA for add-on investments. Learn more at imbpartners.com or connect with us on LinkedIn.
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