Year in Review 2020
January 29, 2021
Dear Investors, Colleagues, and Friends,
As we embark on a new year, we would like to share our reflections on a challenging but productive 2020. Thank you for your continued interest and support of IMB Partners which has made our success possible. Our 2020 highlights include:
Founding Sponsor of the NAIC Paradigm Changers Internship Program
As a tribute to our former partner Amber McCants, IMB Partners, together with Palladium Equity Partners and TPG, is sponsoring an internship program through the National Association of Investment Companies and the Toigo Foundation for undergraduate and graduate women with the potential to lead in the field of private equity. Applications are currently being accepted and inaugural classes will kick off programming in summer 2021. To learn more and to apply visit: NAIC Paradigm Changers Internship Program. Amber will continue to inspire us, and the next generation of leaders in our industry, to do our best.
Welcomed New Managing Directors
Kelvin Pennington, Managing Director
Mr. Pennington joined as a Managing Director in 2020. Kelvin has over 30 years experience in private equity and has invested over $500 million of capital in over 20 platform investments and add-on acquisitions.
Farrah Holder, Managing Director
Ms. Holder was promoted to Managing Director in 2020. Farrah has over 17 years of experience in private equity, investment banking, marketing, and business development.
Derrick Weatherspoon, Managing Director
Mr. Weatherspoon was promoted to Managing Director in 2020. Derrick has over 10 years of experience in private equity and has invested over $2.5 billion of capital in over 10 platform investments and add-on acquisitions.
Completed Two New Investments
Ashburn Consulting LLC is a certified MBE headquartered in Leesburg, VA. Ashburn is a cybersecurity and network engineering firm serving government, education, and commercial clients. IMB made a growth equity investment in Ashburn on July 14, 2020.
Richmond Wholesale Meat Company is headquartered in Richmond, CA and is a leading global food manufacturer supplying the US military. IMB recapitalized and made a growth equity investment in Richmond on December 31, 2020.
Completed Three Recapitalizations
Alder Foods recapitalized in 2020 with Middlesex Bank. Alder is headquartered in Walpole, MA and is a food distributor and manufacturing firm. Alder is one of the largest suppliers of grocery products to U.S. military.
e&e IT Consulting recapitalized in 2020 with S&T Bank. e&e is headquartered in Mechanicsburg, PA and is an IT services and consulting firm serving government and commercial clients.
LaFata Contract Services recapitalized in 2020 with Harbor Bank. LaFata is a headquartered in King of Prussia, PA and is a project and construction management firm focused on helping utilities deliver major infrastructure projects.
Rebranded and Launched a New Website
IMB Development Corporation changed its name in July 2020 to IMB Partners. We think our new name more closely reflects our commitment to partnerships and people first. With our new name, we created and launched this new website.
Thank you for your continued support and partnership, and we look forward to working with you in the year ahead.
Wishing everyone good health, safety and happiness and the very best in 2021!
The IMB Partners Team
Tarrus Richardson, Farrah Holder, Kelvin Pennington, Derrick Weatherspoon, Kirk Fichtner, Ginny Gallicchio, Assiatu Williams, and Vourneen Clifford