IMB Partners, a private investment firm based in Bethesda, Maryland, announced the final close of its inaugural institutional fund IMB Partners SBIC I. SBIC Fund I closed with a total committed capital of $125.5 million, exceeding its original target of $100 million.
This fund will continue to build upon IMB’s strategy of investing in lower middle-market companies that deliver services to the utilities and government contracting sectors.
Launched in 2010, IMB Partners executed eight platform investments as an independent sponsor, raising capital on a deal-by-deal basis. And partner companies from this period include Richmond Wholesale, Alder Foods, and Elite Brands – jointly held today as Pro Food Solutions – e&e IT Consulting, Ashburn Consulting, Carr & Duff, Farwest Corrosion Control Company, and LaFata Contract Services, which IMB exited in August 2022.
IMB was approved for its license from the SBA to operate SBIC Fund I as a Small Business Investment Company (SBIC) in October 2023. And SBIC Fund I closed on December 31, 2024.
The placement agents for the fund were Thomas Capital Group and Commerce Street Capital (Dallas, TX). Winston & Strawn provided legal counsel.
KEY QUOTES:
“We are honored to have the support of 100 investors and partners. From banks, pension funds, and insurance companies, to foundations, endowments, and high net worth individuals; we value each and every individual who has committed to joining us on this journey.”
– IMB’s Managing Partner Kelvin Pennington
“Our first dedicated fund will allow IMB to continue its mission to support companies in the government contracting and utilities & infrastructure services sectors. We look forward to providing growth opportunities to lower middle market businesses that may otherwise lack access to essential capital.”
– IMB Partners’ CEO Tarrus Richardson
