BETHESDA, Md., Feb. 12, 2025 — IMB Partners (“IMB”), a private investment firm based in Bethesda, MD, today announced the final close of its inaugural institutional fund, IMB Partners SBIC I (“SBIC Fund I”). SBIC Fund I closed with a total committed capital of $125.5 million, exceeding its original target of $100 million. The 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.
Founded in 2010, IMB Partners executed eight platform investments as an independent sponsor, raising capital on a deal-by-deal basis. 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.
Of the fundraising outcome, IMB’s Managing Partner, Kelvin Pennington, commented, “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 Partners’ CEO, Tarrus Richardson, added, “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 was approved for its license from the SBA to operate SBIC Fund I as a Small Business Investment Company (“SBIC”) in October 2023. SBIC Fund I closed on December 31, 2024.
Placement agents for the fund were Thomas Capital Group and Commerce Street Capital, LLC (Dallas, TX). Winston & Strawn LLP provided legal counsel.
About IMB Partners: Founded in 2010, IMB is a private equity sponsor focused on investing and partnering with management teams to grow lower middle market companies serving government agencies and utilities. IMB believes in people and partnership first and takes an entrepreneurial approach to building companies of scale. IMB seeks platform investment targets with $10–$100 million in revenue. Learn more at imbpartners.com or connect with us on LinkedIn.
SOURCE IMB Partners
