IMB Partners Successfully Raises $125 Million for New Fund
IMB Partners Surpasses Fundraising Goals
IMB Partners, a private investment firm, has achieved remarkable success by announcing the final close of its inaugural institutional fund, IMB Partners SBIC I. This new fund has closed with a total committed capital of $125.5 million, surpassing its initial target of $100 million. This accomplishment illustrates the trust and confidence investors have in IMB Partners' mission and strategy, which emphasizes investments in lower middle-market companies catering to utilities and government contracting sectors.
Investment Strategy and Portfolio Expansion
Founded in 2010, IMB Partners has a robust history as an independent sponsor, executing a total of eight platform investments on a deal-by-deal basis. The firm has partnered with various companies throughout its operations, including notable names like Richmond Wholesale, Alder Foods, and Elite Brands, collectively known as Pro Food Solutions. Additionally, IMB has engaged with several other firms, including e&e IT Consulting and Carr & Duff. This breadth of experience showcases the firm's commitment to nurturing businesses that serve essential sectors.
Growth Opportunities for Lower Middle Market Companies
Kelvin Pennington, Managing Partner at IMB Partners, expressed his gratitude for the support received from over 100 investors. His statement highlights the diverse nature of their investor base, which includes banks, pension funds, foundations, and high-net-worth individuals. This blend of financial backing indicates the broad recognition of IMB’s potential to influence and grow lower middle market businesses.
Leadership Insights
Tarrus Richardson, the Chief Executive Officer of IMB Partners, stated that the establishment of their first dedicated fund is a significant milestone. He emphasized the intention to provide growth opportunities to companies in the government contracting and utilities sectors. IMB aims to fill a critical gap by supporting businesses that may struggle to access vital capital for their development.
Licensing and Regulatory Approvals
IMB Partners is authorized to operate as a Small Business Investment Company (SBIC) after receiving approval from the Small Business Administration (SBA). This designation allows the firm to strategically invest in qualifying lower middle market companies. The closure of SBIC Fund I further reflects the growing confidence in IMB’s approach to investment and support in the business community.
Support from Experts in Capital Placement
The successful fundraising for SBIC Fund I was facilitated by placement agents, Thomas Capital Group and Commerce Street Capital, LLC. Their expertise played a vital role in connecting IMB with the right investors who see the potential in the lower middle market. Furthermore, Winston & Strawn LLP provided essential legal counsel, ensuring that all regulatory requirements were met and allowing the fund to navigate the complex investment landscape smoothly.
About IMB Partners
Founded in 2010, IMB Partners operates as a private equity sponsor dedicated to investing in and partnering with management teams. The firm focuses on nurturing lower middle market companies that serve government agencies and utilities. IMB's core philosophy emphasizes people and partnerships, taking an entrepreneurial approach to foster the growth of scalable companies. Their targeted investment criteria seeks platforms with revenues ranging from $10 million to $100 million, showcasing their commitment to economic empowerment and community support.
Frequently Asked Questions
What is IMB Partners' primary focus?
IMB Partners primarily focuses on investing in lower middle-market companies serving the utilities and government contracting sectors.
How much capital did IMB Partners raise for its inaugural fund?
IMB Partners raised $125.5 million for its inaugural fund, IMB Partners SBIC I.
What does SBIC stand for?
SBIC stands for Small Business Investment Company, a designation that allows firms to provide support and capital to small businesses.
Who are the key partners in IMB Partners' fundraising?
IMB Partners leveraged support from over 100 investors, including banks, pension funds, and foundations, to achieve its fundraising goals.
When was IMB Partners founded?
IMB Partners was founded in 2010 and has since evolved into a significant player in the private equity space.
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