Bethesda, Md.-based IMB Partners has announced the final closing of its inaugural institutional fund with commitments of $125.5 million, exceeding the targeted $100 million.
IMB Partners SBIC Fund I, the firm’s first institutional fund in its 15-year history, will build upon its strategy of investing in lower middle-market companies that deliver services to the utilities and government contracting sectors, the company said.
The firm said it received approval of a license from the Small Business Administration (SBA) to operate SBIC Fund I as a Small Business Investment Company in October 2023. SBIC Fund I closed on Dec. 31, 2024. Thomas Capital Group and Commerce Street Capital were placement agents for the fund. Winston & Strawn LLP provided legal counsel.
“We are honored to have the support of 100 investors and partners,” said IMB managing partner Kelvin Pennington, who has been a senior advisor to the firm since its inception in 2010. “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.”
Commercial Real Estate
MacKenzie Companies
Advertising / Media / Communications / Public Relations
Nevins & Associates
Financial Services / Investment Firms
Chesapeake Corporate Advisors
Commercial Real Estate
Monday Properties
Venture Capital
Blue Delta Capital Partners
Internet / Technology
Foxtrot Media
The firm’s founder and CEO, Tarrus Richardson, said the new “dedicated fund will allow IMB to continue its mission” to support companies in the government contracting, and utilities and infrastructure services sectors.
So far, IMB Partners has executed eight platform investments as an independent sponsor, raising capital on a deal-by-deal basis. Its partner companies include Richmond Wholesale, Alder Foods and Elite Brands – jointly held today as Pro Food Solutions – e&e IT Consulting, Ashburn Consulting, Carr & Duff and Farwest Corrosion Control Company. The firm exited LaFata Contract Services in 2022. It typically seeks platform investment targets with $10-$100 million in revenue.
Richardson has 25 years of private equity experience and has invested over $500 million of capital, completing over 20 platform buyouts and add-on acquisitions. He previously co-founded ICV Partners, a $440 million minority-owned private equity firm, and worked at JLL Partners, a private equity firm with over $2 billion in assets under management, and Citibank (formerly Salomon Brothers). Richardson received a BS in Accounting from Purdue University and an MBA from Harvard Business School.
