NEW YORK–(BUSINESS WIRE)–IMB Partners, a leading middle market private equity firm specializing in utility and government agency services, is announcing its strategic investment in Carr & Duff, a southeastern Pennsylvania corporation that provides specialty electrical construction services to a range of mid-Atlantic customers.
The Duff brothers, Bob, Eddie and Jack, will remain with the business after IMB’s investment, will continue to work in leadership roles and will have meaningful ownership going forward. C&D customers include a range of commercial, industrial and other specialty industries along the East Coast. The company was founded in 1958, and is based in Huntingdon Valley, Pennsylvania.
“Carr & Duff fits our expanding portfolio and our team is pleased to have Bob, Eddie and Jack on board with the business to grow the company,” said Tarrus Richardson, IMB Partner’s Founder & CEO. “IMB Partners sees the future of American infrastructure as being the future of lower middle market companies and the entrepreneurs that grow them, and we look forward to continuing to expand C&D’s diversified customer base.”
Triago acted as the global placement agent for IMB for this transaction, which was closed with equity capital from Gemspring Capital Management. MidCap Financial provided senior debt financing for the transaction.
IMB and its principals have invested more than $800 million in capital over 30 transactions and bring experience in the Philadelphia utility services market to the transaction through its prior partnership with LaFata Contract Services, a project and construction management company.
“We have been excited to see IMB’s ideas come to life with companies that support utility sector and government agencies, as anticipated infrastructure spending will accelerate and improve the lives coast-to-coast,” said Matt Swain, Global CEO of Triago. “We’re proud to be working with IMB and look forward to working together on future opportunities.”
About IMB Partners
Founded in 2010, IMB is a private equity independent sponsor focused on investing and partnering with management teams to grow lower middle market companies serving government agencies and electric and gas utilities. IMB believes that diversity is an asset and takes an entrepreneurial approach to building companies of scale. IMB seeks platform investment targets with $5-$25 million in EBITDA and will go as low as $1 million in EBITDA for add-on investments.
About Carr & Duff
Carr & Duff, Inc. is a family-owned business with 60 years of electrical construction excellence serving not just the Philadelphia Metropolitan Area but has served utilities and customers up and down the East Coast. The business is a marketplace leader in providing value added electrical construction services to commercial, institutional, utility and industrial clients. Carr & Duff, Inc. has proven itself repeatedly with numerous accolades for many of their various projects.
With offices in New York, London, Paris and Dubai, Triago provides fundraising services, secondary transaction advisory, and strategic solutions for general partners and limited partners seeking to optimize success in the global private equity market. Founded in 1992 as one of the first private equity fund placement agents, Triago has completed over 180 fundraisings on five continents and has advised on the transfer of more than 3,000 private equity fund stakes on the secondary market on behalf of 200 clients across the world. Triago has also undertaken over 50 strategic advisory mandates for general partners and limited partners looking to launch, boost or restructure PE fund operations. Triago’s fastest growing sector in 2021 was direct single-deal advisory and co-investments. http://www.triago.com/