IMB Partners and Carr & Duff will husband or wife to assist the subsequent stage of the company’s advancement
BETHESDA, Md. & HUNTINGDON VALLEY, Pa., March 15, 2022–(Enterprise WIRE)–IMB Associates (“IMB”), a top middle current market non-public equity company specializing in utility and authorities agency solutions, today declared that it has agreed to make a strategic expenditure in Carr & Duff (“C&D”), a southeastern Pennsylvania corporation offering specialty electrical construction products and services. Economical specifics of the transaction had been not disclosed.
This push launch attributes multimedia. Look at the full launch below: https://www.businesswire.com/news/household/20220315005268/en/
Founded in 1958, C&D has proven alone as a leading electrical contractor in the Higher Philadelphia and Tri-Point out Place, with expert services that arrive at buyers across the East Coast. With more than 60 many years of expertise, C&D has secured a dependable status for tackling complex electrical building projects in a method that is risk-free, timely and superior-quality. Amid its extensive-ranging set of shoppers are utilities, transportation vendors, commercial, industrial, instructional and health care amenities, and many other Mid-Atlantic clients. The Duff brothers, Bob, Eddie and Jack, will go on to get the job done in the business enterprise and retain meaningful ownership likely ahead.
“Carr & Duff has set the field typical for specialty electrical providers,” mentioned Tarrus Richardson, Founder and CEO of IMB Companions. “We appear forward to partnering with the Duff brothers and the senior management crew as we find to increase the company’s very diversified buyer foundation, broaden its geographic access and bolster its featuring along with rising traits in utility, conversation and infrastructure markets.”
IMB and its principals have invested more than $800 million of money in about 30 system and incorporate-on investments, placing by itself apart as a result of its differentiated worth creation course of action and emphasis on valuing partnership and persons 1st, believing diversity and inclusion demands intentionality and protecting an entrepreneurial approach in all dealings. The electric powered utility sector is forecasted to invest billions of pounds on servicing and new infrastructure in reaction to the improved countrywide focus on updating outdated infrastructure and improved demand from populace expansion. Simultaneously, there is additional awareness and fascination from the electrical utility industry to do much more company with providers that are excellent company citizens in their nearby marketplaces. The convergence of these things positions IMB Associates to be a value-extra associate to suppliers, like Carr & Duff.
“I have grown up with this company and found the market evolve as a result of huge improve, from various macroeconomic downturns to a renewed desire in the infrastructure of our region,” claimed Robert Duff, President of C&D. “Our name for excellence in electrical construction has held steady by means of it all, and we are thrilled to proceed increasing along with IMB, a companion that shares our eyesight of extending the arrive at of Carr & Duff even further.”
IMB brings to its expenditure crucial practical experience in the Philadelphia utility solutions marketplace by its partnership with undertaking and design management company LaFata Contract Services. As a middle-sector firm in a core sector, C&D is a all-natural suit for IMB’s increasing portfolio.
MidCap Fiscal (“MidCap”), a middle market place-centered, specialty finance agency that offers senior debt remedies and an affiliate of Apollo International Administration, Inc. offered senior personal debt financing for the transaction and Gemspring Cash Administration (“Gemspring”), a business with $1.5 billion of funds beneath management moreover presented most popular and common fairness.
About IMB Companions:
Founded in 2010, IMB is a private fairness impartial sponsor centered on investing and partnering with management teams to improve lessen center sector firms serving authorities businesses and electrical and fuel utilities. IMB thinks that range is an asset and usually takes an entrepreneurial approach to setting up businesses of scale. IMB seeks system investment targets with $5-$25 million in EBITDA and will go as very low as $1 million in EBITDA for include-on investments. Master much more at imbpartners.com or hook up with us on LinkedIn.
About Carr & Duff:
Carr & Duff, Inc. is a family-owned business with 60 a long time of electrical building excellence serving not just the Philadelphia Metropolitan Region but has served utilities and clients up and down the East Coast. The company is a market leader in delivering worth added electrical building solutions to business, institutional, utility and industrial purchasers. Carr & Duff, Inc. has established by itself consistently with many accolades for lots of of their different jobs.
Perspective supply version on businesswire.com: https://www.businesswire.com/information/home/20220315005268/en/
IMB Partners / Carr & Duff
Finsbury Glover Hering