IMB Partners

What IMB Partners does

IMB Partners is a Bethesda, Maryland-based private equity firm founded in 2010 by Tarrus Richardson (formerly of ICV Partners, JLL Partners, and Citibank/Salomon Brothers) that acquires and grows lower-middle-market businesses through a trademarked "Two-Step Buyout™" transaction structure. The firm invests control equity in closely-held or family-owned companies with $2-$15M of EBITDA (add-ons as low as $1M) and $10-$250M of revenue, primarily in two verticals: Utilities & Energy (services such as specialty electrical contracting, corrosion control, grid modernization, and water/wastewater) and GovCon (IT services, cybersecurity, network engineering, and food supply to military commissaries). The firm operates as a 100% Minority Owned and Minority Partners sponsor and pursues deals via direct intermediary relationships with investment banks, business brokers, and advisors.

The firm is purely financial in nature; there is no proprietary AI, SaaS, or technical product. Its core operating "product" is capital combined with a structured transaction model that provides sellers meaningful cash upfront while allowing them to retain an equity position with a flexible long-term hold period and the option for a second sale or recapitalization. The value-added tool kit includes M&A strategy, EOS (Entrepreneurial Operating System) implementation, capital fundraising assistance, and senior relationship support. Distribution is primarily through a direct field-sales model complemented by a formal intermediary referral-fee program.

IMB's revenue base consists of standard private equity management fees on committed capital and carried interest from successful exits, plus operating income from its wholly-owned managed services subsidiary (IMB Solutions, LLC). The firm achieved a $1B+ combined portfolio revenue milestone in 2023, received an SBA SBIC license in October 2023, and closed its inaugural institutional fund (IMB Partners SBIC I) at $125M in early 2025. The current portfolio includes Carr & Duff, Farwest Corrosion Control Company, the Pro Food Solutions platform (Alder Foods, Elite Brands, Richmond Wholesale Meat Company), e&e IT Consulting Services, Ashburn Consulting, eTelligent Group, and IMB Solutions. LaFata Contract Services was exited in August 2022 via merger with Anser Advisory.

Name

IMB Partners

Legal name

IMB Partners

Website

https://imbpartners.com/

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

IMB Partners is a Bethesda, MD-based private equity firm founded in 2010 that acquires and grows lower-middle-market companies in utilities/energy and government contracting through its proprietary Two-Step Buyout™ model and an inaugural $125M SBIC fund.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Business Services (B2B) Growth Equity (FSANACAD)

akta.pro secondary industry

B2B Channel Partners & Referral Agencies (Cross-Industry Referral) (FSAEAMAN)

Keywords

• Private equity investments
• Middle-market acquisitions
• Utilities sector investing
• Government contracting investments
• Control buyouts

Headquarters

HQ city

Bethesda

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Management Fees: Standard private equity management fees on committed capital under management
2. Carried Interest: Performance-based carried interest from successful exits of portfolio companies

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

IMB Partners is a private equity firm that makes control acquisitions of middle-market companies in the utilities/energy and government contracting (GovCon) sectors. The firm deploys its proprietary Two-Step Buyout™ model, providing meaningful cash upfront to sellers while retaining an ownership position with flexible long-term hold periods, supplemented by operational expertise, M&A strategy, and capital fundraising support.

Product overview

IMB Partners is a private equity investment firm that acquires and grows middle-market companies through its Two-Step Buyout™ model, focusing on the Utilities & Energy sector and GovCon (government contracting) sector. The firm offers investment services including capital resources, operational expertise, strategic planning via EOS, M&A strategy, and network relationships. The portfolio includes specialty electrical services (Carr & Duff), corrosion control (Farwest), food manufacturing/distribution platforms (Pro Food Solutions comprising Richmond Wholesale, Alder Foods, and Elite Brands), IT/cybersecurity services (e&e, Ashburn Consulting, eTelligent Group), and a managed services division (IMB Solutions).

Differentiator

Problem solved

Functional benefit

Products and services

• IMB Partners Investment Services Private equity investment firm providing capital, strategic planning, and operational expertise to acquire and grow middle-market companies in utilities/energy and government contracting sectors through its Two-Step Buyout™ model. Targets companies with $2-$15 million in EBITDA and $10-$250 million in revenue.
• Pro Food Solutions Food sourcing, branding, and distribution platform serving military and families worldwide through Global Foodservice Solutions (Richmond Wholesale) and Military Retail Solutions (Alder Foods and Elite Brands).
• Carr & Duff Specialty electrical construction services provider serving utilities, transportation, industrial, education, and healthcare industries in southeastern Pennsylvania and along the East Coast.
• Farwest Corrosion Control Company Provider of cathodic protection and corrosion control solutions including products, engineering, and installation services for utilities and infrastructure operators.
• e&e IT Consulting IT services and consulting firm serving government and commercial clients, providing staffing, consulting, and solutions in central Pennsylvania and surrounding areas.
• Ashburn Consulting LLC Cybersecurity and network engineering firm serving government, education, and commercial clients in Virginia.
• eTelligent Group (eTel) Provider of emerging technologies and program management solutions to the U.S. Government.
• IMB Solutions, LLC Wholly owned managed services provider (MSP) business serving a leading pharmaceutical corporation.

Quantifiable outcome

• Portfolio companies generate $1B+ in combined revenue
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Ten partnerships are on record, tiered minor, core and core (exited).

• eTelligent Group (eTel)minorStrategic or Co-development Partner · 1 January 2023IMB made a strategic investment in eTelligent Group in July 2023, a premier provider of emerging technologies and program management solutions to the U.S. Government.
• Farwest Corrosion Control CompanycoreStrategic or Co-development Partner · 1 January 2022In 2022, Farwest Corrosion Control entered a strategic partnership with IMB Partners to support continued growth while preserving its integrated approach to corrosion control products, engineering, and construction services. IMB made a strategic investment in Farwest.
• Carr & DuffcoreStrategic or Co-development Partner · 1 January 2022IMB led a strategic growth investment into Carr & Duff in March 2022, a specialty electrical construction service provider in southeastern Pennsylvania with services reaching across the East Coast.
• Elite BrandscoreStrategic or Co-development Partner · 1 January 2021IMB invested in Elite Brands in 2021. Elite, together with Alder Foods, forms AREA Holdings, a food distributer serving military commissaries. Part of Pro Food Solutions platform.
• Richmond Wholesale Meat CompanycoreStrategic or Co-development Partner · 1 January 2020IMB recapitalized and made a growth equity investment in Richmond Wholesale in December 2020. Richmond is a leading food manufacturer and global exporter to the US military.
• Ashburn Consulting LLCminorStrategic or Co-development Partner · 1 January 2020IMB made a growth equity investment in Ashburn Consulting in July 2020, a cybersecurity and network engineering firm serving government, education, and commercial clients in Virginia.
• LaFata Contract Servicescore (exited)Strategic or Co-development Partner · 1 January 2018IMB invested in LaFata Contract Services in 2018, a project and construction management company supporting gas and electric utilities. LCS was exited in August 2022 via merger with Anser Advisory.
• Alder FoodscoreStrategic or Co-development Partner · 1 January 2016IMB invested in Alder Foods in 2016, a food distributor and one of the largest suppliers of grocery products to the United States military. Part of Pro Food Solutions platform.
• e&e IT Consulting ServicescoreStrategic or Co-development Partner · 1 January 2014IMB invested in e&e in 2014, a woman-owned IT consulting and staffing firm serving government and commercial clients in Pennsylvania. In 2025, IMB completed a continuation vehicle for e&e following a refinancing.
• IMB Solutions, LLCminorStrategic or Co-development Partner · 1 January 2014IMB Solutions is a wholly owned managed services provider (MSP) business of IMB Partners serving a leading pharmaceutical corporation. Initial investment in 2014.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• ICV Partners: Minority-led lower middle-market PE firm co-founded by IMB's founder Tarrus Richardson (1998-2010). Targets control and growth investments in business services, consumer, and government-related sectors, making it the closest comparable in strategy, scale, and ownership profile.
• The Vistria Group: Chicago-based lower middle-market PE firm focused on education, healthcare, and essential industries (including government services). Similar minority-affiliated positioning and middle-market check size makes it a direct comparable for IMB's GovCon and services-led thesis.
• Enlightenment Capital: Specialized lower middle-market PE firm focused on defense, government, and national security technology and services. Highly comparable to IMB's GovCon vertical, with similar check size and sector-driven sourcing model.
• Bernhard Capital Partners: Sector-focused PE firm dedicated to utility, energy, and infrastructure services. Closest pure-play comparable to IMB's Utilities & Energy vertical, with comparable platform size and sector concentration.
• Sterling Investment Partners: Lower middle-market PE firm investing in business services, consumer, and industrial companies. Acquired IMB's LaFata Contract Services via merger with Anser Advisory, giving direct transaction overlap with IMB.
• Gemspring Capital: Lower middle-market PE firm providing control and structured capital to business services and industrial companies. Co-invested alongside IMB in Carr & Duff, indicating overlapping deal sourcing and similar platform strategy.
• Comvest Partners: Middle-market PE and private credit firm focused on business services and consumer industries. Provided $153M senior debt for IMB's Pro Food Solutions dividend recap, evidencing comparable middle-market focus and direct transactional overlap.
• Atlas Holdings: Diversified middle-market PE firm focused on industrial, manufacturing, and business services. Comparable in scale and sector breadth; former employer of IMB Vice President Todd Adams, evidencing recruiting overlap.
• Trilantic North America: Lower middle-market PE firm focused on business services, consumer, and energy/infrastructure. Similar fund size and vertical orientation make it a meaningful comparable for IMB's middle-market control investing approach.

Broad incumbents

• Apollo Global Management (via MidCap Financial): Mega-cap alternative asset manager whose MidCap Financial affiliate provided senior debt financing for IMB's Carr & Duff acquisition. Provides scale contrast and indicates the financial architecture that underpins middle-market transactions of IMB's kind.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IMB Partners