ACQUISITIONS REMAIN FUTURE GROWTH STRATEGY FOR IMB PARTNERS AS BLACK FIRM ACHIEVES $1 BILLION REVENUE MARK

Jeffrey McKinney For IMB Partners, acquisitions will remain an integral part of the Black investment firm’s robust growth. The Bethesda, MD-based IMB recently announced its tremendous growth in 2022 with over $1 billion in revenue reached across its portfolio of investments. The firm reported the achievement came from 12 years of strategic investments and acquisitions, backed by an expert team of over 15 talented investment professionals. And the firm’s vigorous pace continues to increase. IMB founder and CEO, Tarrus Richardson, shared on the growth in an email with BLACK ENTERPRISE. “IMB Partners began in 2010, and in 2022 we achieved $1billion in revenue. Our focus on investing in middle-market companies with specialized services and capabilities in defensible markets allowed us to avoid the downturns that so many other sectors face. Our sector expertise in government contracting and utility/infrastructure services will serve us well as we pursue 2-3 acquisitions in the coming 18 months.” In a new development, IMB Partners just won the iGlobal Forum’s Inaugural Independent Sponsor Award for Diversity ESG of the Year. Check out more details here. In 2022, the company had a landmark year that included providing 10%  revenue growth in IMB’s existing portfolio companies. IMB typically invests in utility, infrastructure, information technology, cybersecurity, and food companies with annual revenues from $10 million to $250 million. The firm’s deals last year included acquiring a majority stake in the electrical contracting firm Carr & Duff. IMB sold the utility project and construction management firm LaFata Contract Services to Anser Advisory, providing IMB investors a return 27 times higher than their original investment. IMB also acquired the Farwest Corrosion Control Co. that provides cathodic protection and corrosion control services. Last November, Richardson also shared with BLACK ENTERPRISE how his firm intends to sustain its momentum. “Over the next several years, we expect to double or triple our investment in utility services and government contracting – we see this happening organically given the focus on infrastructure and the companies coming on the market to sell.” Moreover, Richardson recently shared some valuable tips that might prove beneficial to business owners in a podcast, here.  Since launching, the firm changed its name to IMB Partners from IMB Development Corp. It has been listed on the BE 100’s list of the nation’s largest Black-owned businesses.