Lower middle market private equity firm
IMB Partners
- HeadquartersBethesda, MD S9
- Founded2010 S2
- Websiteimbpartners.com
- Last verifiedOctober 26, 2026
At a glance
| Latest fund | IMB Partners SBIC I, $125.5M (Dec 2024) S7 |
|---|---|
| EBITDA range | $2M to $15M S3 |
| Revenue range | $10M to $250M S9 |
| Deal types | Platform, Add-on S6 |
| Geography | United States S5 |
| Sectors | IT Services & MSP, Cybersecurity, Construction Services, HVAC, Plumbing & Electrical, Distribution |
What IMB Partners buys
IMB Partners is a Bethesda, Maryland firm, founded in 2010, that buys and builds companies in two areas. The first is services for electric and gas utilities and energy infrastructure, such as electrical contracting, corrosion control and site work. The second is niche government contractors serving federal, state and local agencies, including IT and cybersecurity firms and food suppliers to the military. It looks for $2 million to $15 million of EBITDA, takes add-ons from about $1 million, and prefers recurring contracted revenue. Unlike many buyers, it will back a company with a few large customers.
IMB did its first eight platforms as an independent sponsor, raising money one deal at a time, then closed its first committed fund, the $125.5 million IMB Partners SBIC I, at the end of 2024. Its main structure is the Two-Step Buyout: the owner takes meaningful cash at closing, rolls some equity, stays involved and shares in a later sale or recapitalization. Smaller utility or government services firms are most likely to meet IMB as add-ons.
Recent deals
Announced in the 24 months before October 26, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jul 2026 | Strategic Land ServicesOakwood, Georgia site preparation contractor for electric substations and transmission lines; to anchor a regional site work platform. Closed in late May 2026 | Platform | Construction Services | Source |
| Oct 2025 | e&e IT Consulting ServicesThe 2014 investment vehicle was closed out after a refinancing, and a new continuation vehicle keeps owning the government IT consulting firm | Investment | IT Services & MSP | Source |
| Feb 2025 | IMB Partners SBIC IFirst institutional fund closed at $125.5 million, above its $100 million target; final close was December 31, 2024 | Fund close | Source |
Portfolio by sector
From the firm's portfolio page S4.
GovCon: Food Services
- Pro Food Solutions (Richmond Wholesale, Alder Foods and Elite Brands)
GovCon: IT / Cybersecurity Services
- e&e IT Consulting Services
- Ashburn Consulting
- eTelligent Group
Utilities and Energy
- Carr & Duff
- Farwest Corrosion Control Company
- Strategic Land Services
Wholly owned division
- IMB Solutions
Past investments: LaFata Contract Services
Greymont’s take
How IMB Partners fits a seller
IMB fits owners of utility contractors, infrastructure service firms and government IT or services contractors who want cash now and a second payday later. In its Two-Step Buyout the seller rolls part of the equity and gains when IMB recapitalizes or sells the company, which it says typically happens three to seven years after the first deal. Its July 2024 recapitalization of Pro Food Solutions, which paid a distribution to IMB's investors and the legacy family owners, is its own example. IMB also says it will invest in companies with heavy customer concentration, which many buyers avoid.
Owners should ask how large the rollover would be, how much debt the company would carry after closing, and when the second event is expected. Since its first fund is $125.5 million, owners of larger companies should also ask whether IMB would need co-investors.
Questions owners ask
Does IMB Partners buy government IT contractors?
Yes. Government contracting is one of its two focus areas, and it owns e&e IT Consulting, Ashburn Consulting and eTelligent Group, which provide IT, cybersecurity and program management services to government agencies.
What is IMB's Two-Step Buyout?
The owner receives a large cash payment at closing, keeps a rolled ownership stake and stays involved, then shares in the gain when IMB later sells or recapitalizes the company, typically three to seven years after the first deal.
What size companies does IMB look for?
Its criteria call for $2 million to $15 million of EBITDA for a platform, add-ons from about $1 million of EBITDA, and capital spending below 20% of EBITDA.
Does IMB invest in utility contractors?
Yes. It owns Carr & Duff, a specialty electrical contractor, and Farwest Corrosion Control, and in 2026 it bought Strategic Land Services, a Georgia site preparation contractor that works on substations and transmission lines.
Sources
- S1IMB Partners home page Accessed October 26, 2026
- S2IMB Partners: Who We Are Accessed October 26, 2026
- S3IMB Partners: Our Approach and investment criteria Accessed October 26, 2026
- S4IMB Partners: Portfolio Accessed October 26, 2026
- S5IMB Partners: GovCon Sector Accessed October 26, 2026
- S6IMB Partners: Utilities, Energy Transformation and Related Services Accessed October 26, 2026
- S7IMB Partners Exceeds Fundraising Target by 25% (February 12, 2025) Accessed October 26, 2026
- S8IMB Partners Closes Single Asset Continuation Vehicle for e&e IT Consulting (October 23, 2025) Accessed October 26, 2026
- S9IMB Partners Completes a Growth Investment in Strategic Land Services (July 14, 2026) Accessed October 26, 2026
- S10IMB Partners Announces a $130 Million Dividend Recapitalization of its Three Food Companies (July 10, 2024) Accessed October 26, 2026
- S11IMB Partners: Press Accessed October 26, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with IMB Partners. Figures are as reported on the dates shown and may have changed. Request a correction