IMB Partners (IMB), a middle market private equity firm specialising in utility and government agency services, has agreed to make a strategic investment in Carr & Duff (C&D), a southeastern Pennsylvania corporation providing specialty electrical construction services.
Financial details of the transaction have not been disclosed.
IMB and its principals have invested over USD800 million of capital in over 30 platform and add-on investments, setting itself apart through its differentiated value creation process and emphasis on valuing partnership and people first. The company has experience in the Philadelphia utility services market through its partnership with project and construction management company LaFata Contract Services. As a middle-market company in a core sector, C&D is a natural fit for IMB’s growing portfolio.
MidCap Financial (MidCap), a middle market-focused, specialty finance firm that provides senior debt solutions and an affiliate of Apollo Global Management, Inc provided senior debt financing for the transaction and Gemspring Capital Management (Gemspring), a firm with USD1.5 billion of capital under management additionally provided preferred and common equity.
