Growth Capital • Business Services

IMB Partners, Gemspring Capital and Apollo Global Management Invest In Carr & Duff

On March 15, 2022, private equity firm IMB Partners, private equity firm Gemspring Capital and asset manager Apollo Global Management invested in business services company Carr & Duff

Investment Context
  • This is IMB Partners’ 2nd, Gemspring Capital’s 2nd and Apollo Global Management’s 6th transaction in the Business Services sector.
  • This is IMB Partners’ 7th, Gemspring Capital’s 20th and Apollo Global Management’s 87th transaction in the United States.
  • This is IMB Partners’ 3rd, Gemspring Capital’s 2nd and Apollo Global Management’s 6th transaction in Pennsylvania.

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Investment Summary

Date March 15, 2022
Target Carr & Duff
Sector Business Services
Investor(s) IMB Partners
Gemspring Capital
Apollo Global Management
Deal Type Growth Capital

Target Company

Carr & Duff

Huntingdon Valley, Pennsylvania, United States
Carr & Duff is a specialty electrical services provider of value added electrical construction and maintenance services to commercial, institutional, utility and industrial clients. Carr & Duff was founded in 1958 and is based in Huntingdon Valley, Pennsylvania.
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Investors Overview 3

DESCRIPTION

IMB Partners is a private investment firm focused on investing in and acquiring middle-market companies ($10 to $250 million of revenue) in partnership with management teams. The Firm has a special interest in companies that supply large corporations and the government. IMB Partners was formed in 2010 and is headquartered in Bethesda, Maryland.


Deal Context for Investor #
Overall 7 of 9
Sector: Business Services 2 of 3
Type: Growth Capital 7 of 9
State: Pennsylvania 3 of 3
Country: United States 7 of 9
Year: 2022 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-19 Richmond Wholesale

Richmond, California, United States

Richmond Wholesale is a wholesale food distributor serving the military around the world. Richmond Wholesale provides frozen, chilled, and dry food solutions. Richmond Wholesale was founded in 1959 and is based in Richmond, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-22 LaFata Contract Services

King of Prussia, Pennsylvania, United States

LaFata Contract Services provides project management, engineering, and construction management services to the gas and electric utility industries in Delaware, Illinois, Maryland, New Jersey, Pennsylvania, and the District of Columbia. LaFata Contract Services was founded in 2002 and is based in King of Prussia, Pennsylvania.

Sell -
Investor

Gemspring Capital


Category Private Equity Firm
Founded 2015
PE ASSETS 3.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Gemspring Capital is a private equity firm focused on making control equity investments and structured equity investments in lower middle-market companies headquartered in the United States and Canada. For platform investments, Gemspring targets companies with $5 to $500 million with strong competitive positions within sustainable market niches. Sectors of interest include business services, distribution/logistics, industrial services, media, technology, software, and niche manufacturing. Gemspring Capital is based in Westport, Connecticut.


Deal Context for Investor #
Overall 20 of 39
Sector: Business Services 2 of 3
Type: Growth Capital 7 of 10
State: Pennsylvania 2 of 3
Country: United States 20 of 38
Year: 2022 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-07 Security 101

West Palm Beach, Florida, United States

Security 101 is a full-service offering of security services and products including the design, installation, and maintenance of integrated access control, video surveillance, intrusion detection, visitor management, and managed service solutions. Security 101 was founded in 2007 and is based in West Palm Beach, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-17 GoldenSource

New York, New York, United States

GoldenSource is an independent provider of enterprise data management and master data management solutions to financial services customers worldwide. GoldenSource's offerings enable customers to manage risks, comply with regulatory requirements, and control costs in the middle and back office with a trusted source of complete, consistent information. GoldenSource was founded in 1984 and is based in New York, New York.

Buy -
Investor

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


Deal Context for Investor #
Overall 121 of 152
Sector: Business Services 6 of 7
Type: Growth Capital 8 of 10
State: Pennsylvania 6 of 7
Country: United States 87 of 108
Year: 2022 3 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-23 Tenneco

Northville, Michigan, United States

Tenneco is a designer, manufacturer and marketer of clean air and ride performance products and systems for the automotive and commercial vehicle original equipment markets. Tenneco was founded in 1996 and is based in Northville, Michigan.

Buy $7.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-20 Tony’s Fresh Market

Itasca, Illinois, United States

Tony’s Fresh Market is a unique specialty grocer that offers high-quality, affordable groceries with an inclusive assortment aimed at the diverse communities it serves. Tony’s Fresh Market was established in 1979 and is based in Itasca, Illinois.

Buy -