Black Investment Firm Acquires IT Consulting Firm To Boost Its Presence In Government IT Services Business
Business Entrepreneurship

Black Investment Firm Acquires IT Consulting Firm To Boost Its Presence In Government IT Services Business

IMB Partners Ashburn Consulting
Tarrus Richardson, founder and CEO of IMB Partners

Increasing its existence in the government IT services business, Black-owned investment firm IMB Partners has acquired Ashburn Consulting.

IMB Partners, which aims to build large minority business enterprise companies via acquisition and partnership, is making a growth equity investment in Ashburn, a Northern Virginia-based information technology consulting firm specializing in providing network engineering and cybersecurity solutions to federal, state, and local governments along with commercial clients. The investment starts a long-term partnership between IMB and Ashburn.

Based in Bethesda, Maryland, IMB Partners calls itself a private equity independent sponsor focused on making control acquisitions and partnering with management teams to grow lower middle-market companies serving government agencies and electric and gas utilities. It typically seeks platform investment targets with $5-$25 million in EBITDA, a key measure of the company’s financial performance.

Started in 2010, the firm changed its name to IMB Partners from IMB Development Corp. With revenue of $94 million, the company ranked No. 42 on BLACK ENTERPRISE’s 2019 BE 100s list, an annual ranking of the nation’s top Black-owned businesses.

The Ashburn deal cements IMB’s presence in the government IT services sector and builds on its experience with e&e, a provider of quality IT services to government and corporate clients across Pennsylvania and Florida, which IMB acquired in 2014. Indiana, Pennsylvania-based  S&T Bank recently refinanced e&e’s debt and provided debt financing to support IMB’s investment in Ashburn. Financial terms of the deal are undisclosed.

IMB Partners CEO Tarrus Richardson stated in a news release: “We are excited about our new partnership with Ashburn. It is an outstanding company with a great management team that has experienced significant growth given their subject matter expertise and exceptional client service. We look forward to supporting the company’s future growth, which is underpinned by favorable sector tailwinds that include the increasing threat of cyber-attacks and rising demand for enhanced network infrastructures for remote workplaces.”

Ashburn’s founder and CFO, Sung Lewe, stated: “We are proud of our successful history of providing critical services to key federal, state and local government agencies, corporate enterprises and educational institutions. IMB Partners’ support will open new avenues for growth while allowing us to continue delivering the highest caliber, innovative solutions that meet our clients’ network engineering, cybersecurity, and broader IT needs.”

Richardson added, “The private equity markets have shifted since COVID-19, but we remain very active given the resiliency of electric and gas utility services and government contracting, IMB’s focus sectors. We are excited about our partnerships with e&e and Ashburn and look forward to collaborating with their management teams to support their growth and continued focus on providing best-in-class client service.”


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