HUNTINGDON VALLEY, PA (March 16, 2022) – Gemspring Capital Management, LLC (“Gemspring”) is pleased to announce it has made a strategic minority investment to support IMB Partners’ (“IMB”) acquisition of Carr & Duff, Inc. (“C&D” or the “Company”). Carr & Duff is a southeastern Pennsylvania based corporation providing specialty electrical construction services.
Founded in 1958, C&D has established itself as a premier electrical contractor in the Greater Philadelphia area, with services that reach customers up and down the East Coast. Over 60 years of ownership, the Duff family has long secured a trusted reputation for C&D in tackling complex electrical contracting projects in a manner that is safe, timely and high-quality. Among its wide-ranging set of customers are transportation providers, large corporations, universities, hospitals, and many other Mid-Atlantic customers. The current generation of Duff family management, Bob, Eddie and Jack, will continue to support the business and retain meaningful ownership going forward.
Brad Liff, Managing Director at Gemspring, added, “Gemspring is excited to support the next phases of growth at Carr & Duff. We look forward to working in a true partnership with the IMB team and the Duff family to continue to build on the Company’s great heritage of safety, quality and customer service.”
About Carr & Duff
Carr & Duff, Inc. is a family-owned business with 60 years of electrical construction excellence serving the Philadelphia Metropolitan Area and other states up and down the East Coast. The business is a marketplace leader in providing value added electrical construction services to commercial, institutional, utility and industrial clients. Carr & Duff, Inc. has proven itself repeatedly with numerous accolades from utilities for performing outstanding storm restoration. For more information, visit www.carrduff.com.
About Gemspring Capital
Gemspring Capital, a Westport, Connecticut-based private equity firm with $1.5 billion of capital under management, provides flexible capital solutions to lower middle market companies. Gemspring partners with talented management teams and takes a partnership approach to helping drive revenue growth and value creation. Target companies have up to $500 million in revenue and are in the aerospace & defense, business services, consumer services, financial and insurance services, healthcare services, industrial services, software and tech-enabled services, or specialty manufacturing sectors. For more information, visit www.gemspring.com.
About IMB Partners
Founded in 2010, IMB is a private equity independent sponsor focused on investing and partnering with management teams to grow lower middle market companies serving government agencies and electric and gas utilities. IMB believes that diversity is an asset and takes an entrepreneurial approach to building companies of scale. IMB seeks platform investment targets with $5-$25 million in EBITDA and will go as low as $1 million in EBITDA for add-on investments. For more information, visit www.imbpartners.com.