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Gemspring backs IMB’s Carr & Duff buyout

Gemspring Capital Management has made a minority investment to back IMB Partners' acquisition of Carr & Duff, a Pennsylvania-based provider of specialty electrical construction services.

Gemspring Capital Management has made a minority investment to back IMB Partners’ acquisition of Carr & Duff, a Pennsylvania-based provider of specialty electrical construction services. No financial terms were disclosed.

PRESS RELEASE

WESTPORT, Conn., March 16, 2022 /PRNewswire/ — 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.