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Independent Bankers Capital Funds (IBCF) provides equity capital to profitable, lower-middle-market manufacturing, distribution, and in some cases service companies, primarily in the Southwestern U.S. The Fund was founded by Floyd W. Collins, Barry B. Conrad, SAMCO Capital Markets, TIB-The Independent BankersBank and fifty-eight limited partners, fifty-six of which are Texas-based independent community banks and financial institutions. Established in 2000, the firm has $63 million in investable capital. Typically the Fund finances change of control, recapitalization and later-stage growth transactions of low or non-technology businesses. Transaction values, generally, will not exceed $25 million with junior capital requirements of $10 million or less. Fund II prefers to make initial investments of $2 to $5 million and raised $21 million from Texas independent banks, allowing it to receive commitments from the SBA for up to an additional $42 million of investment capital. In rare situations, smaller investments may be considered. Generally, the Fund seeks to invest in companies reporting revenues of $10 to $50 million and adjusted free cash flow greater than $1 million per annum. With the success of the Fund I and Fund II, IBCF raised $33 million from 39 Texas independent banks and one national bank allowing it to receive commitments from SBA for up to an additional $67 million of investable capital (approximately $100 million of total investable capital) to form Fund III. IBCF is currently investing Fund III and has significant capital left to deploy. The investment range is $3 to $12 million (sole investor).
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