Stone World

IMC is sold

December 26, 2001
DALLAS, TX -- Granite & Marble Holdings, Inc., a privately held company formed by Independent Capital Management, LLC, has announced the acquisition of IMC, Inc. of Dallas, TX, and IMCA, Inc. of Phoenix, AZ. Collectively known as IMC, these companies import and distribute natural stone products and have provided their investors with an ideal point of entry into this unique marketplace.

Independent Capital Management, LLC is the investment advisor to Independent Bankers Capital Fund, a $70 million small business investment company.

The new chairman of the board, Floyd Collins, has announced that continuing and improving relationships with IMC’s global suppliers is one of the central elements to the growth strategy of the new company. According to Jack Morgan, IMC’s new president, this transaction is the first step in the company’s plan to make IMC one of America’s premier dimensional stone suppliers.

Granite & Marble Holdings has been capitalized through the issuance of more than $12 million of equity and equity-related securities to institutional investors. Shareholders include Jack A. Morgan, president of Granite & Marble Holdings and IMC, who is responsible for all aspects of IMC’s operations; Independent Bankers Capital Fund, L.P., which has 58 limited partners, 56 of whom are independent banks located throughout Texas; Easton Hunt Capital Partners, L.P., a New York-based small business investment company with approximately $110 million of investable capital; and Groupe Polycor International, a full-service granite quarrying, fabricating and marketing group headquartered in Quebec City, Canada.