Independent Bankers Capital Funds

We provide junior capital to profitable lower-middle-market manufacturing, distribution and service companies, primarily in Texas.

Barry B. Conrad

Managing Member

Mr. Conrad co-founded IBCF in 2000 and has been instrumental in IBCF’s success to date. From 1988 to 1998, he was a Founding and Managing Partner of Conrad/Collins Merchant Banking Group Ltd., a boutique merchant banking firm sponsoring lower-middle-market buyout and recapitalization transactions. From 1983 to 1988, he served as Senior Vice President and Manager of the Corporate Finance Department at Rauscher Pierce Refsnes, Inc., a Dallas-based regional investment bank. From 1974 to 1983, he was CEO of Hart Delta, Inc., a Baton Rouge, Louisiana-based pharmaceutical manufacturing company. Prior to that time, he was a partner at Howard, Weil, Labouisse, Friedrichs & Company and a predecessor company, Viguerie Hayne & Chaffe, Inc., both of which were New Orleans-based regional investment banking firms. In these capacities, he has been involved in a substantial number of public offerings, private placements, mergers, acquisitions, and other investment banking transactions. Mr. Conrad holds an AB degree from Marshall University.

Thomas B. Hoyt

Managing Member

Mr. Hoyt joined IBCF in 2001 and has been involved in the investment banking and private equity business since 1974. Mr. Hoyt has managed or served as a principal officer of Fund I, Hibernia Capital Corporation and Audubon Capital. Mr. Hoyt was a Principal of a New York-based, Japanese cross border investment and acquisition consortium comprised of 35 industrial and technology customers of TOKAI Bank, Ltd. and was a Managing Director in the New York office of the investment-banking firm of Rodman & Renshaw. Mr. Hoyt held various management positions at Prudential Investment Company, The First National Bank of Chicago and predecessors of SunTrust Bank. Mr. Hoyt graduated from the University of Virginia with a BA in Economics with additional concentrations in Finance and Accounting.

Bill Miltenberger

Managing Member

Mr. Miltenberger rejoined IBCF in 2010 where he, as part of the general partner, focuses on sourcing, structuring, analyzing, and negotiating direct junior capital investments into lower-middle market companies. Prior to rejoining IBCF, Mr. Miltenberger worked at Highland Capital Management, a $25 billion alternative investment asset manager. He started at Highland in 2006 as Senior Portfolio Analyst and was promoted to Portfolio Manager prior to leaving the firm in 2010. At Highland, Mr. Miltenberger managed investments in a $1 billion portfolio focused on the merchant power industry, where he was responsible for identifying stressed and distressed opportunities for inclusion into the portfolio, monitoring performing and non-performing assets, and participating on steering committees and company restructurings. Mr. Miltenberger’s performance was consistently in excess of the benchmark index returns. In 2002, Mr. Miltenberger joined the team at IBCF for the first time as Senior Associate. Before joining IBCF, Mr. Miltenberger worked at Hibernia Capital Corporation as Venture Capital Officer. Mr. Miltenberger received his MBA from the Kellogg School of Management at Northwestern University with majors in Finance and Strategy and graduated from Loyola University New Orleans with a BBA.

Meg Taylor

Managing Member and Chief Financial Officer

Ms. Taylor joined IBCF in 2000 and has been in the private equity and investment banking industry since 1990. Since joining IBCF, Ms. Taylor has also assisted in the formation and operation of several other private equity funds. From 1995 to 1999, she was Controller of Hicks, Muse, Tate & Furst Incorporated, a Dallas-based investment firm specializing in leveraged acquisitions and private equity investments. From 1990 to 1994, Ms. Taylor was Assistant Controller of Sunwestern Investment Group, a Dallas-based venture capital company. From 1987 to 1990, she was employed by Ernst & Young in the audit division. Ms. Taylor is a Certified Public Accountant, and has a BBA in Accounting from Texas Tech University.

John Dyar

Senior Associate

Mr. Dyar joined IBCF in the spring of 2015 as a Senior Associate. Prior to joining IBCF, Mr. Dyar started his career at Ernst & Young (EY) in the Valuation & Business Modeling practice of the Transaction Advisory Services division. During his time at EY, Mr. Dyar performed valuations of public and private business enterprises, legal entities, intangible assets and preferred and common equity interests. Mr. Dyar started his career providing valuation services to several industries and subsequently developed a specialization in the upstream oil and gas sector. His valuation services were primarily used for financial and tax reporting, stock based compensation, and management planning purposes. He joined EY in January of 2012 and was promoted to Senior Analyst prior to leaving the firm in April of 2015. Mr. Dyar received his BBA in Finance and Economics from Southern Methodist University in December 2011.
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