Imperial Capital postpones IPO

Imperial Capital, home to two of the security industry's most well-known financial analysts, John Mack (former CEO of Protection One and owner of USBX) and Jeff Kessler (former analyst at Lehman Brothers and an organizer of the Securing New Ground conference), has had plans in the works for an initial public offering to raise some funds, but things apparently are getting gummed up:
NEW YORK (Reuters) - Boutique investment bank Imperial Capital Group Inc postponed its initial public offering, an underwriter said, citing market conditions. The Los Angeles-based company had hoped to raise about $107 million in a deal that had already been downsized. The bank, which offers sales, trading and advisory services, had hoped to sell 6.7 million shares for between $15 and $17 each.
It's not like Imperial hasn't been busy in the security industry. They advised on the Protect America and DTT funding deals in just the last few months. And it seems as though the capital markets are freeing up a bit, which is good news for Imperial. Plus, they seem to actually be doing well:
Imperial Capital more than doubled profits in the first nine months of 2009 to $13.9 million, but said in its prospectus that most of its investment banking engagements are single deals and not ongoing relationships.
So, I guess that's at least a little ironic. As Imperial increases the valuation for external companies when it sees more recurring revenue (John Mack has long been an advocate of commercial integrators getting more recurring, revenue, for example), it's being held back by a lack of recurring revenue on its own part. And, yes, I understand that security is just part of what they do. But still. Ironic, right?