Quad-C backs fast-growing North Carolina transport group with investment

Private equity firm Quad-C announced Wednesday it has made a strategic investment in Charlotte, North Carolina-based Armstrong Transport Group. Terms of the transaction were not disclosed.

Armstrong’s executive leadership team, led by CEO Cameron Ramsdell, will remain in place and retain significant ownership of the company, while the new partnership provides capital to accelerate both organic growth and strategic acquisitions.

“We selected Quad-C because of their deep experience partnering with growth-oriented management teams in the transportation and logistics sector,” Ramsdell said in a news release. Founded in 2006, Armstrong operates a non-asset-based third-party logistics platform through a nationwide network of independent freight agents and direct brokers.

Armstrong arranges truckload, less-than-truckload, heavy-haul, flatbed, temperature-controlled and cross-border freight throughout the U. S. , Canada and Mexico. The Quad-C investment comes as Armstrong celebrates its 20th year in business after a period of rapid expansion.

According to a recent company post on LinkedIn, Armstrong grew to approximately $440 million in revenue during its first 13 years before nearly doubling to more than $850 million in 2023. The company said it is now on pace to surpass $2 billion in annual revenue, crediting investments in technology, expansion into new markets and growth of its agent network.

Tom Hickey, senior partner at Quad-C, said Armstrong has built an impressive record of growth despite difficult freight market conditions. “Armstrong’s remarkable long-term track record across different freight environments speaks to the quality of the leadership team and organization,” Hickey said.

Another area of expansion For Armstrong has been cross-border logistics. In a LinkedIn post Tuesday, Armstrong said capacity between the U. S. and Mexico remains available but warned that market conditions vary significantly by lane as carriers become more selective and trade uncertainty creates volatility.

The company said it provides bilingual coordination, CTPAT-certified carriers, customs documentation support, secure storage and cargo insurance for shippers moving freight across the border.

The Armstrong investment expands Quad-C’s transportation and logistics portfolio, which has included previous investments in MNX Global Logistics, AIT Worldwide Logistics and Worldwide Express.

Founded in 1989 and headquartered in Charlottesville, Virginia, Quad-C is a middle market private equity firm focused on investing in established services and industrial companies. The company has invested $4. 9 billion of capital in 91 platform companies and over 418 add-on acquisitions.

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