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Quad-C Invests in Armstrong Transport Group to Fund Expansion

Private equity firm Quad-C has made a strategic investment in Charlotte-based Armstrong Transport Group, backing the non-asset freight broker's expansion plans. CEO Cameron Ramsdell and his leadership team will retain significant ownership stakes while gaining capital for growth initiatives and acquisitions. Armstrong, founded in 2006, operates a nationwide network of independent freight agents and direct brokers. The company grew to $440 million in revenue over its first 13 years, then reached more than $850 million in 2023. Management projects annual revenue exceeding $2 billion as it expands its agent network and technology capabilities. Cross-border logistics represents a key growth area, with Armstrong expanding services between the U.S. and Mexico despite volatile market conditions. Tom Hickey, Quad-C senior partner, praised Armstrong's consistent performance across varying freight environments. The investment marks Quad-C's latest addition to its transportation and logistics portfolio.