Armstrong Transport Group, a Charlotte-based non-asset-based 3PL, has secured a strategic investment from private equity firm Quad-C. The company — founded in 2006 and celebrating its 20th anniversary — reported $440 million in cumulative revenue over its first 13 years, then surpassed $850 million in 2023, and is now on pace to exceed $2 billion in annual revenue. It operates through 150+ independent freight agent offices and a network of 80,000+ vetted carriers across the U.S., Canada, and Mexico. Quad-C, founded in 1989, has deployed $4.9 billion across 91 platform companies and 418 add-on acquisitions.
Private equity firm Quad-C announced Wednesday it has made a strategic investment in Charlotte, North Carolina-based Armstrong Transport Group.
Strategic partnership and leadership continuity
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,” Cameron Ramsdell said in a news release.
Platform scale and service scope
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.
Armstrong Transport Group operates a network of more than 150 independent freight agent offices across the U.S. and Canada, supported by a multi-modal carrier network of over 80,000 vetted carriers.
Rapid revenue trajectory
The Quad-C investment comes as Armstrong celebrates its 20th year in business after a period of rapid expansion. 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.
Cross-border logistics expansion
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.
Quad-C’s logistics portfolio and track record
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.
“Armstrong’s remarkable long-term track record across different freight environments speaks to the quality of the leadership team and organization,” Tom Hickey, senior partner at Quad-C, said.
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Source: FreightWaves
Compiled from international media by the SCI.AI editorial team.
