07/08/2026
Citizens Advises Carousel Capital on its Sale of Armstrong Transport Group
PROVIDENCE, RI – Citizens Capital Markets & Advisory announced today that it served as a financial advisor to Carousel Capital, a middle market private equity firm based in Charlotte, N.C., on its sale of Armstrong Transport Group to Quad-C Management, Inc.
Carousel Capital is a specialist investor with more than 30 years of experience partnering with market-leading companies, including extensive experience investing across the logistics sector.
Armstrong is a logistics platform that operates primarily through an independent agent network to connect commercial shippers with full truckload (FTL), heavy-haul, flatbed, temperature-controlled and less-than-truckload (LTL) carriers across the United States, Canada and Mexico.
“Citizens has built significant industry experience across the broader freight arranger sector, which was beneficial to the Armstrong sale process,” said Bryan Eger, managing director at Citizens. “More specifically, our deep experience in the freight brokerage market, views of the freight cycle and understanding of the hybrid sales model enabled us to deliver a differentiated perspective on the opportunity that the buyers valued.”
Citizens Capital Markets & Advisory offers investment banking, research, sales and trading activities as part of our institutional broker-dealer, Citizens JMP Securities, LLC, a subsidiary of Citizens Financial Group (NYSE: CFG).
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $227.9 billion in assets as of March 31, 2026. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Consumer Banking includes Citizens Private Bank and Private Wealth, which integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs and businesses. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.
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