Barings, one of the world’s leading alternative investment managers, announced today that it served as administrative agent of senior secured credit facilities to support Quad-C’s acquisition of Armstrong Transport Group (“Armstrong” or “the Company”).

Armstrong is a leading 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.

“Barings is excited to partner with Quad-C through the acquisition of Armstrong, and we look forward to continuing to support Quad-C with financing solutions across future acquisitions,” said Doug Koch, Managing Director in Barings’ North America Direct Lending Group.

"Armstrong has clearly demonstrated a differentiated service offering in third-party logistics (3PL), a core area of focus at Quad-C," said Michael Brooks, Partner, Quad-C. "The Company's relentless focus on empowering agents and brokers, partnership mindset with carriers and shippers, and significant investment in technology represents a compelling value proposition that has allowed Armstrong to consistently outperform the market. We are excited to support the management team in the next stage of expansion."

About Barings

Barings is a $502 billion* global alternative asset manager that partners with institutional, insurance and wealth clients and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual with a minority investment from MS&AD, seeks to deliver excess returns by leveraging its global scale and capabilities across credit, real assets, capital solutions and emerging markets.

*As of June 30, 2026

About Armstrong Transport Group

Founded in 2006 and headquartered in Charlotte, North Carolina, Armstrong is a leading logistics platform offering truckload, less-than-truckload and cross-border brokerage solutions. The company serves the market through a nationwide network of independent agency offices and direct brokers. Celebrating its 20th year in business, Armstrong was recently ranked among the top 15 freight brokerages in North America by Transport Topics with approximately $1.5 billion in annual revenue. For more information, please visit www.armstrongtransport.com.

About Quad-C

Founded in 1989 and headquartered in Charlottesville, Virginia, Quad-C is a middle market private equity firm focused on investing in established services and industrials companies. In its three-decade history, Quad-C has invested $4.9 billion of capital in 91 platform companies and over 418 add-on acquisitions. The Quad-C team is committed to partnering with entrepreneurs and management teams to accelerate growth and create long-term value. For more information, please visit www.quadcmanagement.com.

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