Family office private investment firm
Armory Capital
- HeadquartersChampaign, IL S1
- Websitearmorycap.com
- Last verifiedNovember 2, 2026
At a glance
| EBITDA range | $2M+ S2 |
|---|---|
| Revenue range | $10M+ S2 |
| Check size | $10M to $50M S2 |
| Deal types | Platform, Add-on, Minority, Growth S2 |
| Sectors | Healthcare Services, Software & SaaS, Industrial & Manufacturing |
What Armory Capital buys
Armory Capital is a family investment office in Champaign, Illinois that invests its own permanent capital, so no fund deadline forces it to sell. Its operating company side backs essential services businesses, led by security, fire and life safety, and safety training and compliance, and it also looks at healthcare services, business services and software or tech-enabled services. It wants companies with at least $10 million of revenue, at least $2 million of annual cash flow and room to grow quickly, and it invests $10 million to $50 million for either a majority or a minority stake.
Deals can be growth equity, management buyouts, partial cash-outs for shareholders or full ownership transitions. Current holdings include Westnet (fire station alerting), XSponse (emergency response technology for schools and public buildings, added in July 2026), Envisage Technologies (public safety training software), VitalSkin Dermatology and Horizon Hobby. Armory also builds and buys senior living communities as a separate real estate strategy. A smaller company may fit as an add-on, as Colorado installer Low Voltage Installations did when Westnet bought it in April 2026.
Recent deals
Announced in the 24 months before November 2, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jul 2026 | XSponseStrategic investment in a Miami emergency response, wearable alert and school safety technology company | Investment | Source | |
| Apr 2026 | Low Voltage InstallationsColorado installer of fire station alerting and dispatch systems added to Westnet | Add-on | Construction Services | Source |
Portfolio by sector
From the firm's portfolio page S3.
Consumer
- Horizon Hobby
Healthcare Services
- VitalSkin Dermatology
Public Safety Software
- Envisage Technologies
Public Safety Technology
- Westnet
Security
- XSponse
Past investments: FE Moran Security Solutions, Illinois Foundation Seeds, Jim's Formal Wear, MicroD, Alpha-Care Health Professionals
Greymont’s take
How Armory Capital fits a seller
Armory suits an owner in fire and life safety, security, compliance or healthcare services who wants a long-term partner rather than a buyer planning a resale in five years. Because the money belongs to one family, there is a single decision-maker across the table and no fund life driving an exit. It also takes minority stakes, which can work for an owner who wants to take some money off the table while keeping control.
Its floor of $10 million of revenue and $2 million of cash flow rules out the smallest companies as new platforms, though a business that fits Westnet or VitalSkin could join as an add-on. An owner should ask how Armory decides when to sell, since several earlier companies are no longer held, and what board seats and approval rights come with a minority investment.
Questions owners ask
Does Armory Capital take minority stakes?
Yes. Its criteria say it invests $10 million to $50 million for either majority or minority equity, and it is willing to co-invest with partners. Its July 2026 XSponse deal was announced as a strategic investment.
How long does Armory Capital hold its investments?
Armory invests permanent family capital rather than a fund with a fixed life, and says it holds each investment based on the opportunity and what management needs. It has owned Westnet since 2023.
What size company does Armory Capital look for?
Its criteria call for at least $10 million of annual revenue and $2 million of annual cash flow, with strong growth potential, and a target investment of $10 million to $50 million.
Sources
- S1Armory Capital home page Accessed November 2, 2026
- S2Armory Capital: Criteria Accessed November 2, 2026
- S3Armory Capital: Portfolio Accessed November 2, 2026
- S4Armory Capital: Essential Services Accessed November 2, 2026
- S5Armory Capital: Philosophy Accessed November 2, 2026
- S6Westnet LLC acquires Low Voltage Installations Inc., PR Newswire (April 8, 2026) Accessed November 2, 2026
- S7XSponse Secures Strategic Investment from Armory Capital (July 8, 2026) Accessed November 2, 2026
- S8VitalSkin Dermatology home page Accessed November 2, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Armory Capital. Figures are as reported on the dates shown and may have changed. Request a correction