Carousel Capital: Buy Box & Recent Acquisitions

At a glance

Latest fund	Carousel Capital Partners VI, $700M S6
EBITDA range	$3M+ S2
Deal types	Platform, Add-on S5
Geography	Southeastern US (platforms), Any location (add-ons) S2
Sectors	Auto Services & Collision, Roofing, Insurance Brokerage, Healthcare Services, Construction Services, Transportation & Logistics

What Carousel Capital buys

Carousel Capital is a Charlotte firm that has invested in Southeastern companies since 1996. It targets three areas: business services, consumer services and healthcare services. Its current companies include a roofing platform (covR United), a Valvoline Instant Oil Change franchise operator (Quality Automotive Services), a crane rental business, an industrial motor repair company, an insurance claims investigation firm, an insurance broker for trucking companies and a specialty infusion provider. Most of its deals are management buyouts or recapitalizations, and the firm says 84% of its investments since 2006 were a company's first institutional capital.

Platform companies must be based in the Southeastern US, while add-ons can be anywhere. Carousel looks for at least $3 million of EBITDA and initial deals of up to $250 million in transaction value, funded from its $700 million sixth fund. Owners often stay invested: the 2025 and 2026 recapitalizations of CraneWorks and Jay Industrial Repair kept the founders as significant continuing owners.

Recent deals

Announced in the 24 months before October 19, 2026.

Date	Company	Type	Sector	Source
Sep 2026	IME, Inc.Independent medical evaluation provider added to Ethos	Add-on	Healthcare Services	Source
Jun 2026	Armstrong Transport GroupFreight brokerage platform sold to Quad-C; Carousel had been its first institutional investor in 2019	Exit	Transportation & Logistics	Source
May 2026	Jay Industrial RepairRecapitalization of a Birmingham electromechanical repair company; the majority owner stays as a significant owner and board member	Platform	Industrial & Manufacturing	Source
Feb 2026	EthosContinuation vehicle led by Dextra Partners, with Fund VI investing alongside	Investment		Source
Jan 2026	Joe Hudson's Collision CenterRemaining stake sold when Boyd Group bought the company for about $1.3 billion	Exit	Auto Services & Collision	Source
Oct 2025	covR and United Roofing and ContractingRecapitalized and merged into one residential and commercial roofing platform	Platform	Roofing	Source
Sep 2025	OnSight IndustriesRecapitalization of a Florida signage and mailbox installation company with management and Copeley Capital	Platform		Source
Aug 2025	CraneWorks / RentalWorksRecapitalization of a Birmingham crane and equipment rental company; the founding brothers stay as significant owners	Platform	Construction Services	Source
Aug 2025	ForzaCareClinical case management provider added to Ethos	Add-on		Source
Jun 2025	Landscape WorkshopMajority sold to an Ares private equity fund; Carousel kept a significant stake	Exit	Landscaping	Source

Portfolio by sector

From the firm's portfolio page S3.

Business Services

CraneWorks
Ethos
Jay Industrial Repair
OnSight Industries
O.R. Colan Associates
Process Barron
Reliance Partners

Consumer Services

covR United
Quality Automotive Services

Consumer Services, Business Services

Expedited Travel
McCorquodale Transfer

Healthcare Services

Legacy Data Access
Palmetto Infusion Services

Greymont’s take

How Carousel Capital fits a seller

Carousel is a strong fit for a founder or family owner in the Southeast who has never taken outside capital and wants to sell a majority while staying invested. Its recent recapitalizations of CraneWorks, Jay Industrial Repair and OnSight Industries left the founders or family owners with continuing stakes or board seats, and it will look at companies with as little as $3 million of EBITDA. The firm also says it has not replaced a platform CEO since 2006 other than for planned retirements, which matters to owners who want to keep running things.

Owners outside the Southeast can still sell to Carousel as an add-on to an existing company. Ask how much equity the owner is expected to keep, how long Carousel plans to hold, and who the likely next buyer is. Its recent exits went to other private equity firms such as Ares and Quad-C and, for Joe Hudson's, to the collision repair consolidator Boyd Group.

Questions owners ask

Does Carousel Capital buy auto service businesses?

Yes. Automotive aftermarket services is one of its consumer services targets, and it currently owns Quality Automotive Services, a Charlotte-based developer and operator of Valvoline Instant Oil Change locations. In January 2026 it exited Joe Hudson's Collision Center when Boyd Group bought the company for about $1.3 billion.

Does Carousel invest outside the Southeast?

Only through add-ons. New platform companies must be headquartered in the Southeastern US, but add-on acquisitions by its portfolio companies can be in any location, so a business elsewhere can still join a Carousel platform.

What size company does Carousel look for?

Carousel looks for at least $3 million of EBITDA and initial transaction values of up to $250 million. Its sixth fund closed at a $700 million hard cap and paid for recent deals such as CraneWorks and OnSight Industries.

Does the owner stay involved after a Carousel deal?

Often. Its deals are structured as management buyouts or recapitalizations, and in the CraneWorks and Jay Industrial Repair deals the founders kept significant ownership. At OnSight, the second-generation owner stepped back from the CEO role but stayed on the board.

Sources

S1Carousel Capital home page Accessed October 19, 2026
S2Carousel Capital: Investment Criteria Accessed October 19, 2026
S3Carousel Capital: Our Partnerships Accessed October 19, 2026
S4Carousel Capital: Firm Overview Accessed October 19, 2026
S5Carousel Capital Overview (PDF, July 2026) Accessed October 19, 2026
S6Carousel Capital Raises $700 Million for New Investment Fund Accessed October 19, 2026
S7Carousel Capital: News & Media Accessed October 19, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Carousel Capital. Figures are as reported on the dates shown and may have changed. Request a correction