Armory Group

What Armory Group does

Armory Group is a privately held middle-market financial advisory firm founded in 2008 by Nick Tell, Jr. and Eben Perison. Headquartered in El Segundo, California, the firm operates a multi-disciplinary platform organized into three integrated service lines: Investment Banking (capital raising, mergers & acquisitions, special situations and restructuring, and financial advisory), Consulting (operational improvement, turnaround, interim management, and lender/creditor advisory), and Asset Management through Armory Capital Group, LLC (multi-strategy credit funds including the Credit Opportunity Fund, Loan Opportunity Fund, and Distressed Opportunity Fund). The firm also operates The Cosine Group, a division of Armory Securities focused on growth-stage technology M&A.

Armory serves U.S. middle-market companies with EBITDA between $10 million and $100 million, generally with less than $1 billion of debt outstanding and issue sizes ranging from $200 million to $500 million. The firm claims coverage across 12 industry verticals including Aerospace & Defense, Business Services, Consumer Products & Retail, Energy & Resources, Food Beverage & Agri-Business, Gaming/Hospitality & Leisure, Life Sciences & Healthcare, Manufacturing & Industrial, Media & Telecommunications, Real Estate & Construction, Technology, and Transportation & Logistics. Geographic footprint includes five U.S. offices across El Segundo, New York, Dallas, Chicago, and Boston, with no international offices disclosed. The firm has been involved in over $20 billion of transactions since 2008, with the capital raising team having closed over $3 billion in debt and equity financing.

Revenue is generated through three distinct streams: (1) transaction-based advisory fees on investment banking mandates (capital raising, M&A sell-side and buy-side, special situations), typically success-based and tied to deal close; (2) professional services fees on consulting and restructuring mandates, generally fixed-fee or time-and-materials; and (3) management and performance fees from the three asset management credit funds. Go-to-market is relationship-driven with no self-serve or product-led motion; senior Managing Directors source and execute engagements through personal relationships, referrals, and direct outreach. The firm is privately held and founder-controlled by Tell and Perison, with no external private equity or institutional investor ownership disclosed in the source material.

Name

Armory Group

Legal name

Armory Group, LLC

Website

https://armorygroupllc.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Armory Group is a privately held middle-market financial advisory firm founded in 2008, providing investment banking, consulting, and asset management services across 12 industry verticals to U.S. middle-market companies with EBITDA of $10M to $100M.

Ownership category

akta.pro rank

Product category

Middle Market Investment Banking

NAICS

Portfolio Management and Investment Advice (523940), Miscellaneous Financial Investment Activities (523999)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Finance Services (6199)

akta.pro primary industry

Management Buyouts (MBO/MBI) & Sponsor-Led Transactions Advisory (FSAEAGAI)

akta.pro secondary industry

Debt Restructuring & Workout Advisory (Consumer & SME) (FSAEAFAH)

Keywords

• Middle market investment banking
• Mergers and acquisitions advisory
• Restructuring advisory services
• Credit investment management
• Financial consulting services

Headquarters

HQ city

Manhattan Beach

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Investment Banking Advisory Fees: Armory earns transaction-based advisory fees for capital raising, M&A sell-side and buy-side mandates, and special situations engagements. Fees are typically success-based tied to transaction close.
2. Asset Management / Credit Funds: Armory Capital Group manages multi-strategy credit investment funds targeting middle market debt. Revenue is generated through management fees and performance/carry on the Credit Opportunity Fund, Loan Opportunity Fund, and Distressed Opportunity Fund.
3. Consulting and Restructuring Advisory: Armory's consulting division provides performance improvement, restructuring advisory, turnaround and interim management, and lender/creditor advisory services. These are billed as professional services engagements, either fixed-fee or time-and-materials.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Armory Group is a middle-market financial advisory firm providing investment banking (capital raising, M&A, special situations and restructuring), consulting (performance improvement, turnaround and interim management), and asset management through credit-focused investment funds. The firm serves middle-market companies (EBITDA $10M–$100M) across 12 industry verticals, having closed over $20 billion in transactions since its 2008 founding.

Product overview

Armory Group is a financial advisory firm operating as a platform of three integrated services: Investment Banking (capital raising, M&A, restructuring advisory), Consulting (operational improvement, turnaround services), and Asset Management through Armory Capital (credit and debt investment funds). The firm also includes The Cosine Group, a technology-focused M&A advisory division. The three funds—Credit Opportunity Fund, Loan Opportunity Fund, and Distressed Opportunity Fund—support the asset management arm's debt investment strategy. Together, these services provide comprehensive coverage across 12 industry verticals serving middle-market companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Banking Middle-market investment banking services including capital raising (growth equity, debt financing, high yield), M&A (sell-side, buy-side, fairness opinions), special situations and restructuring (Chapter 11, 363 sales, DIP financing), and financial advisory (valuations, business plan analysis). The team has closed over $20 billion in transactions since 2008.
• Consulting Operational improvement and financial restructuring services including performance improvement, restructuring advisory, turnaround and interim management, and lender/creditor advisory services for middle-market companies facing operational or financial challenges.
• Asset Management (Armory Capital) Multi-strategy credit investment firm focused on middle-market companies, investing in senior floating rate leveraged loans, discounted high yield bonds, and distressed debt. Operates as Armory Capital Group, LLC, an SEC-registered investment adviser.
• Credit Opportunity Fund Opportunistic credit strategy focused on the debt of US middle-market companies, investing in leveraged loans, discounted high yield bonds, and distressed investments with an emphasis on downside protection.
• Loan Opportunity Fund Opportunistic strategy focused on investing in leveraged loans of US middle-market companies, targeting market-leading companies with defensible business models and small issue sizes capturing favorable spreads and strong collateral packages.
• Distressed Opportunity Fund Focused on investing in debt of financially and operationally underperforming middle-market companies, anticipating profitable emergence through successful restructuring with active diligence process.
• The Cosine Group A division of Armory Securities providing bespoke sell-side and buy-side advisory services to growth-stage technology organizations, including commerce enablement, content management, digital media, enterprise software, financial technology, and marketing technology sectors.

Quantifiable outcome

• Over $20 billion in transactions since 2008
• +3 more outcomes

Named customers8 records

Segments13 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Ocean Crest AdvisorycoreStrategic or Co-development Partner · 5 March 2026Ocean Crest Advisory, an advisory firm specializing in buy-side and corporate development services, joined The Cosine Group, a division of Armory Securities. The addition strengthens The Cosine Group's ability to serve technology companies, investors and acquirors with bespoke investment banking and financial advisory services. Ryan Kolynych, founder of Ocean Crest Advisory, joined as Principal and brought additional buy-side and corporate development expertise to the platform.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Moelis & Company: Middle-market M&A and restructuring advisor where Steve Moore was a founding member of the real estate investment banking team. Competes with Armory on middle-market M&A, capital raising, and selected restructuring mandates.
• Houlihan Lokey: Large middle-market investment bank with the strongest restructuring and special situations franchise in the US. Multiple Armory MDs (Steve Moore, Kathleen Lauster) trained there. Directly comparable across M&A, capital raising, and restructuring advisory to middle market companies.
• Oppenheimer & Co. Middle-market investment bank whose investment banking team was previously led by Eben Perison before he co-founded Armory. Competes in the same middle-market M&A and capital-raising segment across multiple verticals.
• Lincoln International: Globally active middle-market M&A advisor with overlapping sector coverage (industrials, consumer, business services, technology) and similar transaction-size range. Direct competitor for sell-side and capital-raising mandates Armory targets.
• Stout: Middle-market advisory and restructuring firm with comparable sector coverage and deal-size sweet spot. Competes head-to-head with Armory on distressed M&A, financial advisory, and valuation mandates.
• Cascadia Capital: Middle-market investment bank focused on Food, Beverage & Agribusiness and Consumer, where Armory also has dedicated coverage (Nicole Nugent and Douglas McDonald previously at Cascadia). Direct competitor for similar mid-market sell-side and capital-raising engagements.
• Ankura: Restructuring and advisory firm where Kathleen Lauster led the investment banking platform and Matthew Lapish was a Managing Director before joining Armory. Direct peer in special situations and restructuring advisory mandates.

Broad incumbents

• Piper Sandler: Diversified investment bank with significant middle-market M&A and capital markets coverage. Direct overlap in transaction size and sector coverage with Armory's investment banking practice.
• Robert W. Baird: Larger diversified middle-market investment bank with full-service investment banking, equity research, and wealth management. Overlaps with Armory on M&A advisory and capital raising for mid-market companies.

Emerging players

• Victory Park Capital: Specialty credit and asset management firm where several Cosine Group MDs (Nick Hailey, Matthew Cusick, Dan Lasher) previously worked. Adjacent peer given Armory Capital's distressed and leveraged-loan fund mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Armory Group