Armory Capital is the culmination of decades of business experience. We understand the unique challenges and opportunities facing business owners and management teams, and we use our distinctive knowledge to propel our partners forward.
“I have never dealt with an investment firm that was as flexible and patient as Armory Capital.”
-Michael E. Kushnir, Esq.
Hinkley, Allen & Snyder LLP
Get the advantages of permanent capital.
Unlike traditional private equity groups, Armory is funded with permanent capital. This unique funding structure means that our decisions are not limited by the life of a particular fund. We hold investments based on the merits of the opportunity and needs of our management partners. This flexibility allows us to make long-term decisions to help our partner companies grow.
Investment Team
Jacob Ambrose
Managing Partner
Jake is Managing Partner and co-founder of Armory Capital. He is responsible for identifying potential investment opportunities, performing due diligence, obtaining financing for investments and working closely with portfolio company management teams.
Rusty Freeland
Partner
Rusty is a co-founder of Armory Capital. He participates in all areas of Armory Capital’s business including identifying potential investment opportunities, performing due diligence, designing the structure and negotiating the terms of investment transactions and working with portfolio company management teams.
Greg Lykins
Partner
Greg is a co-founder of Armory Capital. He is also Chairman of the Board of First Busey Corporation, a Champaign, Illinois based financial holding company. He has been a senior executive for approximately 35 years, holding various titles which include Chairman, CEO and President of Main Street Trust, Inc. and President and CFO of First Busey Corporation.
Read more about Jacob
Prior to co-founding Armory Capital, Jake was a member of the investment team at Goldner Hawn, a private equity firm based in Minneapolis, Minnesota. Before joining Goldner Hawn, he was an analyst in Piper Jaffray’s Middle Market Mergers & Acquisitions group. Additionally, he worked at Highland Capital Management as a research analyst.
Jake received a BSc degree in Finance from University of Illinois and an MBA degree from The University of Chicago Booth School of Business. Jake is a member of the Young Presidents’ Organization (“YPO”).
Read more about Rusty
Rusty is a practicing attorney with Meyer Capel, A Professional Corporation, the largest law firm in Champaign, Illinois. Since joining Meyer Capel in 1986, Rusty has handled many large and complicated business transactions. He often works with entrepreneurs in selecting the best form and capital structure for their businesses. In recent years, Rusty has worked with some of the leading companies in the corn seed and plant biotech industries on license agreements and business acquisitions.
Rusty is a 1985 graduate of Washington University School of Law in St. Louis. He is a 1980 graduate of the University of Illinois with a B.A. in History. He also is a Certified Public Accountant. Prior to attending law school, Rusty worked as an accountant with a public accounting firm in Champaign.
Rusty is active in several local civic organizations. He has served as a member of the Boards of Directors of the Champaign County Historical Museum, the Champaign Public Library and the Champaign Public Library Foundation.
Read more about Greg
Currently, Greg serves as a director of the following companies and organizations: First Busey Corporation, Busey Bank, Busey Wealth Management, Inc., Prairie Capital Private Equity Funds (Advisory Director), Horizon Hobby, Inc. and the University of Illinois Foundation (Chairman of the Board and former Chairman of the Investment Committee). First Busey has approximately $3.5 billion in total assets and also manages approximately $5 billion for other investors through its wealth management division.
Greg is a 1969 graduate of the University of Illinois with a BSc degree in Accountancy. Greg began his career, serving for approximately 14 years, as a practicing Certified Public Accountant and was a partner at McGladrey & Pullen. In addition to corporate boards, he has served in significant leadership roles and on the boards of a number of not- for-profit organizations, including The Carle Foundation, Parkland College Foundation, United Way of Champaign County and Pinnacle Forum. Formerly a member of the Young Presidents’ Organization (“YPO”), he is now a member of the Chief Executives Organization (“CEO”) and the Economic Club of Chicago.