How many investments has Carousel made?

Carousel has 32 tracked investments.

What stage does Carousel invest at?

Carousel invests at the Growth stage.

What sectors does Carousel focus on?

Carousel focuses on Healthtech, Sector Agnostic.

Where is Carousel located?

Carousel is headquartered in Charlotte, US.

Does Carousel lead rounds?

Yes, Carousel leads investment rounds.

Carousel

Private equity

Charlotte · Growth · 19 people tracked

Also known as Carousel Capital Management Company, L.P.

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Dave Blivinunlockedknows M. Adam Elmore · together at Duke University - The Fuqua School of Business

×9knows the team · via The Wharton School

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Investment thesis

Carousel Capital focuses on acquiring majority control of strategically important middle-market businesses in the Southeastern U.S. The firm emphasizes the region's economic strength, citing its large GDP, strong private-sector job growth, and population as reasons for its geographic concentration. Carousel positions itself as a relationship-driven, well-referenced partner of choice for buyout opportunities, leveraging a strong CEO investor network, direct deal-sourcing capabilities, an experienced investment team, and a long track record. Its team has built the business over more than two decades and aims to relate to the experiences of management teams and shareholders in growing their companies.

Invests inHealthtechSector AgnosticCharlotte United States

Source: firm website, verified Sep 1, 2026.

Stage

Growth

Charlotte, NC, US

Leads rounds

Leads

Instruments

Equity

Founded

1996

AUM

$1.9B

Tracked investments

Team · 19 people

from the firm's website & public directories

Nelson Schwab III· Co-Founder

Nelson Schwab III co-founded Carousel Capital. He previously served as Chairman and CEO of Paramount Parks and of Kings Entertainment Company, and as Executive Vice President of Taft Broadcasting Company's Attractions Group, where he led senior executives in forming Kings Entertainment to acquire Taft's theme parks via a leveraged buyout. He holds a BA in English from the University of North Carolina at Chapel Hill and an MBA from The Wharton School at the University of Pennsylvania.

Charles S. Grigg· Managing Partner· Charlotte, North Carolina, United Statesin

Jason C. Schmidly· Managing Partner

Jason Schmidly joined Carousel Capital in 1998 and, together with Mr. Grigg, is primarily responsible for managing the firm and overseeing its investment and portfolio company activities. Before Carousel, he worked in private equity and M&A at Gregory & Hoenemeyer, Inc. and earlier in the M&A department at Morgan Stanley & Co. He holds a BBA with a dual major in Finance and Organizational Behavior from Southern Methodist University.

Peter L. Clark Jr· Partner

Peter Clark joined Carousel Capital in 2003, having previously worked in mergers and acquisitions at Harris Williams & Co in Richmond. He holds a Bachelor of Arts in Economics with a concentration in Applied Mathematics from Davidson College.

Brandon R. Moores· Principal

Brandon Moores rejoined Carousel Capital in 2021 after completing an MBA at the Kellogg School of Management at Northwestern University, having previously spent four years at the firm. Before his first stint at Carousel, he worked in mergers and acquisitions at Deloitte Corporate Finance. He holds a B.S. in Commerce from the University of Virginia.

Christopher H. Wells· Principal

Chris Wells joined Carousel Capital in 2019. He previously worked in private equity at Saw Mill Capital and in investment banking at Edgeview Partners. He holds a B.S. in Business Administration and Accounting from Washington & Lee University and an MBA from Columbia Business School.

M. Adam Elmore· Principal· Charlotte, North Carolina, United Statesin

S. Tyler Moses· Principal· Charlotte, North Carolina, United Statesin

Ally B. Braswell· Controller· Charlotte, North Carolina, United Statesin

Blake M. Wilcox· Director of Finance and Chief Compliance Officer· Charlotte, North Carolina, United Statesin

Blake Wilcox joined Carousel Capital in 2026. He previously worked at the investment bank Harris Williams, supporting its Primary Fund Placement team on tax, accounting, and compliance matters, and spent five years before that at PricewaterhouseCoopers in the Asset and Wealth Management tax practice. He holds a B.S. in Business Administration and an M.S. in Accounting from East Carolina University and is a licensed CPA in North Carolina.

Daniel J. Eassa· Chief Financial Officer

Elizabeth G. Chappell· Associate· Charlotte, North Carolina, United Statesin

Elizabeth Chappell is an associate at Carousel Capital, which she joined in 2025. She previously worked at BlackArch Partners on mergers and acquisitions for middle-market companies. She holds a Bachelor of Science in Business Administration from the University of North Carolina at Chapel Hill.

George M. Ehlers· Vice President

George Ehlers joined Carousel Capital in 2026. He previously worked at Revelstoke Capital Partners, focusing on middle-market healthcare services and IT investments, and at KSL Capital Partners, where he worked on buyout and structured capital investments in travel, leisure, and hospitality. He began his career at Citi, working on M&A, capital raises, and strategic advisory in healthcare, and holds a B.S. in Business Administration from the University of North Carolina at Chapel Hill.

Gray M. Smith· Associatein

Gray Smith joined Carousel Capital as an associate in 2023. He previously worked at Piper Sandler, where he focused on mergers and acquisitions for middle-market companies in the diversified industrials and services sector. He holds a Bachelor of Science in Computer Science from the University of North Carolina at Chapel Hill.

Jack C. Shannon· Vice President· Paris, Île-de-France, Francein

Jack Shannon joined Carousel Capital in 2026. He previously worked in private equity at Gemspring Capital and AEA Investors, and in investment banking at Fidus Partners. He holds a B.S. in Business Administration from the University of North Carolina at Chapel Hill.

Jack P. Mooney· Associate· Andover, Massachusetts, United Statesin

Jack Mooney joined Carousel Capital in 2025 as an associate. He previously worked at BlackArch Partners on mergers and acquisitions for middle-market companies. He holds a Bachelor of Business Administration from the University of Michigan.

Leah P. Gunter· Office Manager and Marketing Assistant

Will H. Hull· Associate· Charlotte, North Carolina, United Statesin

Will Hull joined Carousel Capital in 2025 as an associate. He previously worked at Piper Sandler on mergers and acquisitions for middle-market companies in the services and industrials sectors. He holds a Bachelor of Science in Business Administration from Auburn University.

William T. Hobbs II· Director

What they invest in

from 9 of 32 portfolio companies

Logistics & Supply Chain ×4Advanced Manufacturing ×3Construction Tech ×3Enterprise Software ×3Energy ×2Hardware ×2IoT ×2AI & Machine Learning ×1

HQs:United States×8

Investments · 32 tracked

founders shown can be your intro path

Advantage

Business Services company based in Mooresville, NC; partial exit 2021.

AGData, MedData

Business Services company based in Charlotte, NC; exited 2010.

Alpine Intel

Business Services company based in Charlotte, NC; partial exit 2021.

APEX Analytix

Provider of audit, recovery and compliance technology and services to global Fortune 1000 companies.

Co-investorsNoro-Moseley Partners

Armstrong Transport Grouparmstrongtransport.com in

Armstrong Transport Group is a logistics and freight brokerage company that manages transportation operations and relationships between carriers, shippers, and freight providers.

B2B MarketplacesLogistics & Supply ChainCharlotte, US

Cameron Ramsdell(Chief Executive Officer)inDavid Morris(CFO and EVP of Agent Recruiting)inVamsi Tirnati(Chief Technology Officer)inDerrick Howk(Chief Operating Officer)Emily Chiarizia(General Counsel)in

Axium Healthcare

Healthcare Services company based in Lake Mary, FL; exited 2012.

Axium Healthcare Pharmacy, Inc.

Independent specialty pharmacy offering comprehensive disease-management programs for patients with rare or chronic conditions.

Brasseler USA

Healthcare Services company based in Savannah, GA; exited 2016.

Caldwell & Gregory

Business Services company based in Manakin-Sabot, VA; partial exit 2018.

Copac

Consumer Services company based in Spartanburg, SC; exited 2015.

covR

Consumer Services company based in Clarkesville, GA / Denver, CO; active investment.

CraneWorks

Business Services company based in Birmingham, AL; active investment.

Driven Brands

Consumer Services company based in Charlotte, NC; exited 2012.

Ethos

Business Services company based in St.

Expedited Travel

Consumer Services and Business Services company based in West Palm Beach, FL; active investment.

Hepaco

Business Services company based in Charlotte, NC; exited 2016.

Huseby

Business Services company based in Charlotte, NC; partial exit 2024.

Jameson

Business Services company based in Clover, SC; exited 2010.

Jay Industrial Repairjayindustrial.com in

Jay Industrial Repair provides electric motor and controls sales and service, mechanical and electrical turbine repairs, and in-field predictive and preventive maintenance for industrial markets including mining, manufacturing, utilities, and chemicals.

Advanced ManufacturingEnergyEnterprise SoftwareHardwareIoTBirmingham, US

Joel McMahon(Chairman and CEO)inWilliam Shiver(President)in

Joe Hudson's Collision Center

Provider of automotive collision repair services in the Southeastern United States.

Landscape Workshop

Business Services company based in Birmingham, AL; partial exit 2025.

Legacy Data Accesslegacydataaccess.com in

Legacy Data Access transforms retired mainframe and application data into accessible formats for healthcare organizations.

CybersecurityData & InfrastructureDigital HealthEnterprise SoftwareHealthtechCharlotte, US

McCorquodale Transfermtmoves.com 𝕏

McCorquodale Transfer is a moving and relocation company that partners with local charities to facilitate donations of unwanted items during moves.

ConsumerLogistics & Supply Chain

Bart McCorquodale(Founder)in

Mergent

Business Services company based in Fort Mill, SC; exited 2017.

OnSight Industriesonsightindustries.com in 𝕏

OnSight Industries manufactures and installs custom signage, including illuminated displays, vinyl graphics, and monument signs, for commercial, hospitality, and real estate clients across multiple U.S. regions.

Advanced ManufacturingConstruction TechPropTechRetail TechOrlando, US

Andrew Kindfuller(Chief Executive Officer)in

Palmetto Infusion Services

Healthcare Services company based in Pawley’s Island, SC; active investment.

ProcessBarronprocessbarron.com in 𝕏

ProcessBarron is an industrial equipment and services provider serving heavy processing industries including cement, pulp and paper, steel, mining, and waste-to-energy plants.

Advanced ManufacturingCleantechConstruction TechEnergyHardwareBirmingham, US

Jim WoodsBob PerryJerry DoyalAT ScottKen Nolen(Chief Executive Officer)inTim Iori(President)in

Co-investorsSterling Group

Pye Barkerpyebarkerfs.com in 𝕏

Pye-Barker Fire & Safety is a fully-integrated fire and life safety company that acquires and operates regional fire protection and security service providers across North America.

Construction TechEnterprise SoftwareIoTAtlanta, US

John PyeBen Barker

Quality Automotive Services

Consumer Services company based in Charlotte, NC; active investment.

Reliance Partnersreliancepartners.com in 𝕏

Reliance Partners is an insurance agency focused on the trucking, freight brokerage, and logistics industries, offering risk management solutions, safety and compliance programs, and access to underwriters.

InsurTechLogistics & Supply Chain

Southeastern Automotive Aftermarket Service Holdings

Consumer Services company based in Birmingham, AL; partial exit 2017 / 2021.

Transflotransflo.com in 𝕏

Transflo provides SaaS technology for freight brokers, 3PLs, and fleet operators to manage transportation operations, including workflow automation, telematics, and mobile solutions.

AI & Machine LearningLogistics & Supply ChainSaaSPhoenix, US

Renee Krug(Chief Executive Officer)inBill Vitti(President & Chief Revenue Officer)in

Fund performance · per public LP disclosures · 4

as of Jun 2024

Fund	Vintage	Committed	Net IRR	TVPI	DPI
Carousel Capital Partners V LPLPs: North Carolina Retirement Systems	2017	—	26.9%	2.17x	0.99x
Carousel Capital Partners IV, L.P.LPs: North Carolina Retirement Systems	2012	—	41.2%	3.93x	3.50x
Carousel Cap Part IVLPs: South Carolina Retirement System Investment Commission	2006	—	38.5%	—	—
Carousel Capital Partners III, L.P.LPs: North Carolina Retirement Systems	2006	—	23.5%	2.33x	2.33x

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

Frequently asked questions

How many investments has Carousel made?: Carousel has 32 tracked investments.
What stage does Carousel invest at?: Carousel invests at the Growth stage.
What sectors does Carousel focus on?: Carousel focuses on Healthtech, Sector Agnostic.
Where is Carousel located?: Carousel is headquartered in Charlotte, US.
Does Carousel lead rounds?: Yes, Carousel leads investment rounds.

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