Armory Capital

Armory Capital

Armory Capital manages the private capital of August C. Meyer, Jr., former Chairman of Midwest Television. Founded in Champaign, Illinois, the firm reflects Meyer's transition from media operating leadership to principal investing. Greg Lykins, co-founder and Chairman of First Busey Corporation, and Jacob Ambrose, Managing Partner, round out the core leadership, bringing commercial banking and investment management experience to the family's activities. The firm pursues control-oriented investments across operating businesses, real estate, and media. Its most visible deal was the acquisition of Horizon Hobby, a distributor of radio-controlled hobby products, completed in partnership with Mill City Capital — a transaction that moved the family from passive wealth management to direct operational stewardship. Real estate holdings are geographically diffuse and asset-heavy, spanning a commercial headquarters in Champaign, a penthouse at Turnberry Towers in Las Vegas, and a residential property in La Jolla, California. The portfolio construction suggests a preference for tangible, income-producing assets over fund commitments. Team size and aggregate deployment levels are not publicly disclosed, and the firm maintains no additional offices beyond its Champaign base. Adjacent vehicles include the Meyer Charitable Foundation, which serves as the family's philanthropic conduit, though its grantmaking focus and separation from investment activities are not publicly detailed. There is no record of Armory Capital participating in club networks like Tiger 21 or YPO. Armory Capital's structure is atypical for a single-family office of its era: rather than functioning primarily as an allocator to external funds, it operates as a direct investment platform with an explicit partnering model — as seen in the Mill City Capital co-investment — and a geographic footprint anchored far from traditional financial centers. This Champaign-rooted, control-deal posture distinguishes it from the advisor-heavy, multi-asset-class models common among Midwestern family offices.