Citizens Advises Quandary Consultants on its Acquisition by Stone-Goff Partners

10/23/2026

Citizens Advises Quandary Consultants on its Acquisition by Stone-Goff Partners

PROVIDENCE, RI - Citizens Capital Markets & Advisory announced today that it served as exclusive financial advisor to Quandary Consultants on its acquisition by Stone-Goff Partners.

Deal at a glance

• Citizens Capital Markets & Advisory served as exclusive financial advisor to Quandary Consultants.
• Quandary was acquired by Stone-Goff Partners, a lower-middle-market private equity firm investing in technology-driven business-to-business service companies.
• Founded in 2016, Quandary serves more than 100 clients across critical infrastructure end markets, including oil and gas, power generation, renewables and data centers.
• The transaction will support Quandary's expansion into new geographies, investment in talent and technology and pursuit of complementary acquisitions.
  

Founded in 2016 by Matt Harrison and Asher Weinberg, Quandary is a Denver-based provider of air quality and monitoring, environmental and natural resources services across the full project lifecycle, from pre-development permitting through ongoing compliance and decommissioning. The company supports more than 100 critical infrastructure clients across oil and gas, power generation, renewables and data centers, serving operators across the U.S. and internationally with a substantial presence in the Mountain West.

"The Citizens team was a true partner throughout this process," said Matt Harrison and Asher Weinberg, co-founders of Quandary. "Their understanding of our business and the critical infrastructure markets we serve, along with senior-level attention at every stage, helped us find a partner that truly shares our vision. Stone-Goff brings the resources to help us invest in our people, technology and processes, so we can keep delivering exceptional service and bring it to more clients."

The acquisition by Stone-Goff positions Quandary to expand its capabilities, invest in talent and technology, pursue complementary acquisitions and grow alongside its clients into new geographies.

"Quandary's founder-led team brings hands-on operating experience to the increasingly complex regulatory challenges facing critical infrastructure operators, and that practitioner perspective has earned the company deep, long-tenured client relationships," said Brooke Navarro, managing director at Citizens. "We worked with Matt, Asher and the team to find a partner in Stone-Goff that shares their commitment to clients and brings the resources to accelerate their growth into new markets. We look forward to following Quandary's continued success."

Citizens Capital Markets & Advisory offers investment banking, research, sales and trading activities as part of our institutional broker-dealer, Citizens JMP Securities, LLC, a subsidiary of Citizens Financial Group (NYSE: CFG).

About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $234.5 billion in assets as of September 30, 2026. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Consumer Banking includes Citizens Private Bank & Private Wealth, which integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs and businesses. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.

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