Cardinal Equity Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Cardinal Equity Partners has acquired 1 company.

Cardinal Equity Partners’ most common sectors for investment are consumer products (16%) and distribution (16%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (58%) and recapitalization (27%). In total, Cardinal Equity Partners has invested in 9 US states.

The Firm’s most common exit type is trade sale (23%). Cardinal Equity Partners’ largest (disclosed) exit occurred in 2011 when it sold FURminator for $140M.

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M&A Summary

  • M&A Total Activity28
    • M&A Buy Activity19
    • M&A Sell Activity9
  • Total Sectors Invested 13
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 13
  • M&A Advisors 2

Cardinal Equity Partners

8801 River Crossing Boulevard, Suite 320,
Indianapolis, Indiana 46240
United States,
(317)663-0205
www.cardinalep.com

Cardinal Equity Partners is a privately owned partnership that targets investments in lower middle-market businesses headquartered in the central portion of the US. Cardinal looks for light manufacturing, distribution, or service businesses with $5 to $50 million in revenue and at least $1 million of EBITDA. Prospective transaction situations include management buyouts, recapitalizations, family successions, and corporate spin-offs. Cardinal prefers businesses with proven management, recurring revenue, and no major customer concentration issues. Cardinal will not invest in software, heavy manufacturing, automotive, consulting, or companies with a significant percentage of non-US sales. Cardinal Equity Partners was formed in 1993 and is based in Indianapolis, Indiana.


Investment Criteria

Sectors of Interest: Agriculture, Automotive, Beverages, Building Materials, Communications, Consumer Products, Consumer Services, Distribution, Electronics, Financial Services, Furniture, Healthcare Services, Information Technology, Manufacturing, Marine, Metals/Mining, Publishing, Safety/Security

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Recapitalization, Secondary Buyout, Stake Purchase

Geographic Preferences: Midwest US

Transaction Criteria Min Max
Target Revenue 5 50
Target EBITDA 1 5
Investment Size 2 10
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.2/yr) # 18 - 1 - - - 19
Sell (0.4/yr) # 7 2 - - - - 9
vol $140M $140M
  28

Most Recent M&A

Company Date Value Type
Wild Sports LLC 2017-10-31 - Recapitalization
Orangevale, California · www.wildsports.com
Corporate Imaging Concepts, Inc. 2016-05-18 - Secondary Buyout
Northbrook, Illinois · www.corp-imaging.com
Williams Sound LLC 2016-03-17 - Recapitalization
Eden Prairie, Minnesota · www.williamssound.com
Corporate Imaging Concepts, Inc. 2013-12-18 - Recapitalization
Northbrook, Illinois · www.corp-imaging.com
Essco, Inc. 2012-03-29 - Secondary Buyout
Twinsburg,, Ohio · www.essco.net
FURminator, Inc. 2011-12-22 140M USD Add-on Acquisition
Fenton, Missouri · www.furminator.com
ANGI Homeservices Inc. 2011-11-17 - IPO
Denver, Indiana · www.angihomeservices.com
Advanced Physical Therapy LLC 2011-08-09 - Add-on Acquisition
Indianapolis, Indiana · www.advancedpt.com
Williams Sound LLC 2011-01-14 - Recapitalization
Eden Prairie, Minnesota · www.williamssound.com
Contour Industries, Inc. 2011-01-07 - Stake Purchase
Surgoinsville, Tennessee · www.contourind.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Wild Sports LLC 2017-10-31 KanJam LLC 2018-03-07 1
Orangevale, California · www.wildsports.com Getzville, New York · www.kanjam.com
Guardian Pharmacy LLC 2003-07-01 Ron’s Pharmacy Services 2017-09-27 5
Atlanta, Georgia · www.guardianpharmacy.net San Diego, California · www.ronspharmacyservices.com
Guardian Pharmacy LLC 2003-07-01 Collier’s Personal Care Pharmacy 2017-03-15 4
Atlanta, Georgia · www.guardianpharmacy.net Atlanta, Georgia · www.collierspersonalcare.com
Guardian Pharmacy LLC 2003-07-01 Pharmacy Concepts Ltd. 2017-02-09 3
Atlanta, Georgia · www.guardianpharmacy.net Arlington, Texas · www.pharmacyconcepts.com
Guardian Pharmacy LLC 2003-07-01 Preferred Care Pharmaceutical Services, Inc. 2015-06-02 2
Atlanta, Georgia · www.guardianpharmacy.net Hollywood, South Carolina
Guardian Pharmacy LLC 2003-07-01 Senior Care Pharmacy of Indiana LLC 2012-07-02 1
Atlanta, Georgia · www.guardianpharmacy.net Indianapolis, Indiana
New Aqua LLC 1997-02-01 Mountain Valley Water 2011-01-01 2
Avon, Indiana · www.ilovemywater.com St. Louis, Missouri
New Aqua LLC 1997-02-01 The Water Store of Columbus 2010-12-01 1
Avon, Indiana · www.ilovemywater.com , Ohio

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 1 (13%) - 3 (16%) -
Distribution 2 (25%) - 3 (16%) -
Healthcare Services 1 (13%) - 2 (11%) -
Manufacturing 1 (13%) - 2 (11%) -
Beverages 1 (13%) - 1 (5%) -
Building Materials 1 (13%) - 1 (5%) -
Communications - - 1 (5%) -
Consumer Services 1 (13%) - 1 (5%) -
Internet Software and Services - - 1 (5%) -
Media - - 1 (5%) -
Metals/Mining - - 1 (5%) -
Technology Hardware - - 1 (5%) -
Test/Measurement Equipment - - 1 (5%) -
Total 8 - 19 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 8 (100%) - 19 (100%) -
  Indiana 3 (38%) - 8 (42%) -
  Ohio 1 (13%) - 3 (16%) -
  Minnesota 1 (13%) - 2 (11%) -
  Georgia 1 (13%) - 1 (5%) -
  California 1 (13%) - 1 (5%) -
  Tennessee 1 (13%) - 1 (5%) -
  Missouri - - 1 (5%) -
  Illinois - - 1 (5%) -
  Pennsylvania - - 1 (5%) -
Total 8 - 19 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 3 (38%) - 11 (58%) -
Recapitalization 3 (38%) - 5 (26%) -
Growth Capital - - 1 (5%) -
Secondary Buyout 1 (13%) - 1 (5%) -
Stake Purchase 1 (13%) - 1 (5%) -
Total 8 - 19 -

Exits by Deal Type

Type Total # Value
Trade Sale 3 (33%) 140M (100%)
IPO 2 (22%) -
Secondary Sale 2 (22%) -
Recapitalization 1 (11%) -
Sold to Management 1 (11%) -
Total 9 $140M

Top M&A Advisors

Financial Deals
Western Reserve Partners LLC
 1
Harpeth Capital LLC
 1

Deal Values

sell # Total
$100M to $1B 1 $140M
TOTAL $140M
Largest FURminator, Inc.
$140M (2011-12-22)

M&A Connections

Deals %
Acquired from
PE Firm(s)
100%
1 100%
Exited to
PE Firm(s)
40%
2 40%
Strategic(s)
60%
3 60%

Investor Summary

Size

Middle-Market

Established

1993

Specialist/Generalist

Generalist

Leadership

John F. Ackerman

Co-Founder & Managing Director

James L. Smeltzer

Co-Founder & Managing Director

Peter Munson

Co-Founder & Managing Director

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