Cardinal Equity Partners Mergers and Acquisitions Summary

Private Equity Profile

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.

In the last 3 years, Cardinal Equity Partners has exited 2 companies. The Firm’s most common exit type is trade sale (28%). Cardinal Equity Partners’ largest (disclosed) exit occurred in 2021 when it sold New Aqua for $150M.

Join Mergr to view Cardinal Equity Partners’ full profile and discover more middle-market private equity firms just like it.

M&A Summary

  • M&A Total Activity30
    • M&A Buy Activity19
    • M&A Sell Activity11
  • Total Sectors Invested 13
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 15
  • 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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (0.2/yr) # 18 1 - - - - 19
Sell (0.4/yr) # 9 - - 1 - 1 11
vol $140M $150M $290M
  30

Most Recent M&A

Company Date Value Type
New Aqua LLC 2021-05-17 150M USD Add-on Acquisition
Avon, Indiana · www.ilovemywater.com
Essco, Inc. (Electric Sweeper Service Co.) 2019-06-20 - Secondary Buyout
Twinsburg, Ohio · www.essco.net
Wild Sales LLC 2017-10-31 - Recapitalization
Westfield, Indiana · 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. (Electric Sweeper Service Co.) 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, Colorado · www.angihomeservices.com
Advanced Physical Therapy LLC 2011-08-09 - Add-on Acquisition
Indianapolis, Indiana · www.advancedpt.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Motion Tech Automation, Inc. 2010-12-01 Motion Tech Automation - Distribution Business 2020-12-14 1
Oakdale, Minnesota · www.motiontech.com Oakdale, Minnesota

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 1 (17%) - 3 (16%) -
Distribution 1 (17%) - 3 (16%) -
Healthcare Services 1 (17%) - 2 (11%) -
Manufacturing 1 (17%) - 2 (11%) -
Beverages - - 1 (5%) -
Building Materials 1 (17%) - 1 (5%) -
Communications - - 1 (5%) -
Consumer Services 1 (17%) - 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 6 - 19 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 6 (100%) - 19 (100%) -
  Indiana 3 (50%) - 8 (42%) -
  Ohio - - 3 (16%) -
  Minnesota 1 (17%) - 2 (11%) -
  Tennessee 1 (17%) - 1 (5%) -
  Georgia 1 (17%) - 1 (5%) -
  Pennsylvania - - 1 (5%) -
  Missouri - - 1 (5%) -
  Illinois - - 1 (5%) -
  Colorado - - 1 (5%) -
Total 6 - 19 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 2 (33%) - 11 (58%) -
Recapitalization 3 (50%) - 5 (26%) -
Growth Capital - - 1 (5%) -
Secondary Buyout - - 1 (5%) -
Stake Purchase 1 (17%) - 1 (5%) -
Total 6 - 19 -

Exits by Deal Type

Type Total # Value
Trade Sale 4 (36%) 290M (100%)
Secondary Sale 3 (27%) -
IPO 2 (18%) -
Recapitalization 1 (9%) -
Sold to Management 1 (9%) -
Total 11 $290M

Top M&A Advisors

Financial Deals
Western Reserve Partners LLC
 1
Harpeth Capital LLC
 1

Deal Values

sell # Total
$100M to $1B 2 $290M
TOTAL $290M
Largest New Aqua LLC
$150M (2021-05-17)

M&A Connections

Deals
Acquired from
Investor(s)
5%
1 (5%)
Exited to
Investor(s)
27%
3 (27%)
Strategic(s)
45%
5 (45%)

Investor Summary

Size

Middle-Market

Established

1993

Specialist/Generalist

Generalist

Leadership

James Smeltzer

Co-Founder & Managing Director

John Ackerman

Co-Founder & Managing Director

Peter Munson

Co-Founder & Managing Director

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