Cardinal Equity Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Cardinal Equity Partners has acquired 2 companies. It has also invested in 1 other.

Cardinal Equity Partners’ most common sectors for investment aremanufacturing (17%) and consumer products (13%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (59%) and recapitalization (25%). In total, Cardinal Equity Partners has invested in 11 US states.

In the last 3 years, Cardinal Equity Partners has exited 2 companies. The Firm’s most common exit type is trade sale (34%). 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 firm investors just like it.

M&A Summary

  • M&A Total Activity36
    • M&A Buy Activity24
    • M&A Sell Activity12
  • Total Sectors Invested 16
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 17
  • M&A Advisors 2

Cardinal Equity Partners

8801 River Crossing Boulevard, Suite 320,
Indianapolis, Indiana 46240
United States
(317) 663-0205
www.cardinalep.com
jackerman@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 10
Investment Size 2 10
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (0.6/yr) # 21 - - 3 - - 24
Sell (0.6/yr) # 9 1 1 1 - - 12
vol $140M $33M $150M $323M
  36

Most Recent M&A

Company Date Value Type
Gillette Generators, Inc. 2021-12-02 - Growth Capital
Elkhart, Indiana · www.gillettegenerators.com
DuraMark Technologies, Inc. 2021-12-01 - Recapitalization
Westfield, Indiana · www.duramarktechnologies.com
Red Apple Cheese LLC 2021-06-07 - Buyout (LBO, MBO, MBI)
Barron, Wisconsin · www.redapplecheese.com
New Aqua LLC 2021-05-17 150M USD Add-on Acquisition
Avon, Indiana · www.ilovemywater.com
Motion Tech Automation, Inc. 2020-07-01 33M USD Add-on Acquisition
Oakdale, Minnesota · www.motiontech.com
Electric Sweeper Service Co. 2019-06-20 - Secondary Buyout
Twinsburg, Ohio · www.essco.net
EastPoint Sports Ltd. 2018-09-05 - Buyout (LBO, MBO, MBI)
Succasunna, New Jersey · www.eastpointsports.com
Eagle Battery LLC 2017-02-01 - Buyout (LBO, MBO, MBI)
Muncie, Indiana · www.eaglebattery.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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
EastPoint Sports Ltd. 2018-09-05 Wild Sales LLC 2019-07-01 1
Succasunna, New Jersey · www.eastpointsports.com Westfield, Indiana · www.wildsports.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 2 (25%) - 4 (17%) -
Consumer Products 1 (13%) - 3 (13%) -
Distribution - - 3 (13%) -
Healthcare Services 1 (13%) - 2 (8%) -
Beverages - - 1 (4%) -
Business Services 1 (13%) - 1 (4%) -
Communications - - 1 (4%) -
Electrical Equipment 1 (13%) - 1 (4%) -
Food 1 (13%) - 1 (4%) -
Furniture 1 (13%) - 1 (4%) -
Internet Software and Services - - 1 (4%) -
Leisure - - 1 (4%) -
Media - - 1 (4%) -
Metals/Mining - - 1 (4%) -
Technology Hardware - - 1 (4%) -
Test/Measurement Equipment - - 1 (4%) -
Total 8 - 24 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 8 (100%) - 24 (100%) -
  Indiana 4 (50%) - 10 (42%) -
  Ohio - - 3 (13%) -
  Tennessee 1 (13%) - 2 (8%) -
  Minnesota - - 2 (8%) -
  Wisconsin 1 (13%) - 1 (4%) -
  New Jersey 1 (13%) - 1 (4%) -
  Georgia 1 (13%) - 1 (4%) -
  Colorado - - 1 (4%) -
  Pennsylvania - - 1 (4%) -
  Missouri - - 1 (4%) -
  Illinois - - 1 (4%) -
Total 8 - 24 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (50%) - 14 (58%) -
Recapitalization 3 (38%) - 6 (25%) -
Growth Capital 1 (13%) - 2 (8%) -
Secondary Buyout - - 1 (4%) -
Stake Purchase - - 1 (4%) -
Total 8 - 24 -

Exits by Deal Type

Type Total # Value
Trade Sale 4 (33%) 290M (90%)
Secondary Sale 3 (25%) -
IPO 2 (17%) -
Trade Sale - Public Company 1 (8%) 33M (10%)
Recapitalization 1 (8%) -
Sold to Management 1 (8%) -
Total 12 $323M

Top M&A Advisors

Financial Deals
Western Reserve Partners LLC
 1
Harpeth Capital LLC
 1

Deal Values

sell # Total
$100M to $1B 2 $290M
< $100M 1 $33M
TOTAL $323M
Largest New Aqua LLC
$150M (2021-05-17)

M&A Connections

Deals
Acquired from
Investor(s)
4%
1 (4%)
Exited to
Investor(s)
25%
3 (25%)
Strategic(s)
50%
6 (50%)

Investor Summary

Investor Type

Private Equity Firm

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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