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.
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Cardinal Equity Partners’ most common sectors for investment are distribution (17%) and consumer products (12%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (62%) and recapitalization (23%). In total, Cardinal Equity Partners has invested in 8 US states.
In the last 3 years, Cardinal Equity Partners has exited 2 companies. 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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