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) (55%) and recapitalization (25%). In total, Cardinal Equity Partners has invested in 11 US states.

In the last 3 years, Cardinal Equity Partners has exited 4 companies. The Firm’s most common exit type is trade sale (27%). 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 Activity39
    • M&A Buy Activity24
    • M&A Sell Activity15
  • Total Sectors Invested 16
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 20
  • 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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.6/yr) # 21 - 3 - - - 24
Sell (1.0/yr) # 10 1 1 - 1 2 15
vol $140M $33M $150M $323M
  39

Most Recent M&A

Company Date Value Type
Guardian Pharmacy LLC 2024-09-16 - IPO
Atlanta, Georgia · www.guardianpharmacy.com
Poly-Wood LLC 2024-03-25 - Secondary Sale
Syracuse, Indiana · www.polywood.com
EastPoint Sports Ltd. 2023-03-13 - Merger
Succasunna, New Jersey · www.eastpointsports.com
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
Heartisan Foods 2021-06-07 - Consolidation
Barron, Wisconsin · www.redapplecheese.com
New Aqua LLC 2021-05-17 150M USD Trade Sale
Avon, Indiana · www.ilovemywater.com
Motion Tech Automation, Inc. 2020-07-01 33M USD Trade Sale
Oakdale, Minnesota · www.motiontech.com
Electric Sweeper Service Co. 2019-06-20 - Secondary Sale
Twinsburg, Ohio · www.essco.net
EastPoint Sports Ltd. 2018-09-05 - Buyout (LBO, MBO, MBI)
Succasunna, New Jersey · www.eastpointsports.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 2 (40%) - 4 (17%) -
Consumer Products - - 3 (13%) -
Distribution - - 3 (13%) -
Healthcare Services - - 2 (8%) -
Beverages - - 1 (4%) -
Business Services 1 (20%) - 1 (4%) -
Communications - - 1 (4%) -
Electrical Equipment 1 (20%) - 1 (4%) -
Food 1 (20%) - 1 (4%) -
Furniture - - 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 5 - 24 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 5 (100%) - 24 (100%) -
  Indiana 3 (60%) - 10 (42%) -
  Ohio - - 3 (13%) -
  Tennessee 1 (20%) - 2 (8%) -
  Minnesota - - 2 (8%) -
  Wisconsin 1 (20%) - 1 (4%) -
  Pennsylvania - - 1 (4%) -
  New Jersey - - 1 (4%) -
  Missouri - - 1 (4%) -
  Illinois - - 1 (4%) -
  Georgia - - 1 (4%) -
  Colorado - - 1 (4%) -
Total 5 - 24 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 2 (40%) - 13 (54%) -
Recapitalization 1 (20%) - 6 (25%) -
Growth Capital 1 (20%) - 2 (8%) -
Consolidation 1 (20%) - 1 (4%) -
Secondary Buyout - - 1 (4%) -
Stake Purchase - - 1 (4%) -
Total 5 - 24 -

Exits by Deal Type

Type Total # Value
Trade Sale 4 (27%) 290M (90%)
Secondary Sale 4 (27%) -
IPO 3 (20%) -
Trade Sale - Public Company 1 (7%) 33M (10%)
Merger 1 (7%) -
Recapitalization 1 (7%) -
Sold to Management 1 (7%) -
Total 15 $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)
27%
4 (27%)
Strategic(s)
47%
7 (47%)

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

FAQ

When was Cardinal Equity Partners founded?

Cardinal Equity Partners was founded in 1993.

What type of investor is Cardinal Equity Partners?

Cardinal Equity Partners is a private equity firm.

Where is Cardinal Equity Partners headquartered?

Cardinal Equity Partners is headquartered in Indianapolis, Indiana.

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