Cardinal Equity Partners

Cardinal Equity Partners is a private equity investment firm based in Indianapolis, Indiana, founded in 1993. The firm focuses on acquiring controlling interests in a select number of middle-market businesses primarily located in the eastern United States. With over 20 years of experience, Cardinal Equity Partners leverages its collective expertise in operations, marketing, and finance to assist management teams in enhancing company value. The firm invests in a diverse range of sectors, including consumer packaged goods, recreational vehicles, marine products, horticulture distribution, specialty pharmacy distribution, publishing, healthcare services, outdoor furniture, water treatment, durable goods distribution, financial services, audio products, home improvement, pet products, glass fabrication, and subscription-based businesses. As a multi-family owned entity using its own capital, Cardinal Equity Partners is not subject to the liquidity pressures that often affect fund-based investors, allowing for a long-term commitment to building profitable businesses.

John F. Ackerman

Managing Director

Peter Munson

Managing Director

James L. Smeltzer

Managing Director

Past deals in Indiana

Eagle Battery

Acquisition in 2017
Eagle Battery, LLC, founded in 2002 and based in Muncie, Indiana, specializes in the collection, purchase, and reprocessing of used lead-acid batteries. The company handles various types of batteries, including automotive, industrial, and forklift batteries, as well as wheel weights and soft lead batteries. With a commitment to environmentally safe practices, Eagle Battery provides battery recycling and reconditioning services that include thorough testing to ensure optimal performance. The company serves a diverse customer base, including both businesses and consumers, and sells reconditioned lead-acid batteries throughout North America, Mexico, and the Caribbean. Through its extensive experience, Eagle Battery has established itself as a leader in the lead-acid battery recycling industry in the United States.

Advanced Physical Therapy

Venture Round in 2009
Advanced Physical Therapy is the largest privately held provider of outpatient allied health services in the state of Indiana, with 17 clinics and 150 employees. Locally owned and operated by a physical therapist, this company has steadily grown and developed since 1985. The cornerstone for success has always been exceptional people providing excellent care.
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