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 has developed a strong track record in enhancing company value through its expertise in operations, marketing, and finance. The firm invests in various 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 private investors using their own capital, Cardinal Equity Partners operates without the liquidity pressures faced by fund-based investors, allowing for a long-term commitment to building enduring and profitable businesses.

John F. Ackerman

Managing Director

Peter Munson

Managing Director

James L. Smeltzer

Managing Director

Past deals in Indiana

Wild Sports

Acquisition in 2017
Wild Sports is a manufacturer and distributor specializing in licensed tailgating and outdoor games, as well as home and office products. Established in 2004, the company holds licenses with major sports leagues, including the NFL, MLB, NHL, and various colleges, offering a wide range of products tailored for sports enthusiasts, students, and families. Their collections feature games suitable for various settings, from backyards to beaches and picnics, promoting family fun and entertainment. Wild Sports emphasizes customer satisfaction through efficient order processing and delivery, supported by a dedicated warehouse and fulfillment team that focuses on timely shipping and order fulfillment. The company sells its products through multiple channels, including sporting goods stores, e-commerce platforms, and specialty retailers.

Eagle Battery

Acquisition in 2017
Eagle Battery, LLC collects, purchases, and reprocesses used lead acid batteries. It reprocesses automotive batteries, wheel weights, soft lead batteries, and industrial/forklift batteries. The company also sells reconditioned lead acid batteries throughout North America, Mexico, and the Caribbean. It serves businesses and consumers. The company was founded in 2002 and is based in Muncie, Indiana.

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.

Aqua Systems

Acquisition in 1997
Aqua Systems, operating as New Aqua, L.L.C., specializes in the design, manufacture, and marketing of water treatment solutions for commercial and industrial applications. The company offers a range of products, including water softening systems, various filtration systems, reverse osmosis units, deionization systems, and disinfection solutions. Additionally, Aqua Systems provides bottled drinking water, coolers, dispensers, and water softener salt. With retail locations in Indiana, Ohio, Florida, Illinois, Montana, and Nebraska, Aqua Systems caters to both residential and commercial customers. Founded in 1959 and headquartered in Avon, Indiana, the company has established a strong presence in the water treatment industry.
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