Cardinal Equity Partners

Cardinal Equity Partners is a multi-family owned investment firm with a mission to acquire controlling interest in a small number of middle-market businesses located in the eastern half of the United States. With over 20 years of experience in acquiring and building middle-market businesses, we have a demonstrated track record of utilizing our collective operating, marketing, and financial backgrounds to help management teams grow and build companies of value. As private investors utilizing our own capital, we do not have the same liquidity pressures that a Fund-based investor has, thereby allowing us to view each of our investments as a long-term commitment towards building an enduring, profitable business.

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 the exclusive manufacturer and leading provider of licensed tailgating & outdoor games as well as home/ office products since 2004. The company maintains licenses with the NFL, MLB, NHL, CLC, LRG and Independent Colleges. Their product collections are the perfect fit for the fanatical sports fan, student, parent or graduate. Wild Sports product delivers family fun to all whether you're at the beach, picnic or simply entertaining in your backyard. Their customer service team makes sure that order processing, product delivery, and customer satisfaction standards are met. Their warehouse and fulfillment center consists of diligent workers who strive for excellence in shipping timeliness and order fulfillment. We hope that you love our products as much as they do and look forward to your business!

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.