Family office private investment firm
Cardinal Equity Partners
- HeadquartersIndianapolis, IN S2
- Founded1993 S1
- Websitecardinalep.com
- Last verifiedNovember 2, 2026
At a glance
| EBITDA range | $1M to $10M S2 |
|---|---|
| Revenue range | $5M to $50M S1 |
| Check size | $2M to $10M S1 |
| Deal types | Platform, Add-on S2 |
| Geography | Midwest US, United States (east of the Rockies) S2 |
| Sectors | Environmental & Waste, Industrial & Manufacturing, Consumer & Food, Healthcare Services, Construction Services |
What Cardinal Equity Partners buys
Cardinal Equity Partners is the investing arm of an Indianapolis family office that has been buying and growing companies since 1993. It invests its own money and that of a few like-minded families, so it can keep a business for many years. It puts $2 million to $10 million of equity into companies with $5 million to $50 million of sales and $1 million to $10 million of EBITDA, at least three years of positive cash flow and a spread of customers. It looks for niche manufacturers, value-added distributors, consumer product makers and service businesses east of the Rockies, and it prefers the Midwest.
Typical deals are recapitalizations where the owner keeps a real stake, management buyouts, family succession deals and corporate spin-offs, usually with Cardinal taking a majority and managers investing alongside it. For bigger deals it teams up with other investors, as it did in the 2024 A.S.A.P. Garage Door recap led by Centerfield. There is no minimum size for add-ons, so a small company can join one of its platforms, as Affordable Garage Doors did in July 2025.
Recent deals
Announced in the 24 months before November 2, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jul 2025 | Affordable Garage DoorsOwner-run Indiana and Illinois garage door dealer and installer added to A.S.A.P. Garage Door Repair | Add-on | Construction Services | Source |
| March 2025 | Heartisan FoodsSpecialty cheese maker, formerly Red Apple Cheese, sold to The Gellert Global Group | Exit | Consumer & Food | Source |
Portfolio by sector
From the firm's portfolio page S2.
Current Portfolio Companies
- Guardian Pharmacy
- DuraMark Technologies
- Eagle Battery
- A.S.A.P. Garage Door Repair
- Gillette Generators
- Devansoy
- Buffalo Games & Puzzles
Past investments: Heartisan Foods, POLYWOOD, Contour Glass, Aqua Systems, Motion Tech Automation, Sanitary Solutions Group, ESSCO, Corporate Imaging Concepts
Greymont’s take
How Cardinal Equity Partners fits a seller
Cardinal fits Midwest owners of steady, profitable companies who want to take some money off the table but stay involved, or who want to hand the business to their managers or the next generation. Its principals are former operators who sit on the board rather than run daily operations, and it says it keeps debt at modest levels. Managers are invited to invest at the start and receive equity incentives.
It is a small, patient buyer that has held some companies for a decade or more, including Aqua Systems for 24 years before selling it to Franklin Electric. The trade-off is pace: its most recent new platform on record is the August 2024 A.S.A.P. recap. An owner should ask whether Cardinal will lead the deal or join another sponsor, as it did with Centerfield on A.S.A.P., because that decides who controls the board.
Questions owners ask
What size company does Cardinal Equity Partners look for?
Its criteria call for $5 million to $50 million of annual sales and $1 million to $10 million of EBITDA for a new platform, with no minimum for add-ons. It invests $2 million to $10 million of equity and brings in partners for larger deals.
Does an owner have to sell the whole company to Cardinal?
No. One of its main deal types is a recapitalization where the owner takes some money out but keeps a significant stake and a management role. It also does management buyouts and family succession deals, usually taking majority ownership with management investing alongside.
How long does Cardinal keep the companies it buys?
Because it uses family money rather than a fund, it has no set holding period. Its principals owned Aqua Systems from 1997 until a 2021 sale to Franklin Electric, and it held POLYWOOD from 2015 until a 2024 sale.
Has Cardinal invested in home services businesses?
Yes. It provided the majority of the equity in the August 2024 recap of A.S.A.P. Garage Door Repair near Chicago, which Centerfield led, and A.S.A.P. bought Affordable Garage Doors of Indiana and Illinois in July 2025.
Sources
- S1Cardinal Equity Partners home page (firm overview, investment philosophy, news and portfolio) Accessed November 3, 2026
- S2Cardinal Equity Partners two-page overview (June 2026) Accessed November 3, 2026
- S3Benchmark International: Transaction Between Affordable Garage Doors and A.S.A.P. Garage Door Repair (July 30, 2025) Accessed November 3, 2026
- S4Eagle Battery home page (lead-acid battery recycling and reconditioning) Accessed November 3, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Cardinal Equity Partners. Figures are as reported on the dates shown and may have changed. Request a correction