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Office Locations:
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8801 River Crossing Blvd, Suite 320
Indianapolis, IN 46240
Phone: 317-663-0205
Fax: 317-663-0215
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Business Services
Consumer Products & Services
Manufacturing & Industrial
Medical Device
Retail & Restaurant
Transportation & Distribution
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Cardinal Equity Partners is a privately owned partnership that seeks to acquire lower-and middle-market businesses located in the central portion of the United States. The firm's desire is to acquire controlling interests in solid, positive cash-flow businesses that need additional resources or expertise to reach their potential. John Ackerman and Jim Smeltzer, along with John's father James Ackerman, founded Cardinal Ventures in 1993 with the proceeds from the sale of a cable television business established in the early 1970s. Cardinal Equity Partners seeks to invest $2 million to $10 million of equity capital in businesses with most or all of the following characteristics: headquartered within the Midwest; niche manufacturing, distribution, or service businesses; associated with products and/or services that are unlikely to be displaced by rapidly changing technology; annual sales between $5 and $50 million; and earning $1 million to $10 million in EBITDA.
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Investment Firm Key
VC = Venture Capital
PE = Private Equity
A = Angel
I = Incubator
MB = Merchant Bank
VD = Venture Debt
FI = Family Investment Office
FOF = Fund of Funds
ED = Economic Development Office
TT = Technology Transfer Office
CVC = Corporate Venture Capital
SEC = Secondary Purchaser
HF = Hedge Fund/Mutual Fund
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| COMPANY STAGE | REVENUE |
| Venture Capital | |
Seed Stage
(includes "pre-seed," or
concept stage) | No Revenue |
| Early Stage | Minimal
Revenue |
Growth Stage
(also called Mid-stage) | $2M-$7M |
Expansion Stage
(also called Late-stage) | $7M and greater |
| Private Equity | |
| Lower Middle Market | $10M-$249M |
| Middle Market | $250M-$499M |
| Upper Middle Market | $500M-$1B |
| Large Cap | >$1B |
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