CARDINAL EQUITY PARTNERS (“CEP”) EXITS FURMINATOR
Indianapolis, IN – Cardinal Equity Partners (CEP) successfully exited its investment in FURminator, selling the maker of pet care products to United Pet Group. FURminator is the worldwide leading provider of branded deShedding products to the pet industry. In addition, the Company’s shampoos and conditioners also help reduce shedding by promoting a healthy skin and coat.
Based in Cincinnati, Ohio, United Pet Group, Inc. is a subsidiary of Spectrum Brands Holdings, Inc., and is the leading manufacturer of consumer products for the pet supply markets globally.
CEP assisted with the September 2008 recapitalization of FURminator along with Hammond, Kennedy, Whitney & Co. an Indianapolis, IN based private equity firm. The firms were attracted to the company by its market leading portfolio of patented pet care products. Over the course of the investment, FURminator successfully defended its patents against a number of infringements, expanded the product line and brand positioning, and gained distribution allowing the company to further cement its position as the world leader in pet deshedding products.
TYE STEBBINS PROMOTED TO ASSOCIATE
Cardinal Equity Partners announced the promotion of Tye Stebbins to Associate. Tye joined Cardinal Equity Partners in 2009 as an Analyst. Previously, Tye was an Analyst with National City Capital Markets' Investment Banking Group, focusing on middle-market mergers and acquisitions. Tye attended the University of Dayton where he graduated Summa Cum Laude with a BS in Finance and International Business and was captain of the men’s soccer team.
ANGIE’S LIST GOES PUBLIC
A legacy investment fund of Cardinal Equity Partners (CEP) partially exited its investment in Angie’s List after the company raised about $114 million through its November 2011 initial public offering. CEP’s legacy fund continues to maintain significant ownership in the publicly listed company. Angie’s List trades on the NASDAQ Stock Market under the symbol ANGI.
Angie's List is an Indianapolis-based provider of consumer reviews on local contractors and doctors in more than 550 service categories. More than one million paying households in the United States rely upon Angie's List to help them make the best hiring decisions. Members get unlimited access to local ratings via Internet or phone, exclusive discounts, the Angie's List Magazine and help from the Angie's List complaint resolution service.
Guardian Pharmacy, LLC acquires Southern Pharmacy Services, March 2011
Guardian Pharmacy, LLC., an Atlanta-based institutional and specialty pharmacy announced that it has recently acquired Southern Pharmacy Services of North Carolina.
Southern Pharmacy Services operates locations in Pink Hill and Kernersville, N.C. and serves almost 300 skilled nursing and assisted-living facilities. Southern’s management rolled-over a significant portion of their proceeds from the sale and remain owners of this pharmacy business.
Guardian Pharmacy, LLC. is the nation’s third largest institutional pharmacy. Founded in 2004, Guardian Pharmacy is capitalized by the company’s management team, Cardinal and Bindley Capital Partners. The management team has extensive experience and success in high-growth, multiple-location specialty pharmacies.
Cardinal Equity Partners acquires Contour Industries, January 2011
Indianapolis, IN (January 7, 2011) - Cardinal Equity Partners, LLC is pleased to announce that it has acquired all of the outstanding stock of Surgoinsville, TN based Contour Industries, Inc ("Contour"). Contour is a provider of fabricated and tempered glass and serves a wide variety of customers across the United States. The Company is well known in the industry for its outstanding quality and superior customer service.
Jim Smeltzer, Managing Director of Cardinal Equity Fund, said "We are thrilled to have the opportunity to invest in Contour. Keener Mallicote, the rest of his management team, and all the other employees of Contour have created an outstanding company and we are pleased to help position the Company for its next phase of growth. We look forward building on their past success and being a vibrant part of the greater Kingsport business community. Contour has a reputation for being an outstanding corporate citizen and an employer of choice, and we intend to continue that legacy in the community and for a growing employee base.
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Cardinal Equity Partners completes the recapitalization of Williams Sound, January 2011
EDEN PRAIRIE, MN (January 14, 2011) – Williams Sound, LLC, a leading designer and manufacturer of wireless listening systems announced that it has completed a recapitalization of the company, with financing provided by Cardinal Equity Partners, a private equity firm based in Indianapolis, Indiana.
Paul Ingebrigtsen, President & CEO of Williams Sound said, "We are excited to partner with Cardinal Equity to achieve our shared vision of accelerating growth in our core business and to pursue new growth opportunities. We were attracted to Cardinal Equity partners because of their approach to long term growth strategies, and a close cultural and philosophical fit. Cardinal brings management and financial depth to the table, along with a proven track record of growth and stability."
"The recapitalization facilitates the liquidity needs of former shareholders and will allow us to capitalize on significant growth opportunities the management team has identified," said John Ackerman, Principal Partner of Cardinal Equity. "We were attracted to Williams Sound because of its proven success in the market, an excellent management team who remain with the business and retain significant ownership of the company, and the exciting growth prospects we see for the company."
Williams Sound designs and manufactures wireless listening systems for group and personal hearing assistance, guided tours, and language interpretation, offering FM, Infrared, Digital, and Loop technologies. The company is based in Eden Prairie, MN and has a network of valued Distribution and Representative partners throughout out the world.
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Aqua Systems completes two acquisitions, January 2011
INDIANAPOLIS, IN (February 21, 2011) - New Aqua LLC, D/B/A Aqua Systems, a large independent provider of water purification and softening equipment announced that it has recently completed two acquisitions.
The Water Store of Columbus, Ohio was acquired in December, 2010 and will be integrated into Aqua Systems existing operations in Ohio. The Water Store is a retailer of both water conditioning systems and bottled water for home and office consumption.
Mountain Valley Water of St. Louis was acquired in January, 2011 and will be integrated into Aqua Systems existing operations in western Illinois and Missouri. Mountain Valley Water provides premium water to retailers and employs a direct to home/office delivery system throughout the metropolitan St. Louis area.
Aqua Systems, owned by the principals of Cardinal Equity Partners since 1997, is the largest independent provider of water conditioning equipment and bottled water in the eastern half of the United States. With numerous company owned and licensed retail stores coupled with strong wholesale and commercial divisions, the company has a brand name that signifies quality equipment and superior customer service while delivering great value.
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