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Management buyout spurs Aqua Systems' expansion: old economy investment pays off for Cardinal Ventures.

Indianapolis Business Journal

| May 10, 2004 | Schnitzler, Peter | Copyright IBJ Corporation Feb 16, 2009. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Management buyouts aren't always something to fear.

Just ask the folks at Avon-based Aqua Systems. After acquisition in 1997 by locally based Cardinal Ventures LLC, the water treatment firm has more than doubled its sales, booking $14 million in 2003.

A traveling salesman's knock on the door inspired Lou Petty to form Aqua Systems in 1959. Nearly four decades later, Petty was reluctant to sell his water softener dealership. He dreamed of handing the business over to his son, Bret.

But the Petty family's wealth was tied up in the business. To fund his retirement, Lou needed to divest his stake. It seemed the goals were mutually exclusive.

…

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