There are over 4,700 private equity firms all over America, owning and building approximately 32,000 private companies. Recently, HMI Cardinal CEO Chris FitzGerald stopped by the American Investment Council (AIC) to discuss the value of private equity investment to companies like Cardinal.
“Private equity will invest where there is an interesting business growth opportunity,” said FitzGerald. “Growth means jobs. As the company grows, there are more management and staffing opportunities.”
“Private equity is about building better businesses wherever that may be in America,” said FitzGerald. “It’s really a partnership. It’s about working closely and together.”
Established in 1948 and headquartered in Louisville, Kentucky, Cardinal is a glass and metal products manufacturer. The company is the largest domestic manufacturer of glass shower enclosures, as well as a key supplier of commercial glazing solutions and artisan glass. Cardinal has facilities in Kentucky, California, Massachusetts, Texas, Washington, and Hawaii.
The Riverside Company, an AIC member, invested in Cardinal earlier this year. Riverside has valuable experience working with companies like Cardinal, having invested in more than 100 companies in the specialty manufacturing sector. Riverside is currently focused on growing Cardinal’s footprint into new areas while maintaining the company’s consumer-centric approach.
There are approximately 4.9 million employees at private equity-backed companies in the United States. Private equity-backed businesses headquartered in Louisville, Kentucky employ more than 63,000 people. In addition, private equity has invested about $12 billion into Louisville companies since 2012, rising to $28 billion for all Kentucky investments.
While in Washington, FitzGerald met with several Congressional Offices, including the offices of Rep. Cathy McMorris Rodgers (R-WA-05), Rep. Kevin Brady (R-TX-08), Rep. Marc Veasey (D-TX-33), Sen. Ted Cruz (R-TX), Sen. Masie Hirono (D-HI), Sen. Marco Rubio (R-FL), and Sen. Bill Nelson (D-FL).