MiddleGround acquires Lindsay Precast

MiddleGround Capital has acquired Lindsay Precast, a provider of engineered precast concrete structures.

MiddleGround Capital has acquired Lindsay Precast, a provider of engineered precast concrete structures. No financial terms were disclosed.

PRESS RELEASE

LEXINGTON, Ky.–(BUSINESS WIRE)–MiddleGround Capital, an operationally focused private equity firm that makes control investments in North American middle market B2B industrial and specialty distribution companies, is excited to announce the acquisition of Lindsay Precast, a designer and manufacturer of engineered precast concrete structures for water/wastewater, utility, solar, transportation, and government end markets.

Lindsay Precast is MiddleGround’s first platform investment in Fund II, which MiddleGround raised earlier this year with $800 million of committed capital. “Lindsay Precast represents an opportunity to acquire a leader in the precast concrete market with exposure to the infrastructure sector, as we seek investments with exposure to four key areas within the sector’s supply chain, including aged infrastructure, renewable energy, energy storage, and distributed generation. We believe that with the need for state, local and government spending the infrastructure sector is a great place to find select assets aligned with our investment thesis,” said Scot Duncan, MiddleGround Founding Partner.

Lindsay Precast produces sanitary and storm sewer products, electrical and telecom utility products, solar inverter skids and ballast bases, box culverts and bridge products, and various other products, for its diverse customer base that includes state and municipal government entities, utility companies, renewable energy companies, and the federal government.

“We are honored to continue the legacy that the Lindsay family began over 50 years ago,” said Lauren Mulholland, MiddleGround Founding Partner. “Lindsay Precast is a vertically integrated business that is well positioned to offer its highly engineered product solutions to its core utility, infrastructure and renewable energy customers at a moment in time where investment is greatly needed to improve our nation’s infrastructure. We look forward to guiding the company through its next phase of growth.”

“Since the early 1960s when Roland and Linda Lindsay established our family business, we have witnessed monumental changes in the industry and our company. We look forward to continued innovation with MiddleGround’s operational guidance,” said Ron Lindsay, President of Lindsay Precast. “Our company has a reputation within the industry for its strong family foundation and ethical approach to business, which aligns perfectly with MiddleGround’s values. We’re excited to see what the future brings under their ownership,” he added.

About Lindsay Precast
Lindsay Precast is a premier concrete manufacturer and streel structure fabricator specializing in precast concrete products for state and municipal government entities, banks, utility companies, renewable energy companies and the US military. The company is headquartered in Canal Fulton, OH and has 350 employees across 8 facilities located in OH, CO, FL, NC, and SC. For more information, please visit: https://lindsayprecast.com/.