MiddleGround Capital, an operationally focused private equity firm that makes control investments in North American middle market B2B industrial and specialty distribution companies, has acquired 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.