CANAL FULTON – Lindsay Precast has been acquired by MiddleGround Capital, an equity firm based in Lexington, Kentucky.
A family-owned company dating back to the early 1960s, Lindsay now is one of 10 companies in MiddleGround's portfolio. Terms of the deal, which was announced last week, weren't released.
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The company specializes in precast concrete structures for sanitary and storm sewer lines, box culverts, electrical and telecom utility towers, and other products.
Roland and Linda Lindsay founded the company. Ron Lindsay, president of Lindsay Precast, said in a press release announcing the sale that the company has seen monumental changes in the industry through the years.
“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," Lindsay said.
John Stewart, one of MiddleGround's founding partners, said Ron Lindsay will continue to be involved in the company and direct operations.
The Lindsay family still has an "significant stake" in the business, Stewart said. Members of the family decided to seek an investor to free up company assets, diversify and help the company grow.
The company looks forward to continued innovation with MiddleGround’s operational guidance and is excited to see what the future brings under their ownership, Lindsay said.
Lauren Mulholland, a founding partner with MiddleGround, said Lindsay Precast is well positioned to provide its highly engineered products to utility, infrastructure and renewable energy customers.
Earlier this year, MiddleGround raised $800 million worth of capital. Lindsay Precast is the first investment using that capital.
“Lindsay Precast represents an opportunity to acquire a leader in the precast concrete market with exposure to the infrastructure sector," Scot Duncan, a MiddleGround founding partner, said in the release.
MiddleGround is seeking investments with exposure to segments that include aged infrastructure, renewable energy, energy storage and distributed generation, and Lindsay Precast supplies all four, Duncan said.
Stewart said the company is a good investment, in part because it has local, state and federal contracts to provide precast concrete products. Lindsay already was in a good position before Congress passed a bill to spend $1.2 trillion on infrastructure projects over the next 10 years.
With headquarters and production facilities on Erie Avenue NW in Canal Fulton, Lindsay Precast posted annual revenue of about $105 million, according to its website. The company boasted more than 200 different products.
Lindsay has eight facilities in Ohio, Colorado, Florida, North Carolina and South Carolina, and employs 350 people. Stewart anticipates increased employment at the different locations.
On its website, MiddleGround Capital describes itself as a private equity firm that invests in business-to-business companies serving the industrial and specialty distribution sectors.
MiddleGround Capital said it invests in businesses that it believes will benefit from hands-on operational expertise, and it works with management teams to execute a program that drives equity to investors and management.
Other companies in the MiddleGround portfolio include Shiloh Industries, based in Valley City, Alco in Elyria, and Arrow Tru-Line in Archbold.