Eversheds Sutherland Advises MiddleGround Capital and Lindsay Precast on Sale of Lindsay Precast to TJC

With this transaction, MiddleGround successfully concludes an investment plan focused on strengthening Lindsay’s vertically integrated platform and positioning the business to meet accelerating demand across water, utility, data center, renewable energy, and other infrastructure markets. Over the course of MiddleGround’s ownership, Lindsay invested in facility upgrades, expanded its geographic footprint, and implemented centralized systems designed to improve consistency and efficiency throughout the organization. The Company also broadened its capabilities with the 2022 acquisition of Dutchland Incorporated, a move that significantly enhanced Lindsay’s offerings in the water and wastewater sectors.

Headquartered in Gainesville, Florida, Lindsay Precast is a leading manufacturer of prefabricated concrete and steel products serving the critical infrastructure needs of state and municipal government entities, utilities, renewable energy companies, diversified commercial businesses, and the military. Lindsay was founded 60 years ago, and since then, the Company has expanded to support the modernization and expansion of water management, utility, data center, transportation, and energy systems across the United States.

The investments made during MiddleGround’s ownership helped expand Lindsay’s national platform, and ensured the Company could meet the needs of customers navigating a complex supply chain environment. These efforts supported Lindsay’s evolution into a leading player serving some of the country’s most important infrastructure and power-related end markets.

MiddleGround acquired Lindsay Precast in November 2021 through its second fund, MiddleGround Partners II, which closed in May 2021 with $800 million of committed capital. Lindsay Precast is MiddleGround’s fourth exit since its establishment in 2018 and is the first exit from MiddleGround Partners II, LP.

Read MiddleGround’s full press release here.

The Eversheds Sutherland team was led by Corporate Partners Stacey Kern and Aaron Moody, with support from Corporate Partner Josh Shapiro, Tax Partner Laura Taylor, Corporate Senior Associate Evan Johnson, Tax Senior Associate Lucas Habeeb and Corporate Associates Haley Klass, Heidi Smucker, Hani Majeed and Olivia Luzzio.