Lindsay Precast was acquired by MiddleGround in November 2021, and is the first exit for MiddleGround’s second fund
Lindsay Precast manufactures precast concrete and fabricated steel infrastructure products used in the water, utility, transportation, data center, and renewable energy sectors.
November 6, 2025|John McNulty
MiddleGround Capital has agreed to sell its portfolio company Lindsay Precast, a manufacturer of precast concrete and fabricated steel infrastructure products, to TJC.
Lindsay Precast manufactures precast concrete and fabricated steel infrastructure products used in the water, utility, transportation, data center, and renewable energy sectors. The company’s key products include precast vaults, utility trenches, and custom-engineered precast structures used by state and municipal governments, utilities, and the U.S. military.
Source: Lindsay PrecastLindsay Precast was founded in 1961 by Don and Joyce Lindsay and today is led by CEO Ron Lindsay. The company is headquartered in Gainesville, Florida, and operates 10 U.S.-based manufacturing facilities in Ohio, Colorado, Florida, North Carolina, and South Carolina.
Lindsay was acquired by MiddleGround in November 2021, and its sale is the first exit for MiddleGround’s second fund, which closed in 2021 with $800 million in committed capital. During MiddleGround’s ownership term, Lindsay Precast completed one add-on acquisition with the November 2022 buy of Dutchland, a Pennsylvania-based maker of precast water and wastewater treatment systems.
Source: Lindsay Precast
“MiddleGround has been an outstanding partner to our business,” said Mr. Lindsay. “Their operational insight and investment enabled us to strengthen our organization and extend our reach into fast-growing markets such as renewable energy and utility infrastructure. We’re proud of the team’s accomplishments and look forward to building on this foundation during our next phase of growth in partnership with TJC.”
“Lindsay Precast has become a trusted partner to customers building and maintaining the infrastructure that powers our economy,” said John Stewart, the founding and managing partner at MiddleGround. “From traditional utilities to renewable energy projects, Lindsay’s vertically integrated operations have enabled it to deliver high-quality, reliable products that meet the growing demand for domestic, sustainable infrastructure solutions. The company’s performance under our ownership reflects the strength of its leadership team and their commitment to operational excellence.”
“Our investment in Lindsay illustrates how MiddleGround partners with industrial businesses to expand capabilities and unlock growth,” said Ryan McComb, a managing director at MiddleGround. “Lindsay’s U.S.-based manufacturing platform for both concrete and steel products is uniquely positioned to support the nation’s infrastructure renewal and the rapid buildout of water, utility, data center and renewable energy projects requiring durable, high-performance precast solutions.”
The U.S. precast concrete and steel infrastructure sector is on a steady upswing, supported by federal infrastructure spending, demand for durable systems, and the broader shift back to domestic production. The Infrastructure Investment and Jobs Act continues to drive project flow across transportation, energy, and water systems, while private developers are leaning toward precast for its predictable costs, faster installs, and consistent quality.
IBISWorld estimates that the U.S. precast concrete manufacturing market will reach about $15.6 billion in 2025, sustained by public-works programs and ongoing commercial development. Steel fabrication is following the same trajectory as aging bridges, utilities, and industrial assets reach replacement age. Add to that the push for stronger and more sustainable materials, and both precast and steel producers are positioned to ride a long runway of infrastructure renewal and modernization.
MiddleGround Capital makes control equity investments from $20 million to $350 million in North American- and European-based business-to-business companies in the industrial and specialty distribution sectors that have up to $1 billion in revenue and at least $10 million of EBITDA. The firm, headquartered in Lexington, Kentucky, with additional offices in New York City and Amsterdam, has over $4.1 billion of assets under management and was founded in 2018.
TJC, formerly The Jordan Company, has worked for more than 40 years with CEOs, founders, and entrepreneurs across a range of industries including diversified industrials, industrial technology, consumer and healthcare, logistics and supply chain, and technology and infrastructure. TJC has $33 billion of assets under management, with offices in New York, Chicago, Miami, and Stamford.
Financial advisors to MiddleGround and Lindsay included Harris Williams and Raymond James.
“Lindsay Precast has become a trusted partner to customers building and maintaining the infrastructure that powers our economy,” said John Stewart, the founding and managing partner at MiddleGround. “From traditional utilities to renewable energy projects, Lindsay’s vertically integrated operations have enabled it to deliver high-quality, reliable products that meet the growing demand for domestic, sustainable infrastructure solutions. The company’s performance under our ownership reflects the strength of its leadership team and their commitment to operational excellence.”
