MiddleGround Capital, an operationally focused private equity firm concentrated on control investments in B2B industrial distribution companies, has acquired Lindsay Precast. Lindsay is a designer and manufacturer of engineered precast concrete structures.

Lindsay Precast’s expansive product portfolio includes sanitary and storm sewer products, electrical and telecom utility products, solar inverter skids and various other products. The company delivers its products to a diverse customer base of state and municipal government entities, utility companies, renewable energy companies and the federal government.

Lindsay represents MiddleGround’s third infrastructure acquisition and its first platform investment in Fund II, which raised $800 million of committed capital earlier in 2021.

“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,” said Scot Duncan, MiddleGround founding partner.