MiddleGround to divest Lindsay Precast in agreement with TJC, LP.

MiddleGround Capital has signed a definitive agreement to transfer ownership of its portfolio company Lindsay Precast to private equity firm TJC, LP, marking a strategic consolidation in the US infrastructure manufacturing sector. The transaction — announced today — follows four years of growth initiatives led by MiddleGround since it acquired the business in 2021.

Lindsay Precast, headquartered in Gainesville, Florida, is a specialist manufacturer of prefabricated concrete and steel solutions that serve municipal utilities, water and wastewater programs, data centres, renewable energy projects and other critical infrastructure customers. The company operates a vertically integrated production network of 10 U.S. facilities and traces its roots across 60 years of project work, a combination that MiddleGround has highlighted as a competitive advantage amid renewed emphasis on domestic sourcing.

During MiddleGround’s stewardship, the business expanded regionally, upgraded plants and centralised key operational systems to improve delivery and consistency. The firm also supported an add-on acquisition — the 2022 purchase of Dutchland Incorporated — which broadened Lindsay’s turnkey capabilities for water and wastewater customers. MiddleGround says these moves reduced reliance on outside suppliers and improved responsiveness to large infrastructure programmes.

In announcing the agreement, John Stewart, a founding partner at MiddleGround, praised Lindsay’s management and operations strategy for enabling the business to capture growing demand for resilient, US-based infrastructure suppliers. Ryan McComb, Managing Director at MiddleGround, noted the platform’s fit with near-term market tailwinds, including the push for onshoring and the fast build-out of data centre and renewable energy capacity.

Ron Lindsay, CEO of Lindsay Precast, credited MiddleGround’s hands-on approach for accelerating the company’s scale and operational discipline, and said the business is well placed to pursue its next growth phase under new ownership. Financial and legal advisers on the deal included Harris Williams, Raymond James, Eversheds Sutherland, Citigroup Global Markets and Kirkland & Ellis.

Demand for precast concrete and fabricated steel for utilities, water infrastructure and data centres has strengthened as public and private capital targets resilience and speed of delivery. The US market for engineered precast systems has been cited by industry reports as growing at a mid-single-digit annual pace, with contractors increasingly selecting vertically integrated suppliers to mitigate supply-chain risk and tariff volatility.

For MiddleGround — which manages roughly $4.1 billion in assets and closed MiddleGround Partners II with approximately $800 million of commitments — the Lindsay sale is its fourth exit since inception. For TJC, LP, which runs multiple buyout programmes and had approximately $33.2 billion of assets under management as of mid-2025, the acquisition adds scale and a platform to participate in infrastructure-led demand.