Sound Point Capital management acted as administrative agent on a first lien senior secured credit facility to Lindsay Precast, a North American concrete manufacturer specializing in precast concrete products. The funding was used to support MiddleGround Capital’s acquisition of Lindsay Precast.
Headquartered in Ohio and operating for more than 50 years, Lindsay Precast is a designer and manufacturer of engineered precast concrete structures for water/wastewater, utility, solar, transportation and government end markets. Lindsay Precast produces sanitary and storm sewer products, electrical and telecom utility products, solar inverter skids and ballast bases, box culverts and bridge products and various other products. The company’s products are sold to a customer base that includes state and municipal government entities, utility companies, renewable energy companies and the federal government.
“Throughout the process, Sound Point differentiated itself with its thoughtful diligence and certainty of execution,” Lauren Mulholland, founding partner at MiddleGround Capital, said. “Their ability to quickly understand the dynamics of the market, Lindsay’s operating model and align on our vision for the future was a real differentiator. We value the relationship and look forward to continuing to grow our partnership with Sound Point.”
“Lindsay Precast has designed and manufactured high quality products since the 1960s, and its solution offering for utility, infrastructure and renewable energy customers is critical in improving our nation’s infrastructure,” Andrew Eversfield, managing director of Sound Point Capital’s direct lending business, said. “We’ve known the MiddleGround team since inception and to be able to partner with them on the first platform investment in their $800 million fund II is extra special. We look forward to supporting MiddleGround and Lindsay Precast through the company’s next stage of growth.”