Sound Point Capital Management (Sound Point) has acted as Administrative Agent on a first lien senior secured credit facility to Lindsay Precast (Lindsay) a North American concrete manufacturer specialising in precast concrete products.
Funding provided by Sound Point was used to support MiddleGround Capital’s (MiddleGround) acquisition of the Company.
Headquartered in Ohio and operating for 50-plus years, Lindsay Precast is a designer and manufacturer of engineered precast concrete structures for water/wastewater, utility, solar, transportation, and government end markets. Lindsay 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 into a diverse customer base that includes state and municipal government entities, utility companies, renewable energy companies, and the federal government.
Lauren Mulholland, MiddleGround Capital’s Founding Partner says: “Throughout the process, Sound Point differentiated itself with its thoughtful diligence and certainty of execution. 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 1960’s, and its solution offering for utility, infrastructure and renewable energy customers is critical in improving our nation’s infrastructure,” adds Andrew Eversfield, Managing Director of Sound Point Capital’s Direct Lending business. “We’ve known the MiddleGround team since inception and to be able to partner with them on the first platform investment in their $800M Fund II is extra special. We look forward to supporting MiddleGround and Lindsay Precast through the Company’s next stage of growth.”
