#USA #electric grid #First Reserve #Azusa, California #Lindsey Systems

Lindsey Systems Partners with First Reserve

Lindsey Systems, a leading provider of engineered solutions for transmission and distribution grid infrastructure, has announced its partnership with First Reserve. This significant agreement marks the completion of a majority equity investment from First Reserve, a prominent private equity firm focused on Infrastructure Solutions and Resources strategies. Although the specific financial terms of the agreement remain undisclosed, the investment is set to play a pivotal role in Lindsey's future growth and innovation.

A Legacy of Engineering Excellence

Founded in 1947, Lindsey Systems has established itself as a trusted name in the electrical infrastructure sector. The company specializes in providing advanced products designed for critical applications, including the most accurate overhead and switchgear sensors available. Furthermore, its offerings encompass high-reliability high-voltage transmission hardware and emergency restoration systems (ERS) alongside groundbreaking technologies such as Dynamic Line Rating (SMARTLINE) and early wildfire detection (FireBird). With nearly eight decades in operation, Lindsey has cultivated a solid reputation among the largest electric utilities and power infrastructure operators in the nation.

Dr. Keith Lindsey, the company’s second-generation owner, has been instrumental in preserving the family legacy of innovation and engineering prowess. He, along with his wife Lela Lindsey, has navigated the company through various industry transformations, maintaining its dedication to product quality, reliability, and customer satisfaction. Under their leadership, Executive Vice President Jack McCall has played a critical role in steering Lindsey toward strategic growth and operational excellence.

Strategic Growth Ahead

The investment from First Reserve is being hailed as a crucial opportunity for Lindsey Systems as the electric grid faces modern challenges, such as unprecedented load growth and rapid electrification. As the company embarks on this new chapter, Dr. Lindsey will transition to the role of Chief Technology Officer while maintaining a significant ownership interest. Meanwhile, Jack McCall will step into the position of Chief Executive Officer, directing daily operations alongside Chief Financial Officer Raymond Tsang.

First Reserve’s intention is to bolster Lindsey's next phase of growth by leveraging its extensive experience in utility and engineered products markets. This support will facilitate the execution of a strategic growth plan aimed at enhancing the company’s established brand, technical capabilities, and cherished customer relationships.

Expressing his sentiment about the partnership, Dr. Keith Lindsey stated, "My family has been deeply committed to this business and its customers for generations. First Reserve shares our long-term perspective and appreciation for the engineering excellence and values that define Lindsey, making them the right partner as the Company enters its next chapter of growth."

First Reserve Managing Partner Gary Reaves also expressed enthusiasm, noting, "Over its 79-year history, Lindsey has earned the trust of utilities and power infrastructure operators by consistently delivering innovative, high-performance solutions that support grid reliability and resilience. We are excited to partner with the Lindsey team as the Company continues to expand its impact across the power industry."

A Vision for the Future

Jack McCall highlighted the responsibility of building upon what the Lindsey family has achieved, affirming their commitment to expanding capabilities and delivering innovative solutions as the demand for cutting-edge technology grows within the power industry. The partnership with First Reserve positions Lindsey Systems well to respond to increasing modern demands such as grid modernization and evolving customer needs.

As a part of this transaction, B. Riley Securities acted as the exclusive financial advisor, while legal advisory was provided by Stradling Yocca Carlson Rauth LLP for Lindsey and Vinson Elkins LLP for First Reserve.

For more information about Lindsey Systems, visit their official website at lindsey-usa.com. By nurturing the company's engineering excellence and long-standing heritage, this partnership is expected to lay the groundwork for Lindsey Systems' sustained growth and innovation in the evolving electric grid landscape.