Lindsey Systems Receives Strategic Growth Investment from First Reserve

Partnership to Accelerate Growth in Highly Engineered Solutions for the Electric Grid

STAMFORD, Conn. and HOUSTON and AZUSA, Calif., April 7, 2026 /PRNewswire/ -- First Reserve, a leading private equity firm investing across Infrastructure Solutions, Value-Added Infrastructure and Resources strategies, today announced the completion of a majority equity investment in Lindsey Systems ("Lindsey" or the "Company"), a premium provider of highly engineered solutions serving transmission and distribution grid infrastructure, as well as critical industrial and commercial power facilities. Lindsey is the second platform investment in FR Evolution II, First Reserve's middle market Infrastructure Solutions investment strategy. Financial terms of the transaction were not disclosed.

Founded in 1947, Lindsey is a differentiated provider of proprietary products supporting the electric grid, including the highest accuracy overhead and switchgear sensors in the industry, high-reliability high‑voltage transmission hardware, and emergency restoration system ("ERS") structures, alongside emerging Dynamic Line Rating ("SMARTLINE") and early wildfire detection ("FireBird") solutions. For the past 79 years, Lindsey has built a trusted reputation with the nation's largest electric utilities, original equipment manufacturers, and power infrastructure operators by delivering mission‑critical solutions specified for applications where precision, reliability, and engineering expertise are essential. The Company's solutions enable utilities to address the evolving demands of the modern electric grid, including unprecedented load growth, rapid electrification, data center expansion, and the modernization of aging infrastructure to enhance reliability and resilience.

Dr. Keith Lindsey, a second-generation owner, has played a central role in shaping Lindsey Systems into the highly respected organization it is today. With more than five decades at the Company, Keith and his wife, Lela Lindsey, have stewarded the family business through multiple generations of industry change while preserving the innovative and engineering-driven culture, focus on product quality and reliability, and dedicated commitment to customers. They have led Lindsey alongside Executive Vice President Jack McCall for more than a decade, working closely together to drive strategic growth, product innovation, and operational excellence. Following the transaction, Dr. Lindsey will serve as Chief Technology Officer and retain a significant ownership stake in the Company. Mr. McCall will assume the role of Chief Executive Officer and lead day-to-day operations alongside Chief Financial Officer Raymond Tsang.

First Reserve's investment represents the Company's first institutional capital and is intended to support Lindsey's next phase of growth. Drawing on its experience across utility, power, and engineered products markets, First Reserve will partner closely with Lindsey's leadership team to advance a strategic growth plan that builds on the Company's strong brand, technical capabilities, and long‑standing customer relationships, while preserving the heritage and values that have defined Lindsey for more than seven decades.

Dr. Keith Lindsey said, "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."

Gary Reaves, Managing Partner at First Reserve, added, "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."

Jack McCall said, "I am honored to build on the foundation that Keith and the Lindsey family have established. With First Reserve's support, we are well positioned to accelerate our strategic initiatives, expand our capabilities, and continue delivering the innovative solutions our customers rely on."

Thomas Amburgey, Managing Director at First Reserve, added, "Lindsey has a strong platform and a clear opportunity to scale in response to increasing demand driven by grid modernization and once-in-a-generation load growth. We look forward to working with Jack and the broader Lindsey team to support the Company's continued growth."

B. Riley Securities served as exclusive financial advisor and Stradling Yocca Carlson & Rauth LLP served as legal advisor to Lindsey.

Vinson & Elkins LLP served as legal advisor to First Reserve.

About First Reserve

First Reserve is a leading private equity firm investing across Infrastructure Solutions, Value-Added Infrastructure and Resources strategies with exposure in energy, utility, and industrial markets. Founded in 1983, First Reserve has more than 40 years of industry insight and has cultivated a differentiated network of relationships and portfolio exposure. Since inception, First Reserve has raised over $35 billion of aggregate capital and has developed operational expertise built from over 750 transactions, including platform investments and add-on acquisitions. Please visit www.firstreserve.com for further information.

About Lindsey Systems

Founded in 1947, Lindsey is a family-owned business headquartered in Azusa, California providing proprietary products for the electric grid including the highest accuracy overhead and switchgear sensors in the industry, high-reliability high‑voltage transmission hardware, ERS structures as well as emerging Dynamic Line Rating ("SMARTLINE") and early wildfire detection ("FireBird") solutions. For more information, visit https://lindsey-usa.com/.

Contacts

First Reserve: 
Erik Carlson / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449
[email protected] 

SOURCE First Reserve