First Reserve has completed a majority equity investment in Lindsey Systems, marking the company’s first institutional capital infusion and positioning it for its next phase of growth.
Founded in 1947, Lindsey Systems develops highly engineered products for transmission and distribution grid infrastructure, including high-accuracy sensors, high-voltage transmission hardware, and emergency restoration system structures. The company has also expanded into emerging technologies such as dynamic line rating solutions and early wildfire detection systems.
The investment comes as utilities face increasing pressure from rapid electrification, data center expansion, and aging infrastructure. Lindsey’s products are designed to help address these challenges by improving grid reliability, resilience, and performance.
As part of the transaction, Dr. Keith Lindsey will transition to Chief Technology Officer while retaining a significant ownership stake. Executive Vice President Jack McCall will become Chief Executive Officer, overseeing day-to-day operations alongside Chief Financial Officer Raymond Tsang.
First Reserve plans to work closely with Lindsey’s leadership team to scale operations, enhance product capabilities, and build on its longstanding relationships with major utilities and power infrastructure operators.
B. Riley Securities served as exclusive financial advisor to Lindsey Systems, while Stradling Yocca Carlson & Rauth LLP acted as legal advisor. Vinson & Elkins LLP served as legal advisor to First Reserve.
KEY QUOTES:
“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.”
Dr. Keith Lindsey, Chief Technology Officer, Lindsey Systems
“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.”
Gary Reaves, Managing Partner, First Reserve
“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.”
Jack McCall, Chief Executive Officer, Lindsey Systems
“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.”
Thomas Amburgey, Managing Director, First Reserve
