First Reserve Invests in Lindsey Systems to Boost Grid Solutions

First Reserve, a prominent private equity firm specializing in infrastructure and energy sectors, has finalized a majority equity investment in Lindsey Systems, a California-based provider of advanced transmission and distribution grid infrastructure solutions. The deal, announced on April 7, 2026, represents a key milestone for Lindsey as it embarks on its next phase of growth with institutional capital backing.

Financial terms of the transaction were not disclosed. This investment is the second platform acquisition under First Reserve’s FR Evolution II middle market Infrastructure Solutions strategy. Lindsey Systems, founded in 1947 and headquartered in Azusa, California, is recognized for its proprietary products including high-accuracy overhead and switchgear sensors, high-voltage transmission hardware, emergency restoration system (ERS) structures, and emerging smart grid technologies such as Dynamic Line Rating (SMARTLINE) and early wildfire detection (FireBird) solutions.

For nearly eight decades, Lindsey has built a strong reputation among major electric utilities, original equipment manufacturers, and power infrastructure operators by delivering mission-critical solutions that emphasize precision, reliability, and engineering excellence. The company’s products address the evolving challenges of the modern electric grid, including rapid load growth, electrification trends, data center expansion, and the need to modernize aging infrastructure to improve resilience and reliability.

Dr. Keith Lindsey, a second-generation family owner with over 50 years at the company, will continue to serve as Chief Technology Officer and retain a significant ownership stake. Executive Vice President Jack McCall will assume the role of Chief Executive Officer, overseeing daily operations alongside Chief Financial Officer Raymond Tsang. The Lindsey family’s stewardship has preserved the company’s engineering-driven culture and customer focus through multiple industry cycles.

First Reserve’s investment marks Lindsey’s first infusion of institutional capital. The private equity firm plans to leverage its extensive experience in utility and power markets to support Lindsey’s strategic growth initiatives. This includes expanding the company’s product portfolio, accelerating innovation in smart grid and wildfire detection technologies, and enhancing operational efficiencies.

Gary Reaves, Managing Partner at First Reserve, stated, “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 added, “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.”

The deal was advised by B. Riley Securities as exclusive financial advisor and Stradling Yocca Carlson & Rauth LLP as legal counsel to Lindsey Systems.

This transaction occurs amid increasing demand for grid modernization driven by electrification, data center growth, and infrastructure resilience needs. Lindsey’s advanced sensor technologies and high-reliability hardware position it well to capitalize on these trends. First Reserve’s capital and operational expertise are expected to help scale Lindsey’s offerings and expand its market reach, potentially beyond the U.S. domestic market.

Integration challenges include aligning the family-owned company culture with private equity ownership and managing technology scaling without disrupting core operations. Retaining key technical talent and navigating regulatory requirements will also be critical as Lindsey grows.

Looking ahead, Lindsey Systems aims to leverage this partnership to enhance product innovation, optimize supply chains, and strengthen customer support, reinforcing its leadership in the electric grid infrastructure sector.