Lindsay Goldberg Completes Sale of Liquid Tech Solutions

In partnership with Lindsay Goldberg, LTS grew by over 150% and expanded to serve all 50 states

NEW YORK--(BUSINESS WIRE)--Lindsay Goldberg, a leading private investment firm focused on partnering with families and founders, today announced the sale of Liquid Tech Solutions (“LTS” or the “Company”), a market-leading, tech-enabled provider of on-site mobile refueling solutions, to Velocity Rail Solutions, a Wind Point Partners portfolio company. Terms of the transaction were not disclosed.

Founded in 1998 and headquartered in Stoughton, Massachusetts, LTS services a diverse base of customers across the United States through a route-based network of company-owned trucks and delivery partners. Since its investment in LTS in 2020, Lindsay Goldberg has helped accelerate the Company’s growth and fortify its position as the nation’s largest mobile on-site refueling company. Under Lindsay Goldberg’s ownership, LTS executed 15 strategic add-on acquisitions, expanded its reach to serve all 50 states, added new service capabilities in rail and critical power, and grew revenue and EBITDA by over 150%.

William McNamara, Founder and CEO of Liquid Tech Solutions, said, “Lindsay Goldberg was LTS’ first institutional investor, and their team has been a tremendous partner over the past five years. Together, we executed strategic initiatives to drive value across the LTS platform, including leveraging technology to improve our customers’ experience, implementing innovative tactics to attract and retain talent, and expanding our industry-leading renewable diesel offering. Lindsay Goldberg’s strategic support and collaborative approach was instrumental in accelerating LTS’ growth trajectory. We are grateful for our partnership with Lindsay Goldberg and look forward to continuing to provide premium services to our customers going forward.”

Krishna Agrawal, Partner at Lindsay Goldberg, said, “This transaction represents a successful outcome for LTS, Lindsay Goldberg, and our investors, and reflects our commitment to partnering with high quality, founder-led businesses. We are incredibly proud of what the team has accomplished and look forward to watching LTS continue to thrive in its next chapter.”

Harris Williams, UBS Investment Bank, and Citizens Capital Markets & Advisory acted as financial advisors to the Company on the transaction.

About Lindsay Goldberg

Lindsay Goldberg is a private investment firm that focuses on partnering with families, founders and management teams seeking to actively build their businesses. Since 2001, Lindsay Goldberg has raised over $22 billion of equity capital and has invested in more than 60 platform companies and over 350 add-ons. The firm focuses on three sectors that typically demonstrate resilience across economic cycles: industrials, services, and healthcare. Lindsay Goldberg takes a relationship-driven approach and is supported by its global network of affiliate partners. For more information about Lindsay Goldberg, please visit www.lindsaygoldbergllc.com.