Lindsay Goldberg Finalizes Sale of Liquid Tech Solutions, Marking a Successful Exit in High-Growth Fuel Services Sector
Lindsay Goldberg, a prominent private equity firm known for its long-term partnerships with families, founders, and entrepreneurs, announced today that it has successfully completed the sale of Liquid Tech Solutions (“LTS” or “the Company”) to Velocity Rail Solutions, a portfolio company of the Chicago-based private equity firm Wind Point Partners. While the financial terms of the transaction were not disclosed, the sale represents a significant strategic milestone for all stakeholders involved, capping off a transformative period of growth and value creation for LTS under Lindsay Goldberg’s stewardship.
Founded in 1998 and headquartered in Stoughton, Massachusetts, Liquid Tech Solutions has evolved into the leading mobile on-site refueling company in the United States. The Company delivers mission-critical fueling solutions to a wide and diversified customer base through its route-based network of company-owned trucks, operational hubs, and strategic delivery partners. Its customer-centric approach, combined with robust logistics and advanced technology platforms, has enabled it to offer seamless, tech-enabled fuel delivery services across various industries.
LTS has become a critical player in sectors such as construction, transportation, logistics, rail, and emergency power services. The company’s commitment to innovation and environmental responsibility has also positioned it as a leader in offering sustainable fuel options, including renewable diesel, to help customers reduce carbon emissions while maintaining operational efficiency.
A Strategic Investment and Transformative Partnership
Lindsay Goldberg first invested in Liquid Tech Solutions in 2020, marking LTS’s first partnership with an institutional investor. From the outset, Lindsay Goldberg brought not only capital but a collaborative and strategic approach tailored to founder-led businesses. This approach proved to be a perfect match for LTS, which was poised for rapid growth and operational scaling but needed a sophisticated investment partner to help guide its next phase of expansion.
Over the course of the five-year partnership, Lindsay Goldberg worked closely with LTS leadership to refine and execute a bold strategic growth plan. Key components of that strategy included a strong focus on inorganic growth, operational optimization, service expansion, and the use of advanced technologies to improve both internal efficiencies and the customer experience.
One of the most impactful outcomes of the partnership was the successful execution of 15 strategic add-on acquisitions. These acquisitions allowed LTS to expand both its geographic footprint and its service capabilities, enabling it to serve clients in all 50 states. In particular, the company made targeted moves into specialized segments such as rail fueling services and critical power support, thereby enhancing the scope and resilience of its revenue streams.
In tandem with this expansion strategy, LTS also embraced technological upgrades that further differentiated it in a traditionally low-tech industry. These included route optimization tools, real-time tracking capabilities, and advanced customer management platforms designed to improve service transparency, enhance accountability, and reduce downtime for clients.
Impressive Growth and Operational Achievements
As a result of this multi-faceted growth strategy, LTS saw its revenue and EBITDA more than double during Lindsay Goldberg’s investment period. The company strengthened its national service delivery network, expanded its workforce, and achieved new benchmarks in customer satisfaction and employee retention.
William McNamara, Founder and Chief Executive Officer of Liquid Tech Solutions, emphasized the critical role Lindsay Goldberg played during this period of transformation. “Lindsay Goldberg was LTS’ first institutional investor, and their team has been a tremendous partner over the past five years,” McNamara said. “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.”
He continued: “Their 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.”
From the perspective of Lindsay Goldberg, the sale of LTS is a textbook example of its investment philosophy in action: partnering with founder-led companies, helping them grow sustainably and strategically, and eventually realizing value through a successful exit.
Krishna Agrawal, Partner at Lindsay Goldberg, reflected on the significance of the transaction: “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.”
A New Chapter with Velocity Rail Solutions
The buyer, Velocity Rail Solutions, is an established leader in specialized fuel and mechanical services for the rail and industrial sectors. With the backing of Wind Point Partners, Velocity Rail is focused on expanding its suite of logistics and fueling services across North America.
The acquisition of LTS marks a major growth step for Velocity Rail Solutions, aligning with its strategic goals to enter adjacent markets and expand its footprint across the broader energy and transportation landscape. By integrating LTS’s proven platform, national reach, and industry-leading technology systems, Velocity Rail expects to accelerate growth and deliver even greater value to its customers.
The complementary nature of the two businesses—Velocity’s deep expertise in rail fueling and maintenance, and LTS’s broad presence in mobile refueling for fleets and generators—positions the combined entity for strong synergies, innovation, and continued leadership in the fuel logistics industry.
While the sale marks the end of Lindsay Goldberg’s direct involvement, the legacy of their investment will continue to shape LTS’s operations and culture. The growth-oriented frameworks, technological infrastructure, and customer-first strategies put in place during the past five years will remain key assets as the company moves forward.
Advisory Teams and Closing Remarks
Several leading financial institutions supported the transaction, providing advisory services to ensure a smooth and successful closing. Harris Williams, UBS Investment Bank, and Citizens Capital Markets & Advisory served as financial advisors to Liquid Tech Solutions and Lindsay Goldberg.
This transaction underscores the increasing interest in asset-light, tech-enabled logistics and fueling platforms that combine operational resilience with sustainable service delivery models. As industries across the board face greater demands for uptime, emissions reduction, and reliable fuel supply, companies like LTS are becoming essential partners in the energy and infrastructure value chain.
For Lindsay Goldberg, the exit represents another success in its long history of value creation through strategic, growth-oriented partnerships. With a portfolio that spans industrial services, healthcare, consumer goods, and infrastructure, the firm continues to seek out new opportunities to partner with visionary founders and management teams to build enduring businesses.
As Liquid Tech Solutions embarks on its next chapter with Velocity Rail Solutions, its leadership, employees, and customers can look forward to a future shaped by innovation, expansion, and a continued commitment to excellence in mobile fueling services.
