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Lindsay Goldberg to sell Big Ass Fans to Madison Industries

Funds managed by Lindsay Goldberg, a private investment firm that focuses on partnering with families, are to sell Big Ass Fans, a specialist in high volume, low speed and connected fan categories, to Madison Industries’ Indoor Air Quality vertical (Madison IAQ). 

Financial terms of the transaction have not been disclosed.
 
Big Ass Fans provides branded air flow solutions that drive energy efficiency, thermal comfort and workplace safety and productivity. Serving the industrial, commercial and residential markets, the Company’s products are sold in over 150 countries, and its blue-chip customer base includes more than 80 per cent of companies listed on the Fortune 500.
 
Lindsay Goldberg was the first institutional equity investor in Big Ass Fans, a founder-led and owned business at the time of Lindsay Goldberg’s initial investment in December 2017. Under Lindsay Goldberg’s ownership, Big Ass Fans drove significant operational enhancements, nearly doubled Adjusted EBITDA through organic revenue growth and substantial margin improvement, and invested in technology and product innovation. Lindsay Goldberg also supported efforts to revamp product marketing and open new distribution channels. Moreover, Big Ass Fans continued to expand its positive environmental and social impact via the deployment of energy efficient products targeted at improving workplace conditions across its broad, international customer base.
 
Russell Triedman, Managing Partner of Lindsay Goldberg, says: “We are incredibly proud of our partnership with Big Ass Fans and of our collaboration with the Company’s exceptional management team. This investment exemplifies the value we bring to our portfolio companies by working closely with founders and management teams to identify attractive areas for expansion, invest in new product development, enhance operations and drive growth. In recent years, Big Ass Fans strengthened and extended its industry-defining brand, increased focus on sales and marketing excellence, improved margins and cash flow, and effectively managed through COVID while growing EBITDA. Of course, the entire Big Ass Fans team played a role in this transformation, and we wish them continued success as part of Madison IAQ.”
 
“Lindsay Goldberg is a seasoned, hands-on investor and has been an invaluable partner in supporting Big Ass Fans and positioning us to execute on our business strategy,” says Lennie Rhoades, CEO of Big Ass Fans. “The firm’s strategic insight, resources, flexibility and experience have been essential to Big Ass Fans’ success. We wish the Lindsay Goldberg team well and look forward to our next chapter as part of Madison IAQ.”
 
Credit Suisse acted as financial advisor, and Cravath, Swaine & Moore LLP served as legal counsel to Big Ass Fans on the transaction.  The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2021.
 

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