Madison Industries’ Indoor Air Quality vertical has purchased Big Ass Fans, a vendor of the high volume, low speed and connected fans, from Lindsay Goldberg, a private investment firm that focuses on partnering with families, founders and management teams.
“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,” said 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.”
Russell Triedman, managing partner of Lindsay Goldberg, said, “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.”
Credit Suisse acted as financial advisor, and Cravath, Swaine & Moore LLP served as legal counsel to Big Ass Fans on the transaction.