NEW YORK--(BUSINESS WIRE)--Jul 19, 2021--

Lindsay Goldberg, a leading private investment firm that focuses on partnering with families, founders and management teams, today announced that funds managed by the firm have entered into a definitive agreement to sell Big Ass Fans (the “Company”), the pioneer of the high volume, low speed and connected fan categories, to Madison Industries’ Indoor Air Quality vertical (“Madison IAQ”). Financial terms of the transaction were not 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% 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, 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. 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,” 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.”

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.

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 more than $17 billion of equity capital and has invested in over 50 platform companies and over 250 follow-on opportunities. The firm focuses on a diverse set of industries that have demonstrated resilience across economic cycles, including industrials, business, government and financial services, and healthcare in North America and Western Europe. 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

CONTACT: Jonathan Gasthalter/Nathaniel Garnick/Sam Fisher

Gasthalter & Co.

(212) 257-4170



SOURCE: Lindsay Goldberg

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PUB: 07/19/2021 08:00 AM/DISC: 07/19/2021 08:02 AM

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