Carey Smith
New York-based equity firm Lindsay Goldberg is in talks to acquire Delta T, LLC, the parent company of Lexington-based Big Ass Solutions, according to The Federal Trade Commission, which has approved the potential deal.
On Monday, Moody's Investor Services assigned a B2 Corporate Family Rating and a B2-PD Probability of Default Rating to Big Ass Fans, LLC. This was the first time Moody's has rated the company.
According to Moody's, the "term loan proceeds plus a $30 million seller note together with a cash equity contribution from private equity sponsor, Lindsay Goldberg, will be used to purchase BAF from its current owner for $500 million and pay fees and expenses."
A representative from Big Ass Solutions verified the negotiations, saying: "The maker of Big Ass Fans and Big Ass Light confirms that Founder and Owner Carey Smith is currently in negotiations with outside investors to recapitalize the company to accelerate its growth.
"Because the nature of these ongoing discussions prohibit more detailed communications, the company will have no further comment at this time."