LEXINGTON, Ky. (WKYT) - Lexington-based Big Ass Solutions may have a new owner.
The Federal Trade Commission website says Lindsay Goldberg IV-A L.P. acquired J. Carey Smith's Delta T, LLC. Delta T, LLC owns Big Ass Solutions. Big Ass Solutions lists Carey Smith as the founder and CEO of the company. According to its website, the FTC approved the trade.
In September 2016, the company announced it was cutting its staff by three percent. The organization let 39 employees go as part of "company-wide restructuring."
At the time, the company, known for fans and lights, told WKYT its had double-digit percentage growth in revenue but found itself "staffed incorrectly for our current and future needs."
The company still employs more than 1,000 people.
A spokesperson released the following statement:
"Big Ass Solutions, 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."
Economy Professor Dr. Chris Bollinger says a move like this isn't always a bad sign for a company.
"These things are often done because the company has reached a point where they need and want additional capital to expand," says Bollinger. "In general this is a really good healthy sign for a company. It is now looking for big investors who are going to put a lot of capital in it."
Bollinger says that Lindsay Goldberg is not the type of firm that is buying up failing companies. He explained, "They are an investment company that specializes in looking for mid-value companies with high growth potential that are ready to move into the next stage."
Estimates show the deal could be worth $500 million dollars.