MidOcean buys ceiling fan firm

MidOcean Partners has acquired The Hunter Fan Company from Lehman Brothers Merchant Banking Group.

Middle market private equity firm MidOcean Partners has completed its acquisition of The Hunter Fan Company from Lehman Brothers Merchant Banking Group. MidOcean partner Rob Sharp led the deal.

Financial terms of the transaction were not disclosed, though MidOcean said financing was provided by JP Morgan and Goldman Sachs.

Based in Memphis, Tennessee, the 120-year old Hunter Fan Company is best known for its extensive line of ceiling fans. In 2003, Lehman Brothers Merchant Banking Group purchased a controlling stake in the company in a transaction valued at approximately $244 million.

Under terms of the agreement with MidOcean, Hunter’s existing management team will remain in place and the company will continue to operate as an independent firm.

Commercial law firm Kirkland and Ellis provided legal advice to MidOcean, while KPMG International supplied accounting counsel.

MidOcean has offices in New York and London. In 2003, the firm spun out of Deutsche Bank in a €1.5 billion management buyout backed by leading institutional investors.

The firm focuses on the consumer and leisure, media and communications, business and financial services and industrials sectors in the US and Europe. Its recent acquisitions include Italian fast food chain Sbarro, and accessories retailer totes»Isotoner.