It’s hot in Texas, so it’s no surprise that Big Ass Fans, a Lexington, Kentucky-based company that mass-produces low-speed designs, has opened a 210,000-square-foot, state-of-the-art manufacturing facility at 3001 Northwest Center Drive on Fort Worth’s west side.
“Texas is our largest market and home to some of our largest customers. It’s also where many of our valued suppliers are based,” CEO Ken Wolma said at the grand opening Aug. 28. Wolma said the Fort Worth plant will initially employ about 100 people, but that number is expected to grow to 400.
Big Ass Fans was founded 25 years ago as HVLS Fan Co., primarily serving the agricultural sector. Its history is also linked to Cowtown, as the company was founded based on research that keeping cows cooler increases milk production. After building a market for dairy farms and then factories, HVLS Fan Co. expanded into other industries through word of mouth.
“A lot of our business still comes from word of mouth,” Wolma said. “People love our product.”
And much of that business comes from Texas, the largest market for the company’s products. Walma said the company’s mission is to make the world healthier, safer and more productive by providing temperature comfort in complex environments.
“The warehouses, the mines, the amphitheaters, the baseball stadiums, the places where we sweat and think ‘we can’t do anything,’ we have fans. Yes, we can, and that’s by using our big ass fans,” he said.
The name came from a customer calling and asking, “Are you the guys that make those big fans?” Big Ass Fans has since become an iconic brand with industry-leading products, a mascot named Fanny, and a customer base known as “raving fans.” The company makes products for schools, churches, and other more sensitive environments with less obvious names.
Walma said the company has increased sales in every year except three of its 25-year history.
“This year is going to be a record year,” he said.The company was acquired in 2021 by Chicago-based industrial holding company Madison Industries.
Wolma said the company’s growth is being driven by rising temperature extremes.
“Workforce is becoming more and more valuable, so we’re helping companies create a better environment, reduce absenteeism and improve job satisfaction,” he said. “When companies buy our products, they become more productive.”
Wolma said Fort Worth is home to many warehouses and manufacturing plants, making it a major customer base for Big Ass Fun.
“There’s a lot of room in the environment with all the reshoring and e-commerce activity. These are all good macro factors for us in the Big Ass Funds business,” he said.
Are homebuyers adopting a waiting strategy?
Pending home purchase contracts fell 6.9% in the four weeks ending Aug. 25, the biggest annual decline in nearly a year, according to a new report from national real estate brokerage Redfin. This comes even as the U.S. median mortgage payment fell to its lowest level since February and average weekly mortgage rates dropped to a 15-month low.
Redfin agents say homebuyers are adopting a waiting strategy, reporting that while some are touring homes, some are hesitant to actually complete a purchase. One reason for the hesitancy is that both buyers and sellers are waiting to see how new rules from the National Association of Realtors’ recent settlement on transaction fees will play out.
Other reasons given by real estate agents for the decline in sales include home prices not being low enough, mortgage rates not being low enough and waiting for the results of the presidential election.
“We expect to see many more buyers and sellers jumping into the market in the coming months once everyone has a better understanding of how the new NAR rules will affect actual real estate transactions,” Redfin real estate agent Fernanda Crease of Las Vegas said in a news release. “The election and lower mortgage rates are also delaying buyers, with many of them waiting until November in hopes that rates will fall and they’ll have more options.”
Mortgage purchase applications rose 1% week-over-week, seasonally adjusted, suggesting at least some buyers are coming off the sidelines, according to Redfin, even though applications are still down 9% year-over-year.
Under the (new) neon moon
The General Store & Trading Post’s new neon sign at the Fort Worth Stockyards. (Photo courtesy of The General Store & Trading Post)
Nothing symbolizes honky-tonks and westerns more than neon signs, so it’s no wonder the Fort Worth Stockyards added a few ionized gas-filled tubes to their historic district.
The General Store & Trading Post, located at 101 W. Exchange Ave., has installed a new custom neon sign designed by Garrett Byrum of RB Signs in Midlothian in collaboration with The General Store & Trading Post general manager Jeanie Edgar and owner Gayle Hill. The installation adds another highlight to the iconic “Four Corners” at Exchange Avenue and North Main Street.
Other neon signs in the area include ML Leddy’s, Hunter Brothers’ H3 Ranch and Hotel Drover.
“We are pleased to donate this new sign that will brighten up a corner of Exchange Avenue,” Hill said, “It’s a landmark that will draw people to our beloved Stockyards and we hope it will increase the enjoyment of all visitors who walk through our doors.”
Design companies merge
KTGY, an Irvine, California-based national design firm specializing in architecture, interior design, branded environments and urban design, has acquired GDA Architects, a Dallas-based architecture firm specializing in high-rise residential hospitality and industrial design. GDA Architects recently opened DECO 969, a 27-story luxury high-rise in downtown Fort Worth. The combined company will employ 400 people across seven offices across the United States.
Bank mergers have regional impacts
Busey Bank and CrossFirst Bank officials have signed a definitive agreement and plans to merge in a common stock transaction for total consideration of approximately $918.8 million. Under the terms of the agreement, CrossFirst will become Busey Bank. Mike Maddox, current CEO and president of CrossFirst, is expected to succeed Van Dukeman at Busey as CEO of Busey Bank sometime after the merger.
The merger will expand Busey Bank’s footprint to Kansas City, Wichita, Dallas-Fort Worth, Denver and Phoenix. Busey Bank currently has 62 banking centers in Illinois, Missouri, Florida and Indiana. The combined bank will have 778 branches across 10 states, total assets of approximately $20 billion, total deposits of $17 billion and assets under management of $13 billion.
Have something you’d like to write for the Bob on Business column? Email Bob Francis at bob.francis@fortworthreport.org. Bob Francis is the business editor of Fort Worth Report. Contact him at bob.francis@fortworthreport.org. At Fort Worth Report, news decisions are made independent of our board of directors and financial supporters. Learn more about our editorial independence policy here.
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