Madison Industries

What Madison Industries does

Madison Industries is a privately held industrial holding company founded in 2004 by Larry Gies and headquartered in Chicago, Illinois. The company builds entrepreneurially driven, branded market leaders across filtration and separation science, air quality, medical diagnostics, fire and rescue equipment, marine stabilization, and industrial safety, operating 340 facilities in 42 countries with approximately 20,000 engaged employees and 1,000 owner managers. The platform is organized into operating divisions: Madison Air Solutions (air quality, HVAC, data center cooling through AprilAire, Big Ass Fans, Broan-NuTone, Nortek, Reznor, and Addison), Filtration Group (industrial, life sciences, and indoor air filtration; agreed sale to Parker-Hannifin for $9.25 billion in November 2025), Madison Safety & Flow (Task Force Tips, Holmatro, AMKUS, Waterax; sale to 3M/Bain Capital joint venture for $1.95 billion announced March 2026), Madison Medical (Streck, Drucker Diagnostics, Elevate Healthcare), and Seakeeper (marine gyroscopic stabilization). Madison Industries was founded with a roll-up strategy of acquiring niche industrial businesses and operating them with 'owner's mindset' autonomy; the company is structured to avoid quarterly earnings pressure, with Larry Gies maintaining founder voting control (95.2% post Madison Air IPO).

The business model combines hardware sales of filtration, air quality, safety, and diagnostic products with a substantial aftermarket and service recurring revenue base (Filtration Group historically derived approximately 85% of its roughly $2 billion in annual sales from replacement filters and service contracts). Madison Air Solutions, which completed a $2.2 billion IPO on NYSE in April 2026, generated $3.34 billion in sales with $751 million in EBITDA and 27% revenue growth, with significant exposure to data center cooling for hyperscale AI infrastructure. Distribution is omnichannel: direct enterprise field sales for industrial B2B, industrial distributors for safety and filtration products, and professional contractor networks (HVAC contractors, fire equipment dealers) for residential and commercial brands. Pricing is not publicly disclosed; individual portfolio companies set their own pricing models.

Madison's go-to-market emphasizes long-term capital deployment rather than financial engineering, with 80+ acquisitions completed since 2004, transactions reportedly closing in under 30 days at agreed prices. The portfolio is increasingly tilted toward secular growth themes (indoor air quality, AI data center cooling, healthcare simulation) while the company divests non-core or mature assets (Hydra-Stop to Pentair for ~$290M in September 2025, Facet to Donaldson for $820M in February 2026). The Madison Industries Patent Society holds 1,281 patents covering cancer detection, first responder protection, surgical patient safety, and industrial workplace safety. The company's economic model is supported by Madison Capital Partners, which manages approximately $4.8 billion in investment capital.

Name

Madison Industries

Legal name

Madison Industries US Holdings Corporation

Website

https://madison.net

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Madison Industries is a privately held Chicago-based industrial holding company founded in 2004 that builds entrepreneurially driven market leaders across filtration, air quality, medical diagnostics, fire and rescue, and marine stabilization, serving industrial, healthcare, residential, and data center customers across 42 countries.

Ownership category

akta.pro rank

Product category

Industrial Manufacturing & Filtration

NAICS

Management of Companies and Enterprises (55111)

akta.pro primary industry

Industrials & Manufacturing Growth Equity (FSANACAF)

Keywords

• Industrial filtration products
• Air quality solutions
• Fire safety equipment
• Medical diagnostics equipment
• HVAC and cooling systems

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices14 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Industrial Manufacturing: Madison operates portfolio companies that manufacture and sell industrial products including filtration systems, air quality solutions, safety equipment, and firefighting tools. Companies operate with entrepreneurial independence while benefiting from Madison's resources.
2. Aftermarket Recurring Revenue: Filtration Group generates approximately 85% of its ~$2 billion annual sales from aftermarket recurring revenue streams including replacement filters and service contracts.
3. Madison Air Solutions: Spun out via $2.23 billion IPO in April 2026, generating $3.34 billion in sales with 27% revenue growth. Serves data center cooling, healthcare, life sciences, and residential air quality markets.
4. Capital Partners Investment Management: Madison Capital Partners manages roughly $4.8 billion and has completed numerous investments and divestitures across industrial, filtration, and safety sectors.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Madison Industries is a privately held industrial holding company that builds and acquires entrepreneurially driven, branded market leaders in mission-critical industrial sectors. The company operates portfolio businesses in filtration and separation, air quality and HVAC, fire safety and rescue, medical diagnostics, medical simulation, and marine stabilization. Revenue is generated primarily through the manufacture and sale of industrial products, supplemented by aftermarket service and replacement parts.

Product overview

Madison Industries is a privately held holding company that builds entrepreneurially driven, branded market leaders across multiple industrial sectors. The company operates several distinct portfolio divisions: Madison Air (air quality solutions including HVAC, data center cooling, and residential/commercial ventilation through brands like AprilAire, Big Ass Fans, Broan-NuTone, Nortek, and Reznor); Filtration Group (filtration and separation solutions for life sciences, indoor air quality, and industrial applications); Madison Medical (diagnostics including Streck and Drucker Diagnostics); Madison Safety & Flow (fire rescue equipment and safety products including Holmatro, AMKUS, Task Force Tips, and Waterax); and Seakeeper (marine stabilization). The company has also recently spun out Madison Air via IPO (NYSE: MAIR) in April 2026 and completed major divestitures including Filtration Group to Parker-Hannifin ($9.25B) and Madison Fire & Rescue to 3M/Bain Capital ($1.95B). With operations in 42 countries and approximately 20,000 employees, Madison's portfolio spans over 80 acquisitions completed since 2004.

Differentiator

Problem solved

Functional benefit

Products and services

• Filtration and Separation Solutions
• Residential Air Quality Systems (AprilAire)
• Ventilation and Air-Quality Systems (Broan-NuTone)
• Custom Air Solutions and HVAC (Nortek Air Solutions)
• Data Center Cooling Solutions (Nortek Data Center Cooling)
• High Volume Low Speed Fans (Big Ass Fans)
• HVAC and Air Management Solutions (Reznor)
• Commercial Air Solutions (Addison)
• Dehumidification Products (Therma-Stor)
• Humidification and Dehumidification Solutions (driSteem)
• Clinical Centrifuges and Hematology Controls (Streck, Drucker Diagnostics)
• Medical Simulation and Training Solutions (Elevate Healthcare)
• Firefighting Nozzles and Equipment (Task Force Tips)
• Rescue Tools and Industrial Equipment (Holmatro)
• Rescue Technology and Hydraulic Rescue Tools (AMKUS)
• Lightweight Portable Fire Pumps (Waterax)
• Marine Gyroscopic Stabilization Systems (Seakeeper)
• Advanced Desiccant Technology (Multisorb)
• Porous Polymer Solutions (Porex)
• Air Filtration Systems (Purafil)
• Pure Air Technology and Filtration Solutions (Molecular Products)
• Safety and Security Seals (TydenBrooks)
• Hose Reels and Cable Reels (Reelcraft)
• Industrial Filtration Solutions (Global Filter)

Quantifiable outcome

• Madison Air IPO raised $2.2 billion - largest US industrial listing since 1999
• +3 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles8 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered flagship and core.

• 3M CompanyflagshipStrategic or Co-development Partner · 19 March 20263M partnered with Bain Capital to acquire Madison Fire & Rescue from Madison Industries for $1.95 billion. 3M contributed its Scott Safety business, received $700 million cash, and holds 50.1% of the new joint venture. Bain Capital owns 49.9%.
• Kris HowardcoreOthers · 19 March 2026Kristofer Howard, President & CEO of Madison Safety & Flow, will become CEO of the combined 3M/Bain Capital/Madison Fire & Rescue joint venture company upon closing of the transaction.
• Donaldson CompanycoreStrategic or Co-development Partner · 2 February 2026Donaldson acquired Facet from Filtration Group (Madison Industries) for $820 million. Facet is a long-standing innovator in aviation fuel filtration. The transaction was expected to close in 2026.
• Parker-HannifinflagshipStrategic or Co-development Partner · 11 November 2025Madison Industries sold Filtration Group to Parker-Hannifin for $9.25 billion in a strategic transaction. Parker-Hannifin is an organization that shares Filtration Group's values, passion for innovation and commitment to filtration solutions. The deal was expected to close in 2026 pending regulatory approvals.
• CAE HealthcarecoreStrategic or Co-development Partner · 1 October 2023Madison Industries acquired Canada-headquartered CAE Healthcare Inc. for $233.25 million (C$311 million) to incorporate CAE's medical simulation technology expertise. CAE Healthcare has since rebranded to Elevate Healthcare.
• Big Ass FanscoreStrategic or Co-development Partner · 26 July 2021Madison Industries acquired Big Ass Fans, a manufacturer of high volume, low speed fans, to expand Madison's indoor air quality solutions portfolio and improve indoor air quality across various markets.

Scale indicators12 records

Recent moves7 records

Expansion highlights5 records

Market position

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/madison-industries

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries16 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Madison Industries