Madison Air

What Madison Air does

Madison Air is a publicly traded (NYSE: MAIR) decentralized platform of more than 30 air quality brands headquartered in Chicago, Illinois, formed in 2017 under Madison Industries by founder Larry Gies and led since June 2021 by President and CEO Jill Wyant. The company manufactures and engineers industrial machinery, HVAC, air movement, dehumidification, filtration, UV disinfection, cleanroom, and liquid/hybrid data center cooling solutions under brand names including AprilAire, Big Ass Fans, Nortek Air Solutions, Nortek Data Center Cooling, Broan-NuTone, SantaFe, Best Range Hoods, Zephyr, PoolPak, Airxchange, driSteem, Heatex, Reznor, Conviron, and Argus Controls. The platform serves hyperscale data centers (via proprietary StatePoint® membrane-based liquid cooling and the C-Force™ engineering team), semiconductor and pharmaceutical cleanrooms (Clean-Trak, acoustiFLO), advanced manufacturing, healthcare, education, hospitality, industrial, indoor agriculture, and residential single/multi-family markets across more than 90 countries, with an installed base spanning 8,600+ team members.

The company monetizes across five revenue streams: commercial HVAC and air quality hardware sales (quote-based custom engineered systems); residential air quality and home solutions (through contractor/dealer networks and direct-to-consumer); custom engineering and design services including the AI-enabled NASDA configuration platform; OEM component supply (Airxchange ERV wheels, heat exchangers); and aftermarket service, parts, and AI-driven predictive maintenance. Trailing twelve months revenue as of May 2026 was $3.34 billion with 27% growth over the prior twelve months; Q1 2026 net sales of $923.7 million rose 33.8% year-over-year with adjusted EBITDA of $233.4 million (25.3% margin), approximately 600 basis points higher than US HVAC peers per Barclays. Madison Air priced a $2.23 billion IPO on April 16, 2026 (the largest U.S. industrial listing since UPS in 1999), using proceeds to repay $2.66 billion of debt and reduce net leverage from 5.9x to 3.0x; the stock reached a market capitalization of approximately $20 billion post-debut.

Name

Madison Air

Legal name

Madison Air Solutions Corporation

Website

https://www.madisonair.com

Company type

Public

Founded year

2017

Operating status

Ipo

Headcount range

5,001–10,000 employees

Short description

Madison Air is a publicly traded (NYSE: MAIR) platform of 30+ air quality brands headquartered in Chicago, designing and manufacturing custom HVAC, data center cooling, cleanroom, air movement, dehumidification, and residential IAQ solutions across 90+ countries.

Ownership category

akta.pro rank

Product category

Commercial HVAC and Industrial Air Quality Solutions

NAICS

Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415), Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing (333413)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585)

akta.pro primary industry

HVAC Equipment (Heating, Cooling & Air Handling) (IMAHAKAB)

akta.pro secondary industries

Ventilation, Ducting & Air Distribution Equipment (IMAHAKAG), HVAC Controls & Optimization (Smart Thermostats, VAV, Chillers/Boilers Controls) (BPABAGAB)

Keywords

• Commercial HVAC systems
• Data center cooling
• Residential air quality
• Industrial dehumidification
• Air handling equipment

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Commercial HVAC and air quality hardware sales: Sales of custom-engineered air handling systems, cooling solutions, cleanroom systems, dehumidification systems, and energy recovery components to commercial, industrial, data center, healthcare, education and government customers. 24% commercial segment growth in Q1 2026 led by data centers.
2. Residential air quality and home solutions: Sales of residential products including AprilAire Healthy Air System, Big Ass Fans (Bison, Haiku, Essence), Broan-NuTone ventilation, SantaFe dehumidifiers, Best range hoods, EWC controls, PoolPak residential pool dehumidifiers, and Zephyr products. 60% reported residential growth in Q1 2026 propelled by AprilAire acquisition.
3. Custom engineering and design services: Custom and configurable engineered solutions including liquid, hybrid and air cooling for data centers, design assistance via NASDA platform, BIM Revit services, and project-based engineering for semiconductor retrofits, cleanroom designs, and hyperscale data center deployments.
4. OEM component supply (energy recovery wheels, heat exchangers): Supply of energy recovery components (Airxchange ERV wheels), heat exchangers and HVAC components to North American OEM partners serving educational, healthcare, and commercial equipment markets.
5. Aftermarket service, parts and lifecycle support: Product lifecycle support, AI-driven predictive maintenance, sensor/digital control subscriptions, and ongoing service for installed base across data center, industrial, and commercial applications.

Pricing tiers

Go-to-market motion4 records

Distribution channels7 records

Marketing channels9 records

Core offering

Madison Air manufactures and sells industrial and commercial HVAC equipment, data center cooling systems, residential indoor air quality products, dehumidifiers, air movement (HVLS) fans, cleanroom systems, and energy recovery components through a decentralized portfolio of 30+ brands including Nortek, AprilAire, Big Ass Fans, Broan-NuTone, and SantaFe. The company provides custom-engineered air handling and cooling solutions for data centers, semiconductor fabs, hospitals, schools, industrial facilities, and single/multi-family homes, complemented by AI-driven HVAC optimization and design tools (NASDA).

Product overview

Madison Air is a decentralized platform-plus-modules architecture of 30+ air quality brands serving residential, commercial, industrial, indoor agriculture, healthcare, education, and institutional markets. The platform is anchored by commercial sub-brands (Nortek Air Solutions with its AI-powered NASDA Design Assistant; Nortek Data Center Cooling with StatePoint Liquid Cooling Technology and the C-Force engineering team; driSteem humidification; Heatex heat exchangers; Therma-Stor and PoolPak dehumidification; Reznor commercial heating; United CoolAir commercial cooling; Airxchange energy recovery; Roberts-Gordon and Weather-Rite industrial heating; Phoenix commercial heating; PoolPak; Dectron; Nortek Cleanroom Solutions / Novelaire; Quest dehumidification) and by residential sub-brands (AprilAire Healthy Air System, acquired May 2025; Big Ass Fans including the May 2026 Bison outdoor fan with Matter smart home integration; Broan-NuTone including the AI-powered Broan Fresh Air system; Santa-Fe dehumidification; Best and Zephyr range hoods; EWC ventilation). Indoor agriculture is served by Conviron (including the July 2024 GEN1000-ECO growth chamber), Argus Controls (TITAN control platform), and AgronomicIQ. AI capabilities (predictive analytics, optimization, generative AI via NASDA, and process automation) are threaded across the platform rather than offered as a single unified product.

Differentiator

Problem solved

Functional benefit

Brands

• Big Ass Fans: High-volume, low-speed (HVLS) industrial and residential fans, including premium residential product lines such as Bison and Mammoth.
• AprilAire
• Nortek Data Center Cooling
• Nortek Air Solutions
• driSteem
• Quest Climate
• Heatex
• Airxchange
• Innergy Tech
• Rapid Engineering
• Roberts-Gordon
• Therma-Stor
• United CoolAir
• acoustiFLO
• NovelAire
• Phoenix Air Systems
• Broan-NuTone
• Best Range Hoods
• SantaFe Products
• Zephyr
• RP Filters
• EWC Controls
• Addison HVAC
• PoolPak
• Dehumidified Air Solutions (DAS)
• Dectron
• UV Resources
• AGronomic IQ
• Anden
• Argus Controls
• Conviron
• Reznor
• Seresco
• Bananza
• Weather-Rite

Products and services

• StatePoint Liquid Cooling Technology
• Big Ass Fans Bison residential outdoor fan
• AprilAire Healthy Air System
• Custom Commercial HVAC Air Handling Systems (Nortek Air Solutions)
• Conviron GEN1000-ECO plant growth chamber
• Broan Fresh Air system
• Argus TITAN climate control platform
• FANWALL TECHNOLOGY multi-fan array systems
• Airxchange ERV Wheels
• United CoolAir custom air handlers
• Clean-Trak modular cleanroom ceiling grids
• C-Force data center engineering services

Quantifiable outcome

• 35-50% reduction in water usage and 20% reduction in power usage at Digital Edge Manila data center using StatePoint® Liquid Cooling Technology
• +8 more outcomes

Named customers14 records

Segments11 records

Ideal customer profiles7 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability7 records

Feature10 records

Partnerships

Six partnerships are on record, tiered flagship, core and minor.

• Madison Industries (Parent Company)flagshipStrategic or Co-development Partner · 7 May 2025Madison Industries, founded and led by Larry Gies, is the parent company and primary sponsor of Madison Air, providing capital, M&A discipline, and platform strategy. Madison Industries has completed 80+ acquisitions since 2004, operates across 20+ countries, and manages $4.8B through Madison Capital Partners. Madison Air was established under Gies's leadership to build an industry-leading air solutions platform through strategic acquisition.
• Research Products Corporation (AprilAire)flagshipStrategic or Co-development Partner · 6 May 2025Madison Industries/Madison Air acquired Research Products Corporation on May 6, 2025. RPC, including its flagship brand AprilAire, joined Madison Air's premier platform of indoor air quality companies. AprilAire is a leader in residential and commercial humidification, dehumidification, air purification, filtration, ventilation, radon mitigation and integrated indoor air quality control systems, founded in 1938 and headquartered in Madison, Wisconsin. The acquisition propelled 60% reported residential growth in Q1 2026.
• Digital Edge (Nortek Data Center Cooling)flagshipStrategic or Co-development PartnerNearly nine-year strategic partnership in which Nortek Data Center Cooling has supplied StatePoint® Liquid Cooling Technology to Digital Edge, including a 10-megawatt data center in Manila, Philippines. The partnership is anchored by deep collaboration on cooling design and ongoing technical engagement.
• PanAmerican Seed (Argus Controls customer)coreStrategic or Co-development PartnerLong-standing partnership between Argus Controls (a Madison Air brand) and PanAmerican Seed, an internationally renowned seed producer. PanAmerican Seed upgraded from Argus Classic to Argus TITAN controls system over the course of a year, with multiple enhancements to humidity, lighting, VPD, and blackout shade control.
• Florida Air Conditioning DistributorsminorChannel Partner/ Reseller/ DistributorFlorida-based HVAC distributor that recommends and supplies Airxchange ERV wheels manufactured by Madison Air. The Turtle River Montessori School project was a joint effort between Florida Air Conditioning Distributors, KAMM Consulting, and Madison Air.
• National Builder / Broan-NuTone FAS teamcoreImplementation/ SI/ Consulting PartnerBroan-NuTone Field Application Specialist (FAS) team partnered with a top national homebuilder's engineering team to solve Florida humidity issues in new homes. The team developed custom technical documents, training and new ventilation designs after a class action lawsuit was filed.

Scale indicators20 records

Recent moves8 records

Expansion highlights8 records

Direct peers

• Trane Technologies: Trane Technologies is a global climate solutions leader offering commercial and residential HVAC, building management, and energy services. It is a direct peer to Madison Air in commercial HVAC, data center cooling, and energy recovery, with a comparable mix of mission-critical and residential products.
• Carrier Global: Carrier Global is a leading provider of HVAC, refrigeration, fire safety, and security solutions across residential, commercial, and industrial markets. It directly competes with Madison Air's Nortek, AprilAire, and Big Ass Fans in commercial air handling and residential indoor air quality.
• Lennox International: Lennox International designs and manufactures heating, ventilation, air conditioning, and refrigeration products for residential and commercial markets. It is a direct peer to Madison Air in residential HVAC and light commercial, with overlapping dealer/distributor channels and brand portfolios.
• Vertiv Holdings: Vertiv is a global provider of critical digital infrastructure and continuity solutions, including thermal management, power, and IT systems for data centers. It directly competes with Madison Air's Nortek Data Center Cooling and StatePoint liquid cooling in the hyperscale AI data center cooling market.
• AAON: AAON designs, manufactures, and sells heating, ventilation, and air conditioning systems for commercial and industrial applications, with a focus on high-efficiency custom air handlers. It directly competes with Madison Air's Nortek Air Solutions in custom commercial air handling and data center cooling.
• Munters Group: Munters is a global leader in energy-efficient air treatment and climate solutions, with strengths in dehumidification, evaporative cooling, and data center cooling. It directly competes with Madison Air's Quest, Therma-Stor, and Nortek Data Center Cooling brands in mission-critical dehumidification and air treatment.

Broad incumbents

• Johnson Controls International: Johnson Controls is a global leader in building products and technology, including HVAC, building automation, security, and fire safety. It is a broad incumbent in commercial HVAC and smart buildings, with a broader portfolio but overlapping capabilities in custom air handling and energy recovery versus Madison Air's Nortek Air Solutions.

Regional players

• Comfort Systems USA: Comfort Systems USA is a leading provider of mechanical installation services, including HVAC, plumbing, and building automation for commercial and industrial customers. While focused on installation rather than manufacturing, it represents a complementary peer in the commercial HVAC services ecosystem where Madison Air's products are deployed.

Emerging players

• SPX Technologies: SPX Technologies is a diversified supplier of highly engineered heating, ventilation, and cooling products, as well as detection and measurement solutions. It overlaps with Madison Air in commercial HVAC and cleanroom solutions, with growing exposure to data center cooling adjacent markets.
• Watts Water Technologies: Watts Water Technologies designs and manufactures water and heating solutions, including plumbing, heating, and water quality products for residential and commercial markets. It is an emerging peer in the broader water-energy nexus where Madison Air's StatePoint liquid cooling competes, with overlap in building services and sustainability-focused products.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/madisonair

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries37 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A3 records

Investments

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

Frequently asked questions about Madison Air