Madison Industries Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Madison Industries has acquired 6 companies. It has also invested in 1 other.

Madison Industries’ most common sectors for investment aremanufacturing (26%) and machinery (22%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (45%) and divestiture (37%). In total, Madison Industries has invested in 20 US states and 7 different countries. Its largest (disclosed) acquisition occurred in 2001 when it acquired eOn Communications for $485M.

In the last 3 years, Madison Industries has exited 1 company. The Firm’s most common exit type is trade sale (45%). Madison Industries’ largest (disclosed) exit occurred in 2012 when it sold KraussMaffei Group for $731M.

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M&A Summary

  • M&A Total Activity65
    • M&A Buy Activity47
    • M&A Sell Activity18
  • Total Sectors Invested 20
  • Total Countries Invested 7
  • M&A Buy/Sell Connections 32
  • M&A Advisors 3

Madison Industries

Madison Industries

444 West Lake, Suite 4400,
Chicago, Illinois 60661
United States
(312) 277-0156
www.madison.net

Madison Industries is a privately held investment holding firm that targets growth investments in and acquisitions of industrial manufacturing companies. Madison prefers businesses with a defensible market niche, established technology, and significant cash-flow growth potential. Madison will also consider turnaround situations. Target opportunities generally have sales between $50 million and $2 billion. Madison Industries is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Automotive, Education, Electrical Equipment, Energy Services and Equipment, Engineering, Machinery, Manufacturing, Medical Products, Plastics

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Growth Capital, Special Situations/Distressed

Geographic Preferences: East US, Midwest US, South US, West US, Canada, Western Europe, Eastern Europe, Asia/Pacific, Australia/New Zealand, Central Asia/India, Latin/South America, Middle East

Transaction Criteria Min Max
Target Revenue 50 2,000
Target EBITDA - -
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (2.6/yr) # 34 6 2 2 3 - 47
vol $641M $641M
Sell (0.2/yr) # 17 - - - 1 - 18
vol $751M $751M
  65

Most Recent M&A

Company Date Value Type
Elevate Healthcare, Inc. 2023-10-24 - Divestiture
Sarasota, Florida · www.elevatehealth.net
Tricon Wear Solutions LLC 2023-07-24 - Trade Sale
Irondale, Alabama · www.triconwearsolutions.com
Streck LLC 2023-03-27 - Buyout (LBO, MBO, MBI)
La Vista, Nebraska · www.streck.com
WATERAX 2023-01-23 - Growth Capital
Montreal, Quebec · www.waterax.com
Controlled Environments Ltd. 2022-09-20 - Buyout (LBO, MBO, MBI)
Winnipeg, Manitoba · www.conviron.com
TydenBrooks 2022-04-20 - Secondary Buyout
Atlanta, Georgia · www.tydenbrooks.com
UV Resources LLC 2021-05-12 - Buyout (LBO, MBO, MBI)
Santa Clarita, California · www.uvresources.com
Nortek Air Solutions LLC 2021-04-19 - Divestiture
Okarche, Oklahoma · www.nortekair.com
Heatex AB 2020-12-18 - Secondary Buyout
Malmo, Sweden · www.heatex.com
Steril-Aire, Inc. 2020-12-01 - Buyout (LBO, MBO, MBI)
Burbank, California · www.steril-aire.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Filtration Group Crop. 2010-12-15 Molecular Products Group Ltd. 2021-06-07 17
Austin, Texas · www.filtrationgroup.com Harlow, United Kingdom · www.molecularproducts.com
Filtration Group Crop. 2010-12-15 Flow Dry Technology, Inc. 2020-03-05 16
Austin, Texas · www.filtrationgroup.com Brookville, Ohio · www.flowdry.com
Filtration Group Crop. 2010-12-15 Buffalo Filter LLC 2018-12-13 1
Austin, Texas · www.filtrationgroup.com Lancaster, New York · www.buffalofilter.com
Filtration Group Crop. 2010-12-15 Facet Filtration 2018-05-03 15
Austin, Texas · www.filtrationgroup.com Tulsa, Oklahoma · www.facetfiltration.com
Filtration Group Crop. 2010-12-15 Multisorb Technologies, Inc. 2018-04-06 14
Austin, Texas · www.filtrationgroup.com Buffalo, New York · www.multisorb.com
Filtration Group Crop. 2010-12-15 Essentra - Porous Technologies Business 2016-08-25 13
Austin, Texas · www.filtrationgroup.com Milton Keynes, United Kingdom
Filtration Group Crop. 2010-12-15 Amafilter Group BV 2016-08-08 12
Austin, Texas · www.filtrationgroup.com Lochem, Netherlands · www.amafiltration.com
Filtration Group Crop. 2010-12-15 MAHLE GmbH - Industrial Filters Business 2016-08-07 11
Austin, Texas · www.filtrationgroup.com , Germany
Filtration Group Crop. 2010-12-15 Porex Corp. 2013-10-22 10
Austin, Texas · www.filtrationgroup.com Fairburn, Georgia · www.porex.com
Filtration Group Crop. 2010-12-15 Clear Edge Filtration, Inc. 2013-05-03 9
Austin, Texas · www.filtrationgroup.com Walbeck, Germany · www.clear-edge.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 10 (36%) - 12 (26%) 28M (4%)
Machinery 3 (11%) - 10 (21%) 128M (20%)
Plastics - - 3 (6%) -
Safety/Security 3 (11%) - 3 (6%) -
Electrical Equipment 1 (4%) - 2 (4%) -
Energy Services and Equipment 2 (7%) - 2 (4%) -
Marketing - - 2 (4%) -
Technology Hardware - - 1 (2%) 485M (76%)
Automotive 1 (4%) - 1 (2%) -
Consumer Products 1 (4%) - 1 (2%) -
Education - - 1 (2%) -
Environmental 1 (4%) - 1 (2%) -
Healthcare Services 1 (4%) - 1 (2%) -
Life Science 1 (4%) - 1 (2%) -
Marine 1 (4%) - 1 (2%) -
Metals/Mining 1 (4%) - 1 (2%) -
Oil/Gas Exploration 1 (4%) - 1 (2%) -
Software - - 1 (2%) -
Staffing - - 1 (2%) -
Utilities 1 (4%) - 1 (2%) -
Total 28 - 47 $641M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 23 (82%) - 39 (83%) 613M (96%)
  Michigan 1 (4%) - 5 (11%) 62M (10%)
  Texas 3 (11%) - 4 (9%) -
  California 2 (7%) - 3 (6%) -
  Indiana 2 (7%) - 3 (6%) -
  Illinois 2 (7%) - 3 (6%) -
  Massachusetts 1 (4%) - 3 (6%) -
  Pennsylvania 2 (7%) - 2 (4%) -
  Oklahoma 2 (7%) - 2 (4%) -
  New York 1 (4%) - 2 (4%) 66M (10%)
  Florida 1 (4%) - 2 (4%) -
  Wisconsin 1 (4%) - 1 (2%) -
  Ohio 1 (4%) - 1 (2%) -
  Nebraska 1 (4%) - 1 (2%) -
  Maryland 1 (4%) - 1 (2%) -
  Louisiana 1 (4%) - 1 (2%) -
  Georgia 1 (4%) - 1 (2%) -
  Missouri - - 1 (2%) 485M (76%)
  Colorado - - 1 (2%) -
  Alabama - - 1 (2%) -
  Minnesota - - 1 (2%) -
Germany 1 (4%) - 2 (4%) -
Italy - - 2 (4%) 28M (4%)
United Kingdom 1 (4%) - 1 (2%) -
  Manitoba 1 (4%) - 1 (2%) -
Canada 1 (4%) - 1 (2%) -
  Quebec 1 (4%) - 1 (2%) -
Netherlands 1 (4%) - 1 (2%) -
Sweden 1 (4%) - 1 (2%) -
Domestic 23 (82%) - 39 (83%) 613M (96%)
Cross-border 5 (18%) - 8 (17%) 28M (4%)
Total 28 - 47 $641M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 13 (46%) - 21 (45%) 547M (85%)
Divestiture 9 (32%) - 17 (36%) 94M (15%)
Secondary Buyout 4 (14%) - 6 (13%) -
Growth Capital 2 (7%) - 2 (4%) -
PIPE - - 1 (2%) -
Total 28 - 47 $641M

Exits by Deal Type

Type Total # Value
Secondary Sale 9 (50%) 731M (97%)
Trade Sale 8 (44%) 20M (3%)
Merger 1 (6%) -
Total 18 $751M

Top M&A Advisors

Financial Deals
Lincoln International
 1
Legal Deals
Hengeler Mueller
 1
Katten Muchin Rosenman
 1

Deal Values

buy # Total
$100M to $1B 1 $485M
< $100M 3 $156M
TOTAL $641M
Largest eOn Communications Corp.
$485M (2001-05-01)
sell # Total
$100M to $1B 1 $731M
< $100M 1 $20M
TOTAL $751M
Largest KraussMaffei Group GmbH
$731M (2012-09-16)

M&A Connections

Deals
Acquired from
Investor(s)
13%
6 (13%)
Strategic(s)
34%
16 (34%)
Exited to
Investor(s)
44%
8 (44%)
Strategic(s)
50%
9 (50%)

Investor Summary

Investor Type

Private Equity Firm

Size

Large

Established

1994

Specialist/Generalist

Specialist

Leadership

Larry Gies

Founder & CEO

Karin Overstreet

Group President, DEHU/DOAS, Madison IAQ

Hang Gek Low

President, Asia

David Janicek

Senior Managing Director

Frank Ptak

Senior Managing Director

FAQ

When was Madison Industries founded?

Madison Industries was founded in 1994.

What type of investor is Madison Industries?

Madison Industries is a private equity firm.

Where is Madison Industries headquartered?

Madison Industries is headquartered in Chicago, Illinois.

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