Madison Industries Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Madison Industries has acquired 9 companies.

Madison Industries’ most common sectors for investment aremanufacturing (28%) and machinery (24%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (45%) and divestiture (40%). In total, Madison Industries has invested in 19 US states and 5 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 secondary buyout (50%). Madison Industries’ largest (disclosed) exit occurred in 2012 when it sold The KraussMaffei Group for $731M.

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M&A Summary

  • M&A Total Activity61
    • M&A Buy Activity43
    • M&A Sell Activity18
  • Total Sectors Invested 17
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 31
  • M&A Advisors 3

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 ≤ '18 '19 '20 '21 '22 '23 T
Buy (1.8/yr) # 34 - 6 2 - 1 43
vol $641M $641M
Sell (0.2/yr) # 17 - - - - 1 18
vol $751M $751M
  61

Most Recent M&A

Company Date Value Type
CAE Healthcare, Inc. 2023-10-24 - Divestiture
Sarasota, Florida · www.caehealthcare.com
Tricon Wear Solutions LLC 2023-07-24 - Trade Sale
Irondale, Alabama · www.triconwearsolutions.com
UV Resources LLC 2021-05-12 - Buyout (LBO, MBO, MBI)
Santa Clarita, California · www.uvresources.com
Nortek Air 2021-04-19 - Divestiture
O’Fallon, Missouri · www.nortekair.com
Heatex AB 2020-12-18 - Secondary Buyout
Malmö, Sweden · www.heatex.com
Steril-Aire, Inc. 2020-12-01 - Buyout (LBO, MBO, MBI)
Burbank, California · www.steril-aire.com
Airxchange, Inc. 2020-10-27 - Buyout (LBO, MBO, MBI)
Rockland, Massachusetts · www.airxchange.com
Novelaire Technologies LLC 2020-10-06 - Buyout (LBO, MBO, MBI)
Baton Rouge, Louisiana · www.novelaire.com
Broan-Nutone LLC 2020-04-20 - Divestiture
Hartford, Wisconsin · www.broan-nutone.com
Holmatro 2020-01-03 - Buyout (LBO, MBO, MBI)
Raamsdonksveer, Netherlands · www.holmatro.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
Oak Brook, Illinois · www.filtrationgroup.com Harlow, United Kingdom · www.molecularproducts.com
Filtration Group Crop. 2010-12-15 Flow Dry Technology, Inc. 2020-03-05 16
Oak Brook, Illinois · www.filtrationgroup.com Brookville, Ohio · www.flowdry.com
Filtration Group Crop. 2010-12-15 Buffalo Filter LLC 2018-12-13 1
Oak Brook, Illinois · www.filtrationgroup.com Lancaster, New York · www.buffalofilter.com
Filtration Group Crop. 2010-12-15 Facet Filtration 2018-05-03 15
Oak Brook, Illinois · www.filtrationgroup.com Tulsa, Oklahoma · www.facetfiltration.com
Filtration Group Crop. 2010-12-15 Multisorb Technologies, Inc. 2018-04-06 14
Oak Brook, Illinois · www.filtrationgroup.com Buffalo, New York · www.multisorb.com
Filtration Group Crop. 2010-12-15 Essentra - Porous Technologies Business 2016-08-25 13
Oak Brook, Illinois · www.filtrationgroup.com Milton Keynes, United Kingdom
Filtration Group Crop. 2010-12-15 Amafilter Group BV 2016-08-08 12
Oak Brook, Illinois · www.filtrationgroup.com Lochem, Netherlands · www.amafiltration.com
Filtration Group Crop. 2010-12-15 MAHLE GmbH - Industrial Filters Business 2016-08-07 11
Oak Brook, Illinois · www.filtrationgroup.com , Germany
Filtration Group Crop. 2010-12-15 Porex Corp. 2013-10-22 10
Oak Brook, Illinois · www.filtrationgroup.com Fairburn, Georgia · www.porex.com
Filtration Group Crop. 2010-12-15 Clear Edge Filtration, Inc. 2013-05-03 9
Oak Brook, Illinois · www.filtrationgroup.com Walbeck, Germany · www.clear-edge.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 10 (40%) - 12 (28%) 28M (4%)
Machinery 3 (12%) - 10 (23%) 128M (20%)
Marketing - - 3 (7%) -
Plastics 1 (4%) - 3 (7%) -
Electrical Equipment 1 (4%) - 2 (5%) -
Energy Services and Equipment 2 (8%) - 2 (5%) -
Technology Hardware - - 1 (2%) 485M (76%)
Automotive 1 (4%) - 1 (2%) -
Consumer Products 1 (4%) - 1 (2%) -
Healthcare Services 1 (4%) - 1 (2%) -
Marine 1 (4%) - 1 (2%) -
Metals/Mining 1 (4%) - 1 (2%) -
Oil/Gas Exploration 1 (4%) - 1 (2%) -
Safety/Security 1 (4%) - 1 (2%) -
Software - - 1 (2%) -
Staffing - - 1 (2%) -
Utilities 1 (4%) - 1 (2%) -
Total 25 - 43 $641M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 21 (84%) - 37 (86%) 613M (96%)
  Michigan 1 (4%) - 5 (12%) 62M (10%)
  Illinois 3 (12%) - 3 (7%) -
  Texas 2 (8%) - 3 (7%) -
  Indiana 2 (8%) - 3 (7%) -
  California 2 (8%) - 3 (7%) -
  Massachusetts 1 (4%) - 3 (7%) -
  Pennsylvania 2 (8%) - 2 (5%) -
  Missouri 1 (4%) - 2 (5%) 485M (76%)
  New York 1 (4%) - 2 (5%) 66M (10%)
  Florida 1 (4%) - 2 (5%) -
  Wisconsin 1 (4%) - 1 (2%) -
  Oklahoma 1 (4%) - 1 (2%) -
  Ohio 1 (4%) - 1 (2%) -
  Maryland 1 (4%) - 1 (2%) -
  Louisiana 1 (4%) - 1 (2%) -
  Nevada - - 1 (2%) -
  Minnesota - - 1 (2%) -
  Colorado - - 1 (2%) -
  Alabama - - 1 (2%) -
Italy 1 (4%) - 2 (5%) 28M (4%)
Germany 1 (4%) - 2 (5%) -
Netherlands 1 (4%) - 1 (2%) -
Sweden 1 (4%) - 1 (2%) -
Domestic 21 (84%) - 37 (86%) 613M (96%)
Cross-border 4 (16%) - 6 (14%) 28M (4%)
Total 25 - 43 $641M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 12 (48%) - 19 (44%) 547M (85%)
Divestiture 9 (36%) - 17 (40%) 94M (15%)
Secondary Buyout 3 (12%) - 5 (12%) -
Growth Capital 1 (4%) - 1 (2%) -
PIPE - - 1 (2%) -
Total 25 - 43 $641M

Exits by Deal Type

Type Total # Value
Secondary Sale 10 (56%) 731M (97%)
Trade Sale 7 (39%) 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 The KraussMaffei Group GmbH
$731M (2012-09-16)

M&A Connections

Deals
Acquired from
Investor(s)
12%
5 (12%)
Strategic(s)
37%
16 (37%)
Exited to
Investor(s)
50%
9 (50%)
Strategic(s)
44%
8 (44%)

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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