M&A Deal Summary

Madison Industries Acquires Specified Air Solutions

On October 2, 2018, private equity firm Madison Industries acquired manufacturer Specified Air Solutions from The Sterling Group

Acquisition Highlights
  • This is Madison Industries’ 6th transaction in the Manufacturing sector.
  • This is Madison Industries’ 30th transaction in the United States.
  • This is Madison Industries’ 2nd transaction in New York.

M&A Deal Summary
Date 2018-10-02
Target Specified Air Solutions
Sector Manufacturing
Buyer(s) Madison Industries
Sellers(s) The Sterling Group
Deal Type Secondary Buyout

Target

Specified Air Solutions

Buffalo, New York, United States
Specified Air Solutions is a multi-branded, commercial and industrial HVAC equipment manufacturer focused on providing end users with semi-custom, energy efficient solutions for indoor air quality, cooling, heating, and dehumidification needs. The company's diverse product offering is utilized in a range of niche market applications, including education, hospitality, distribution warehouses, retail, community centers, vehicle service shops, commercial offices, and manufacturing facilities. Specified Air Solutions was founded in 1923 and is based in Buffalo, New York.

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Buyer(S) 1

Buyer

Madison Industries

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
Size Large
Type Sector Focused
DESCRIPTION

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.

DEAL STATS #
Overall 34 of 47
Sector (Manufacturing) 6 of 12
Type (Secondary Buyout) 4 of 6
State (New York) 2 of 2
Country (United States) 30 of 39
Year (2018) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-05 Seakeeper

California, Maryland, United States

Seakeeper is the global leader in marine stabilization. Seakeeper’s innovative technology changes the boating experience by eliminating up to 95% of all boat roll, the rocking motion that causes seasickness, fatigue and anxiety. Seakeeper was founded in 2003 and is based in California, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-03 Holmatro

Raamsdonksveer, Netherlands

Holmatro has been developing, producing and testing high-pressure hydraulic equipment for rescue, industrial and tactical applications. Holmatro was founded in 1967 and is based in Raamsdonksveer, Netherlands.

Buy -

Seller(S) 1

SELLER

The Sterling Group

Houston, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1982
PE ASSETS 2.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Sterling Group is a private equity firm focused on acquiring middle-market businesses within basic manufacturing, industrial services, and distribution. Sterling looks for companies valued from $100 to $750 million with positive cash-flow, strong market positions, and potential to grow. Sterling avoids investments in financial services, real estate, healthcare, or information technology companies. The Sterling Group was formed in 1982 and is based in Houston, Texas.

DEAL STATS #
Overall 25 of 29
Sector (Manufacturing) 5 of 5
Type (Secondary Buyout) 11 of 15
State (New York) 1 of 1
Country (United States) 22 of 26
Year (2018) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-09 Safe Fleet

Belton, Missouri, United States

Safe Fleet is a provider of safety solutions for fleet vehicles. Safe Fleet owns a portfolio of brands that help its customers improve the safety and efficiency of their fleets, their operators, passengers and pedestrians. Safe Fleet was founded in 2013 and is based in Belton, Missouri.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-17 Artisan Design Group

Southlake, Texas, United States

Artisan Design Group is a dealer of flooring products and services, providing design, procurement, installation and quality control of flooring and complimentary products for homebuilders. ADG operates 39 distribution, design and service facilities and coordinates installation through over 800 independent contractors across 13 states. Headquartered in Southlake, Texas.

Buy -
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