Madison Industries

Stories

Madison Air raises $2.25B in private placement for ebm-papst acquisition

Controlling stockholder of Madison Air

Madison Air is selling $2.25 billion of its own stock, priced at $24.97 a share, to fund its $5 billion purchase of German fan-maker ebm-papst. Chairman Larry Gies and his affiliate are buying $620 million of the offering themselves.

Updated Aug 26

3M carves out fire safety business in joint venture with Bain Capital

Money Moves

Selling Madison Fire & Rescue division

3M bought its Scott Safety breathing-apparatus business for $2 billion in 2017. Nine years later, it's merging the unit with rescue-tool maker Madison Fire & Rescue in a $1.95 billion joint venture with Bain Capital, keeping 50.1% ownership and getting $700 million in cash. The new entity will sell breathing gear, hydraulic rescue tools, suppression nozzles, and portable wildland pumps under brands like Holmatro, Task Force Tips, and Waterax.

Updated May 30