Madison Industries Acquires Specified Air Solutions from The Sterling Group

Madison Air Solutions to Acquire ebm-papst for $5.4B

August 17, 2026

Industrial Services

Madison Air Solutions Corporation entered into a definitive agreement to acquire German airflow technology provider ebm-papst for an enterprise purchase price of about $5.4 billion (about $5.0 billion net of future tax savings). The acquisition is expected to close around year-end, subject to regulatory approvals and customary closing conditions, and is designed to expand Madison Air’s air technology and data-center cooling capabilities.

AirX Climate Solutions Acquires Northern Air Systems

March 19, 2026

HVAC & Mechanical

AirX Climate Solutions, Inc. acquired Northern Air Systems, Inc. to strengthen its mission-critical and specialty HVAC capabilities. Northern Air’s engineering and manufacturing capabilities for complex applications will be integrated into AirX’s HVAC portfolio, with Northern Air founder Tim Confer transitioning to a strategic advisor role and Will Rausch leading operations as general manager.

Midland Industries Acquires Industrial Specialties Manufacturing (ISM)

March 9, 2026

Industrial Services

Midland Industries, a portfolio company of Gemspring Capital, announced its acquisition of Industrial Specialties Manufacturing, LLC (ISM). The deal expands Midland’s product portfolio in pneumatic, vacuum, and fluid-control components and broadens ISM’s OEM and distribution-channel exposure; financial terms were not disclosed.

Flow Service Partners Acquires Dynamic Air Solutions

May 31, 2024

HVAC & Mechanical

Flow Service Partners, a PE-backed commercial HVACR and plumbing platform, has acquired Dynamic Air Solutions, a Louisville-based commercial and industrial HVAC specialist. The add-on expands Flow's service capabilities and operational density in Kentucky and southern Indiana; financial terms were not disclosed.

Madison Industries' IAQ Vertical Acquires Big Ass Fans from Lindsay Goldberg

July 19, 2021

Manufacturing

Madison Industries’ Indoor Air Quality vertical (Madison IAQ) has agreed to acquire Big Ass Fans from funds managed by Lindsay Goldberg. Financial terms were not disclosed; the deal is expected to close in Q3 2021 and expands Madison’s indoor air quality and airflow product portfolio.

HomeServe USA Acquires Sterling Air Services

December 16, 2020

HVAC & Mechanical

HomeServe USA acquired Sterling Air Services, a Mesa, Arizona-based HVAC and plumbing services provider, to expand its presence in the Phoenix East Valley. Sterling — founded by Joel and Anastasia Harris and operating with a ~12-technician team serving residential customers — will join HomeServe's regional operations to broaden service capacity and local coverage.