Madison Air buys German fan-maker ebm-papst for $5.4bn
18 August 2026 
The US air quality specialist Madison Air Solutions is buying ebm-papst, the German supplier of high-performance airflow technologies and a pioneer in EC (electronically commutated) fans and motors, for $5.4bn (or $5bn net of future tax savings). The acquisition will nearly double Madison Air’s addressable market, while vertically integrating differentiated air flow technologies, and expanding its commercial and services opportunities.
The three families that currently own ebm-papst see Madison as the ideal partner for its continued growth. “With Madison,” they say, “ebm‑papst gains a new, long-term-oriented owner with strong innovative capabilities and operational scaling expertise to accelerate growth. In turn, the partnership gives Madison access to differentiated air flow technology and highly attractive markets, particularly in Europe, enabling the company to further scale its business outside North America.”
Ebm-papst’s headquarters, r&d and manufacturing operations will stay in Mulfingen, Germany. Madison Air says it intends to strengthen ebm‑papst and its more than 13,000 employees – including around 5,800 in Germany – and “stands ready to make additional investments”. Ebm-papst, founded in 1963, has more than 250 million fans installed worldwide. It is expected to generate revenues of around $2.8bn and an adjusted EBITDA of some $343m in 2026.
Last year, ebm-papst sold its Industrial Drive Technology (IDT) division to Siemens.
Chicago-based Madison Air supplies air quality systems to commercial and residential markets. Its brands include Addison, AprilAire, Big Ass Fans, Broan-NuTone, Nortek Air Solutions, Nortek Data Center Cooling and Reznor. It employs more than 9,000 people and achieved sales worth $3.5bn in 2025. Madison generates most of its business in the US, and will gain access to European markets via the ebm‑papst acquisition.
“We’re excited about the opportunities this acquisition creates for our customers, employees and shareholders, as Madison Air continues to expand our ability to deliver Return on Air and strengthen our position in attractive, growing markets,” says Madison’s president and CEO, Jill Wyant. “As a longstanding ebm-papst customer, we have a deep appreciation for its integrated airflow technology, custom engineering expertise and talented team, which complement our expertise in mission-critical applications and market reach.
“Fans enable the airflow performance our customers depend on every day,” she adds. “By combining ebm-papst’s differentiated technology with Madison Air’s application expertise, trusted customer relationships and proven operating model, we will help more customers improve uptime, efficiency, compliance and productivity in mission-critical environments. The acquisition nearly doubles our addressable market, broadens our aftermarket and services opportunity, and further strengthens our long-term growth profile. Together, we are confident we can accelerate growth, enhance performance and create significant long-term value for shareholders.”
The reasons that Madison Air gives for the acquisition include:
- Deeper vertical integration and an expanded technology portfolio The acquisition adds ebm-papst’s integrated airflow technology, supported by more than 1,200 patents, to Madison Air’s existing portfolio, and extends its capabilities across more of the air technology value chain.
- Creating a more durable growth platform The transaction adds around $30bn to Madison Air’s addressable market and broadens its commercial, aftermarket and services opportunities through a larger installed base, broader customer relationships and expanded channel presence.
- Applying Madison Air’s operating model to accelerate value creation Madison expects to achieve $160m in annual run-rate cost synergies by year three. The combination also creates opportunities for additional growth through cross-selling, and collaborative innovation.
- Bringing together complementary capabilities and cultures ebm-papst’s technological strengths, commitment to innovation and pioneering digital capabilities are said to complement Madison Air’s entrepreneurial culture, commercial reach and operational capabilities.
ebm-papst’s CEO Dr Klaus Geißdörfer says that Madison will give the business better access to the US market. “ebm‑papst is in a stronger position today than ever before. Thanks to our strategic direction, we are on a clear growth path. Our innovative core Air Technology business is growing strongly, and our data centre business is developing exceptionally well. The group still has significant potential for further development, and with Madison we have found a partner that understands exactly what defines ebm‑papst and what we need to further expand our market leadership. We will also benefit from better access to the US market.
“Since our founding more than six decades ago,” Geißdörfer adds, “ebm-papst has built a reputation on engineering excellence, innovation and earning the trust of our customers. Madison Air shares that philosophy and has demonstrated a long-term commitment to supporting entrepreneurial businesses. We are excited to join an organisation that values our people, our culture and our technology, and we look forward to what we can accomplish together.”
The three families that currently own ebm-papst see Madison as the perfect partner. “Following a careful review, we have jointly concluded that Madison Air is the ideal partner for ebm‑papst to continue its established growth path over the long term,” say Chloë McCracken, Jan Philippiak and Ralf Sturm, on behalf of the families. “Madison has focused on sustainable business development for decades. The group has an impressive position in air and cooling technology and in the US market, and the prospects in data centres and AI infrastructure are immense.
“With Madison Air, we have found a new owner that brings the necessary financial strength, a long-term entrepreneurial horizon, an impressive position particularly in the US market and its own technical solutions to help unlock ebm‑papst’s full potential in refrigeration, air-conditioning and ventilation technology,” the families add. “We firmly believe that ebm‑papst and its employees will benefit from this step, and that conviction is what mattered most to us.”
The transaction is expected to close by the end of this year.
Madison Air Solutions: LinkedIn
