In the wake of its blockbuster $2.2 billion IPO, Larry Geis’ Madison Industries is proving that even the most unglamorous companies can deliver outsized returns

Air filters, ventilation fans, air-conditioning systems, infrared heating machines; the trove of companies inside Madison Industries’ portfolio reads as more of an industrial supply catalog than a profit juggernaut. Yet a few months ago when one of its subsidiaries specializing in HVAC called Madison Air debuted on public markets raising $2.2 billion in an IPO that valued the operation at $13 billion, investors couldn’t buy up its shares fast enough. The Chicago-based company, which is one of the largest makers of air conditioning and air purification systems, is benefiting from the surge in demand for data centers, where 24-7 cooling is critical. Today Madison Air has a market cap of $20 billion, not only giving its founder Larry Geis a net worth of $6 billion, but also validating a simple but powerful playbook he has run for decades: buy seemingly mundane businesses, roll them up, and sell them at scale.

Over the last year, Geis’ roll up strategy has delivered several high-profile exits. Besides his Madison Air IPO, his Madison Industries sold its filtration unit (Madison Filtration Group) to Parker-Hannifin for $9.25 billion in November, followed by a $1.25 billion sale of its fire and safety business (Madison Fire & Rescue) to 3M and Bain Capital in March. The deals shine a light on one of the nation's least known, but most successful dealmakers.

“Man, the guy can sniff markets,” says Todd Bluehorn, former vice chair of Madison Industries. “He buys on the cheap, he sells at the peak – and when he buys, it’s from corporations who are running and he sells them to corporations who have more money than they know what to do with.”

Rollups are nothing new in the world of finance and since 2004, Geis’ Madison Industries has completed over 80 acquisitions across more than 20 countries, according to data compiled by Forbes. But Geis does not chase shiny objects like artificial intelligence startups. His focus is almost exclusively on the most unglamorous corners of the industrial economy. Madison owns dozens of companies (see table) and lists seven “verticals” or areas of focus on its website – Filtration, Medical, Safety, Energy, Industrial Solutions, Air and........

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