3M and Bain Capital Launch $1.95B Joint Venture in Fire Safety
Industrial powerhouse 3M revealed on March 19, 2026, its definitive agreement to acquire Madison Fire & Rescue. This acquisition, in partnership with private equity firm Bain Capital, is valued at $1.95 billion. The deal will result in a new joint venture, with a focus on fire safety and rescue equipment.
As per the agreement, 3M will integrate its Scott Safety business unit into the new venture. It will receive $700 million in cash proceeds at closing and will retain 50.1% ownership. Bain Capital will possess the remaining 49.9%. Scott Safety, a manufacturer of specialized portable air supply devices for firefighters and first responders, was acquired by 3M in 2017 for approximately $2 billion.
Currently under the ownership of Chicago-based Madison Industries, Madison Fire & Rescue boasts a premier portfolio of rescue technology and fire suppression products. Its brands include Holmatro, Amkus, Task Force Tips, Fire Fighting Systems, and Waterax. The amalgamated entity aims to serve firefighters, first responders, and industrial workers with a wider product range.
3M CEO William Brown expressed that the transaction “broadens 3M’s safety portfolio, one of our priority verticals, by expanding our market reach and building scale for future growth.” The deal is set to close in the second half of 2026, subject to customary closing conditions. This strategic move follows 3M’s portfolio reshaping after its 2024 spinoff of healthcare business Solventum.
Source: 3M News