3M announced that it has entered into a definitive agreement to acquire Madison Fire & Rescue in partnership with Bain Capital, forming a new joint venture focused on fire, safety, and rescue solutions. The transaction values Madison Fire & Rescue at $1.95 billion and is expected to close in the second half of 2026, subject to customary conditions.
As part of the deal, 3M will contribute its Scott Safety business to the joint venture while receiving $700 million in cash proceeds at closing. The new entity will be majority-owned by 3M with a 50.1% stake, while Bain Capital will hold 49.9%.
The combined business will bring together Scott Safety’s self-contained breathing apparatus (SCBA) systems with Madison Fire & Rescue’s portfolio of rescue and fire suppression technologies. Madison Fire & Rescue’s brands include Holmatro, Amkus, Task Force Tips, Fire Fighting Systems, and Waterax.
3M said the transaction strengthens its position in the safety sector, which it has identified as a priority growth vertical. The company expects the combined capabilities to enhance its ability to serve firefighters, first responders, and industrial workers, while also improving margins and generating strong free cash flow.
Bain Capital will contribute its experience in integrating businesses and driving operational efficiencies, which 3M believes will help accelerate growth and unlock synergies within the new venture.
The joint venture is expected to leverage both companies’ strengths in innovation, product quality, and global reach to expand its market presence in fire and safety equipment.
KEY QUOTE:
“This strategic transaction broadens 3M’s safety portfolio, one of our priority verticals, by expanding our market reach and building scale for future growth. It positions us to enhance margins and generate strong free cash flow, and enables continued investment in innovations that create value for customers and shareholders.”
William Brown, Chairman And CEO, 3M
