3M Fire deal sets out joint venture structure
3M has agreed to acquire Madison Fire & Rescue with Bain Capital through a new joint venture, with the transaction announced on 19 March and expected to close in the second half of 2026.
3M said it will contribute Scott Safety to the new company, receive $700M in cash proceeds on closing and hold a 50.1% stake, with Bain Capital holding 49.9%.
Under the terms of the agreement, 3M and Bain Capital will acquire Madison Fire & Rescue from Madison Industries for $1.95B.
The business includes rescue technology and fire suppression products sold under the Holmatro, Amkus, Task Force Tips, Fire Fighting Systems and Waterax brands.
Scott Safety and Madison Fire & Rescue products
According to 3M, the new company will combine Scott Safety’s premium Self-Contained Breathing Apparatus (SCBA) solutions with Madison Fire & Rescue’s wider product portfolio.
The company said the combined business is intended to serve firefighters, first responders and industrial workers.
William Brown, Chairman and CEO of 3M, said: “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.”
The transaction remains subject to customary closing conditions.