3M will form a new joint venture to offer best-in-class safety, fire-rescue, and suppression solutions for firefighters, first responders, and industrial workers
ST. PAUL, Minn., March 19, 2026 /PRNewswire/ — 3M (NYSE: MMM) announced today that it has entered into a definitive agreement to acquire Madison Fire & Rescue, in partnership with Bain Capital. 3M and Bain Capital will establish a new joint venture in which 3M will contribute Scott Safety, receive $700M of cash proceeds upon closing and own 50.1% of the new company with Bain Capital owning 49.9%. 3M’s deep expertise and track record in the safety industry combined with Bain Capital’s capability to integrate businesses, accelerate growth and drive synergies make this an ideal partnership.
Madison Fire & Rescue offers a premier portfolio in rescue technology and fire suppression, including products offered under the Holmatro, Amkus, Task Force Tips, Fire Fighting Systems, and Waterax brands. This business aligns with 3M, sharing strengths in technology innovation, quality and reliability, and brand.
The combination of Scott’s premium Self-Contained Breathing Apparatus (SCBA) solutions with Madison Fire & Rescue’s complementary portfolio will enable the company to better serve firefighters, first responders and industrial workers.
“This strategic transaction broadens 3M’s safety portfolio, one of our priority verticals, by expanding our market reach and building scale for future growth,” said William Brown, Chairman and CEO. “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.”
Under the terms of the transaction 3M and Bain Capital will acquire Madison Fire & Rescue from Madison Industries for $1.95B. The transaction is expected to close in the second half of 2026, subject to customary closing conditions.
