3M And Bain Capital To Acquire Madison Fire & Rescue From Madison Industries For $1.95B

3M has entered into a definitive agreement to acquire Madison Fire & Rescue from Madison Industries for $1.95 billion, partnering with Bain Capital to form a new joint venture. 3M will contribute its Scott Safety division and will receive $700 million in cash upon closing, owning 50.1% of the new entity, while Bain Capital will hold 49.9%. The acquisition aims to enhance safety solutions for firefighters and first responders by combining 3M's SCBA solutions with Madison's fire suppression technologies. The transaction is expected to close in the second half of 2026, pending customary conditions.