Manufacturing giant 3M announced Thursday it will partner with investment firm Bain Capital to acquire Madison Fire & Rescue from Madison Industries in a deal valued at $1.95 billion.
The acquisition will establish a new joint venture focused on fire and safety equipment, with 3M holding a majority 50.1% stake while Bain Capital will control the remaining 49.9% ownership.
As part of the agreement, 3M plans to merge its Scott Safety division into the newly formed venture and will receive $700 million in cash when the transaction finalizes.
Company officials expect the acquisition to reach completion during the latter half of 2026.
