Madison Fire & Rescue acquired by 3M & BAIN CAPITAL

Announced on 19 March 2026, private equity firm Bain Capital and industrial conglomerate 3M entered into a definitive agreement to orchestrate a complex cross-border corporate carve-out of Madison Fire & Rescue from its parent entity, Madison Industries, establishing an independently capitalized global joint venture. The acquisition structure relies on a collaborative partnership mechanism designed to combine complementary assets while optimizing balance sheet deployment. As part of the definitive terms, 3M contributes its specialized Scott Safety division—a provider of Self-Contained Breathing Apparatus (SCBA), thermal imaging cameras, and gas detection systems—directly into the newly formed operating company. In exchange for the asset contribution, 3M receives $700 million in upfront cash proceeds at closing while securing a controlling 50.1% equity interest in the recapitalized platform. Bain Capital deploys institutional private equity capital to acquire the remaining 49.9% minority stake, partnering alongside 3M to provide ongoing governance, operational support, and programmatic M&A execution capabilities. The strategic rationale centers on vertically integrating Scott Safety’s personal protective equipment (PPE) and respiratory protection systems with Madison Fire & Rescue’s active suppression, fluid delivery, and hydraulic extrication tools. By unifying established brands such as Holmatro, AMKUS, Task Force Tips (TFT), Fire Fighting Systems (FFS), and Waterax under a single operational umbrella, the joint venture creates a scaled, end-to-end mission-critical safety provider. The combined entity benefits from defensive end-market fundamentals across municipal, industrial, and wildland emergency response segments, underpinned by mandatory regulatory certifications and replacement-driven purchasing cycles. For Bain Capital, the transaction serves as a foundational platform investment within a fragmented, non-discretionary safety and survival sector, positioning the business to execute targeted bolt-on acquisitions across adjacent emergency response verticals. For 3M, the carve-out accelerates vertical scale and commercial reach in high-priority safety markets while monetizing a material equity stake in Scott Safety. This operational divestiture aligns with 3M's multi-year portfolio optimization program following the healthcare spin-off of Solventum. Madison Industries was advised on the carve-out transaction by Lincoln International, acting as exclusive financial adviser, with Paul Hastings providing comprehensive legal and transactional counsel. Completion of the transaction remains subject to customary closing conditions, antitrust reviews, and regulatory clearances across relevant jurisdictions.