By Colin Kellaher
3M is teaming up Bain Capital to buy Madison Fire & Rescue for $1.95 billion as part of a deal to form a new fire and safety venture.
3M on Thursday said it will contribute its Scott Safety breathing-apparatus unit to the venture and receive $700 million in cash at closing, adding that it will own 50.1% of the new company, with private-equity firm Bain holding the rest.
3M and Bain are buying Madison Fire & Rescue, which sells a portfolio of rescue technology and fire-suppression products that includes Holmatro and Amkus extrication tools and Task Force Tips nozzles, from privately held Madison Industries in a deal slated to close in the second half of the year.
St. Paul, Minn., manufacturing giant 3M said the combination of Scott's self-contained breathing apparatus products with Madison Fire & Rescue's portfolio will help the company better serve firefighters, first responders and industrial workers.
Boston-based Bain, which invests across a wide range of sectors, has about $215 billion in assets under management.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
03-19-26 1230ET
