Dive Brief:
- Chemical giant 3M and private equity firm Bain Capital announced on Thursday that they have entered into a definitive agreement to acquire a rescue and fire system subsidiary from Madison Industries for $1.95 billion.
- The company, Madison Fire & Rescue, will be part of a joint venture between 3M and Bain Capital, with 3M owning 50.1% and Bain owning the remaining 49.9%, according to the press release.
- Additionally, 3M will transfer its Scott Safety brand self-contained breathing apparatus products to the new company. The chemical maker is set to receive $700 million in cash proceeds upon closing, expected in the second half of 2026.
Dive Insight:
3M has been in the fire and safety business for decades. In the 1960s, 3M collaborated with the Naval Research Laboratory to develop a film-forming foam with fluorocarbon surfactants, according to the company’s PFAS website. The Navy patented the foam in June 1966.
The company later phased out the foam laced with per- and polyfluoroalkyl substances in the early 2000s.
Madison Fire & Rescue’s portfolio features rescue technology and fire suppression products offered by name brands Holmatro, Task Force Tips, Amkus, Waterax and Fire Fighting Systems.
With 3M’s Scott brand SCBA joining the lineup, Madison Fire & Rescue’s portfolio aligns with 3M’s shared “strengths in technology innovation, quality and reliability, and brand,” per the press release. Moreover, it would help the chemical company better serve firefighters, first responders and industrial workers.
Furthermore, 3M’s expertise and record in the safety industry, combined with Bain Capital’s “capability to integrate” businesses and boost growth, makes the joint venture “an ideal partnership,” the chemical manufacturer said in the press release.
“This strategic transaction broadens 3M’s safety portfolio, one of our priority verticals, by expanding our market reach and building scale for future growth,” William Brown, 3M chairman and CEO, said in a statement. “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.”
Madison Fire & Rescue has over 700 employees and eight manufacturing facilities across five countries, according to its website. Under the new joint venture, Madison Fire & Rescue will maintain its expertise and leadership teams that have been involved with the safety and fire service brands, the company said in its press release.
Kristofer Howard, who currently serves as president and CEO of Madison Safety & Flow, has been appointed as CEO of the new joint venture.
“Our mission is to support the people who operate in the most challenging and high-risk environments,” Howard said in a statement. “From firefighters and emergency responders to workers in industrial settings such as mining, energy, and heavy industry, these professionals depend on equipment they can trust with their lives. This partnership brings together brands that share a deep commitment to that responsibility.”
The pending joint venture reflects 3M’s “Excellence” strategy that it has been implementing since February 2025, focusing on accelerating growth in innovation, commercial and operations.
The strategy included the manufacturing company investing $3.5 billion in research and development, with the aim of launching 1,000 products over the next three years.
3M’s safety and industrial segment makes up 60% of its business, which is continuing to do “reasonably well,” Brown said at a JPMorgan industrials conference on March 17. Industrial and safety sales were up 3.9% to approximately $11.4 billion in 2025, driven by “demand in key underlying markets and commercial excellence,” according to a securities filing.
