3M has partnered with Bain Capital to acquire Madison Fire & Rescue for $1.95bn. As part of the transaction, 3M will contribute its Scott Safety breathing apparatus division to a newly formed fire and safety platform and receive $700m in cash upon completion, according to a report by Bloomberg.
The company will retain a 50.1% controlling stake, while Bain Capital will hold the remaining interest.
The acquisition will see the partners purchase Madison Fire & Rescue from Madison Industries. The deal is expected to close in the second half of the year, subject to customary conditions.
Madison Fire & Rescue manufactures a range of specialised equipment used by emergency responders, including extrication tools and fire suppression products sold under brands such as Holmatro, Amkus and Task Force Tips.
3M said combining its Scott Safety unit π known for self-contained breathing apparatus – with Madison’s broader product suite will enhance its ability to serve firefighters, first responders and industrial safety customers.
