3M and Bain Capital to acquire Madison Fire & Rescue for $1.95B

The deal expands 3M's safety portfolio and boosts cash flow.

Mar. 19, 2026 at 10:55am

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3M (NYSE: MMM) is partnering with investment firm Bain Capital to acquire Madison Fire & Rescue from Madison Industries for $1.95 billion. Under the terms of the transaction, 3M and Bain Capital will establish a new joint venture in which 3M will contribute its existing fire and safety business.

Why it matters

The acquisition allows 3M to expand its safety and fire protection product offerings, which are high-margin businesses that can provide steady cash flow. Madison Fire & Rescue is a leading manufacturer of fire trucks, ambulances, and other emergency response vehicles, complementing 3M's existing safety and personal protective equipment lines.

The details

The $1.95 billion deal will see 3M and Bain Capital form a new joint venture to acquire Madison Fire & Rescue from its parent company, Madison Industries. 3M will contribute its existing fire and safety business assets to the new entity, which will be majority-owned by Bain Capital.

  • The transaction is expected to close in the third quarter of 2026.

The players

3M

A diversified technology company that produces a wide range of products, including personal protective equipment, safety solutions, and fire protection systems.

Bain Capital

A leading global private investment firm that partners with companies to accelerate their growth and transform their businesses.

Madison Fire & Rescue

A manufacturer of fire trucks, ambulances, and other emergency response vehicles, which is being acquired by the 3M-Bain Capital joint venture.

Madison Industries

The parent company of Madison Fire & Rescue, which is selling the business to the 3M-Bain Capital joint venture.

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What’s next

The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals and other customary closing conditions.

The takeaway

The acquisition of Madison Fire & Rescue allows 3M to strengthen its position in the high-margin safety and fire protection equipment market, while also providing a steady stream of cash flow through the addition of the emergency vehicle manufacturing business.