Madison Industries Agrees to Sell Madison Fire & Rescue to 3M and Bain Capital for $1.95 Billion
Madison Fire & Rescue
Madison Fire & Rescue provides mission-critical fire suppression and rescue equipment used by first responders across municipal, industrial and wildland end markets. The company operates through a portfolio of well-known brands—including Holmatro, AMKUS, Task Force Tips, Fire Fighting Systems and Waterax—and offers highly engineered products designed for demanding, life-critical environments. Its portfolio spans rescue technologies and fire suppression solutions, with strong positions in rescue tools, nozzles, monitors, control systems and wildland pumps. The company employs approximately 1,000 team members globally, protects customers in more than 150 countries and supports a portfolio associated with more than 24,000 documented civilian rescues.
The business combines premium performance, deep technical and application expertise and a highly embedded customer position. Madison Fire & Rescue generates approximately 75% recurring revenue, maintains customer retention above 98% and benefits from long-tenured dealer relationships and installed-base driven replacement cycles. The platform has also built a strong reputation for firefighter training and end-user engagement, reaching first responders through department trainings, academies and field support.
The Deal
Madison Fire & Rescue, an affiliate of Madison Industries, has built a scaled platform of fire suppression and rescue brands serving firefighters, first responders and industrial end users across attractive safety categories. Madison Industries entrusted Lincoln International given its experience in the safety sector and the depth of its buyer relationships.
Under the terms of the transaction, 3M and Bain Capital will acquire Madison Fire & Rescue from Madison Industries for $1.95 billion. In connection with the acquisition, 3M and Bain Capital will establish a new joint venture in which 3M will contribute Scott Safety, receive $700 million of cash proceeds upon closing and own 50.1% of the new company, with Bain Capital owning 49.9%. The transaction is expected to close in the second half of 2026, subject to customary closing conditions.
The combination of Scott’s premium Self-Contained Breathing Apparatus (SCBA) solutions with Madison Fire & Rescue’s complementary portfolio will enable the company to better serve firefighters, first responders and industrial workers. The transaction is expected to strengthen the combined company’s ability to invest in innovation and growth, while also aligning closely with 3M’s core strengths in technology, quality, reliability and brand.
Our Perspective
Bobby Reifman, Lincoln International Managing Director and execution lead, commented, “Madison Fire & Rescue has established itself as a premier platform in the global fire and rescue market, backed by a portfolio of trusted brands and a strong track record of growth. Madison Industries has built a remarkable business through thoughtful investment and long-term stewardship. We believe 3M and Bain Capital are the right partners to support the company’s next phase of expansion and innovation.”
Madison Industries
Madison is one of the largest and most successful privately held companies in the world. Madison builds entrepreneurially driven, branded market leaders that are committed to making the world safer, healthier and more productive by creating innovative solutions that deliver outstanding customer value. The team at Madison is committed to building something truly remarkable that long outlasts them while coaching others to reach their highest potential. Learn more at www.madison.net.
3M / Bain Capital
3M (NYSE: MMM) is a global diversified technology company with leading positions across safety, industrial and consumer end markets. Through its Scott Safety business, 3M has a long history of serving fire and rescue professionals with trusted respiratory protection and safety equipment used in demanding environments around the world. Together, 3M and Bain Capital will combine Madison Fire & Rescue with Scott Safety to create a scaled fire and safety platform with a broader product offering, expanded global reach and greater capacity to invest in innovation and growth. Learn more at www.3m.com.
Bain Capital is one of the world’s leading private investment firms, with deep experience partnering with management teams to build and grow market-leading businesses. Together, 3M and Bain Capital will combine Madison Fire & Rescue with Scott Safety to create a scaled fire and safety platform with a broader product offering, expanded global reach and enhanced ability to invest in innovation and growth. Learn more at www.baincapital.com.
Meet our Senior Team
My goal is to inspire and motivate our people to make a true impact with their clients, their colleagues and their communities.
Robert Brown
CEO | Managing Director | GP-Director
Chicago
There is nothing more satisfying than completing a deal and seeing the true advisory value we brought to the situation, and the excitement of the client.
Robert Reifman
Managing Director & Co-Head of Industrials
Chicago
I am a rigorous advocate for my clients with a hands-on, communicative approach and provide industry and financial expertise to deliver external perspective and outstanding results.
Luke Webb
Managing Director & Co-Head of Business Services, U.S.
Chicago
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