Bain Capital

Money Moves

49.9% partner in fire safety joint venture

3M bought its Scott Safety breathing-apparatus business for $2 billion in 2017. Nine years later, the company is packaging it into a joint venture with Bain Capital, combining it with rescue-tool maker Madison Fire & Rescue in a $1.95 billion deal that hands 3M $700 million in cash while keeping 50.1% ownership. The new entity will sell everything a firefighter touches—breathing gear, hydraulic rescue tools, suppression nozzles, and portable wildland pumps—under brands including Holmatro, Task Force Tips, and Waterax.

Updated 3 hours ago