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, it's merging the unit with rescue-tool maker Madison Fire & Rescue in a $1.95 billion joint venture with Bain Capital, keeping 50.1% ownership and getting $700 million in cash. The new entity will sell breathing gear, hydraulic rescue tools, suppression nozzles, and portable wildland pumps under brands like Holmatro, Task Force Tips, and Waterax.

Updated May 30