3M and Bain Capital agreed to acquire Madison Fire & Rescue, an Oak Park, Illinois-based fire-suppression technology firm, for $1.95 billion. The deal, set to close in mid-2026, will merge the target with 3M’s Scott Safety division to create a unified fire and safety platform. 3M will receive $700 million in cash and retain a 50.1% controlling stake, while Bain holds the remainder. William Brown, 3M’s chairman and CEO, emphasized the acquisition aligns with the company’s focus on expanding its safety portfolio and building scale for long-term growth. Madison Fire & Rescue’s expertise in firefighting technology and product innovation will bolster 3M’s ability to compete in a sector prioritizing advanced safety solutions.