Industrial and consumer supplies manufacturing conglomerate 3M and investment firm Bain Capital are forming a fire and safety business via a nearly $2 billion joint venture.

The duo announced March 19 that they are acquiring Madison Fire & Rescue — a manufacturer of rescue technology and fire-suppression products — from Madison Industries for $1.95 billion. Meanwhile, 3M will spin off its Scott Safety breathing apparatus business and combine with Madison Fire & Rescue to form a new company.

3M is set to receive $700 million in cash at closing and will own 50.1% of the new company, with Bain owning the rest.

The companies expect the transaction to be completed in the second half of 2026.

Oak Brook, IL-based Madison Fire & Safety’s products are sold under brands that include Holmatro, Amkus, Task Force Tips, Fire Fighting Systems and Waterax brands.

“Our mission is to support the people who operate in the most challenging and high-risk environments,” said Kristofer Howard, CEO of the newly formed join venture in a March 18 news release. “From firefighters and emergency responders to workers in industrial settings such as mining, energy, and heavy industry, these professionals depend on equipment they can trust with their lives. This partnership brings together brands that share a deep commitment to that responsibility.”

Once combined with Scott Safety, 3M said the resulting portfolio of brands will enable the company to better serve firefighters, forest responders and industrial workers.

Bain manages approximately $215 billion in assets in its portfolio.