Kirkland & Ellis advised Bain Capital on a definitive agreement to acquire Madison Fire & Rescue, in partnership with 3M (NYSE: MMM). Bain Capital and 3M 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. Bain Capital will own 49.9% of the new company. Under the terms of the transaction the joint venture will acquire Madison Fire & Rescue from Madison Industries for $1.95 billion. 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.

Read the transaction press release

The Kirkland team included corporate lawyers Chris Thomas, Chris Grady, Anna Grilley, Will Pretto, Chris King and Kendall Maxwell; debt lawyers Melissa Hutson, Yuli Wang and Dan Clayman; tax lawyers Mike Carew and Allison Bray; and technology & IP transactions lawyers Vlad Khodosh and Seth Pritchard.