Funds advised by IK Investment Partners are to sell Minimax Viking to Kirkbi A/S, a Danish investment company, and Intermediate Capital Group (ICG), a specialist asset manager.
Financial details have not been disclosed.
IK acquired Minimax together with the company’s management in June 2006, at a time when the company was a regional market leader in Europe and Germany and ranked third worldwide in its market.
In the past eight years, Minimax has transformed into a global market leader with a fully integrated offering covering fire suppression products and distribution, system integration and services. It has more than doubled its revenues to approximately EUR 1.2 billion in 2013 and grown its number of employees from 3,200 to more than 7,000.
In 2007, Minimax acquired CFP, a US-based installation and service provider, which significantly improved Minimax’s position in the US. In 2009, Minimax acquired the Viking Corporation, a US-based global manufacturer and distributor of fire suppression products, forming Minimax Viking Group. The company today offers products and distribution, system integration and services. In addition, Minimax Viking has established a fast growing presence in Asia with a local production plant, and has significantly grown its service operations.
Since the acquisition of the Viking Corporation in 2009, Minimax Viking Group is owned by Funds advised by IK Investment Partners, management and the Viking family. Both management and the Viking family will remain shareholders going forward. The new majority owners, Kirkbi and ICG, intend to maintain Minimax Viking as a standalone business.
Klaus Hofmann, CEO of Minimax Viking, says: “The past eight years have seen a period of tremendous growth for the business, moving from a regional champion to a global market leader. We have worked very well with our shareholders and thank them for their support. Looking ahead, we are pleased to be entering into a partnership with Kirkbi and ICG to help continue our corporate development. We are well positioned to drive further the consolidation of the fragmented fire suppression market in Europe, US and APAC, based on our leading market position, successful M&A track record and strong integration capabilities. I would like to thank our management and employees for all their hard work in helping us get where we are today.”
Detlef Dinsel, managing partner at IK, says: “The investment in Minimax Viking has been a great success. The company commands market leading positions across the fire protection market and has successfully transformed into a global market leader with a fully integrated offering covering fire suppression products and distribution, system integration and services, more than doubling revenues to EUR1.2 billion in 2013. We thank management and all employees for their hard work over the past eight years. We are proud of having had a role in building such a fantastic company. We believe Kirkbi A/S and ICG, together with management and the Viking family, are the best possible new owners and we are confident that the company will continue to thrive under their ownership led by the existing management team.”
