(Reuters) – IK Investment Partners has asked rival buyout groups to submit bids for Germany-based fire extinguisher maker Minimax by the end of this month, three people familiar with the process told Reuters.
IK has sent out information on Minimax – a so called vendor due diligence report – and arranged management presentations for private equity groups such as Blackstone, Cinven, Permira, CVC and Onex, they said.
It is hoping to attract tentative offers valuing the company at 1.3 billion euros ($1.8 billion), which would allow it to double the money it invested in the group, they added.
Minimax, one of the world’s largest fire equipment suppliers, has roughly 1.1 billion euros in annual sales and earnings before interest, taxes, depreciation, and amortisation of about 130 million euros.
IK bought Minimax in 2006 from Investcorp for an undisclosed amount, financing the deal with 530 million euros in bank loans. At that point the company had revenues of less than 500 million euros a year, but it has since grown considerably, taking over U.S. rival Viking Group in 2009.
IK Investment, Blackstone and Permira declined to comment, while Cinven, CVC and Onex were not immediately available for comment.Get your FREE trial or subscribe now to Buyouts to find new deal opportunities, super-charge your fundraising efforts and track top managers.