IK Investment Partners is selling Minimax Viking to Kirkbi and Intermediate Capital Group. Financial details have not been disclosed.
Funds advised by IK Investment Partners (“IK”) are pleased to announce their agreement to sell Minimax Viking GmbH (“Minimax Viking” or the “Company”), a leading global player in the active fire protection market, to Kirkbi A/S (“Kirkbi”), a Danish investment company, and Intermediate Capital Group plc (“ICG”), a specialist asset manager. Financial details have not been disclosed.
Hamburg – 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 successfully transformed into a global market leader with a fully integrated offering covering fire suppression products & distribution, system integration and services, thereby more than doubling its revenues to approximately EUR 1.2 billion in 2013 and growing its number of employees from 3,200 to more than 7,000. This has been achieved through a combination of organic growth and significant acquisitions forming today’s Minimax Viking Group.
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. The Company’s strong positioning is further enhanced by its propriety R&D, enabling Minimax Viking to establish a track record of product innovations.
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 stand-alone business. Kirkbi A/S is a family holding company with a long-term investment horizon, and is for example the majority shareholder of Lego A/S.
Klaus Hofmann, CEO of Minimax Viking GmbH said: “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 commented: “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 & distribution, system integration and services, more than doubling revenues to EUR 1.2 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.”
This acquisition is subject to customary conditions including anti-trust approval.
IK Investment Partners
Detlef Dinsel, Managing Partner
Tel: +49 40 369 8850
Anders Petersson, Partner
Tel: +49 40 369 8850
Charlotte Laveson, Director Communications
Tel: +44 20 7304 7136
Email: [email protected]
About Minimax Viking GmbH
Minimax Viking is the market leader in the development and supply of fire protection systems primarily for the industrial market with a special focus on special hazard situations. Minimax Viking operates an integrated business model throughout the fire protection value chain, including R&D, sourcing and manufacturing, product sales & distribution, system integration and services. Minimax Viking mainly serves the fixed fire protection market (sprinkler water systems, mist and foam systems, gas systems and industrial detection) for commercial and industrial customers from wide array of end-user industries. The company is headquartered in Bad Oldesloe, Germany.
About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in three regions; the Nordics, DACH and France / Benelux. Since 1989, IK Funds has invested in over 83 European companies, through its raised capital of over €7 billion. IK Funds invests with the management of mid-sized companies that have strong improvement potential, operating in the business services, care, industrial goods and consumer goods sectors. The current portfolio comprises 21 companies.