IK Investment plans sale of German fire extinguisher maker Minimax
24 Nov 2012
Private equity firm IK Investment Partners has put German fire extinguisher maker Minimax Viking GmbH on the block, Reuters yesterday reported, citing unnamed sources.
London and Stockholm-based IK Investment, which focuses on buying mid-sized companies in the Nordic and Benelux region, plans to hire advisory banks early next year and launch the sale process within the first half of the year, the report said,
Minimax, which had sales of nearly €1 billion ($1.3 billion) in 2011, could attract bids from US technology groups Honeywell and United Technologies as well as from rival private equity firms.
Founded in 1902 by Wilhelm Graaff and based in Bad Oldesloe, Germany, Minimax was earlier known as Minimax GmbH & Co. KG and changed its name to Minimax Viking GmbH in 2009.
It was acquired by IK Investment and its management team in 2006 from another PE firm Investcorp.
Minimax develops and manufactures fire protection solutions in Europe. It offers structural fire protection systems, fire detection systems, fire extinguishers, systems for fire vehicles, extinguishing water technology, foam extinguishing systems, active fire prevention systems, water extinguishing systems, and undercover sprinkler pipes.
Its products are used in automatic park systems, paint spraying systems, spark extinguishing systems, high-bay warehouses, industrial kitchens, telecommunications/EDP applications, server rooms, ships, ship balconies, and others.
After acquiring its US rival Viking Group in 2009, Minimax is now the world's third-largest fire equipment supplier with a vast majority of its sales coming from China and the US.
