* IK sells majority stake to Kirkbi A/S and ICG Plc
* Minimax management, Viking family to remain shareholders
* IK says earned 2.3 times its investment in company
(Adds company comment, detail)
FRANKFURT, June 12 IK Investment Partners has
sold a majority stake in German industrial fire protection
systems maker Minimax Viking in a deal that values the group at
$1.9 billion, two people close to the transaction said on
IK Investment Partners said earlier it had sold its
two-thirds stake in Minimax Viking to Danish family holding
Kirkbi A/S - the majority shareholder of toy maker Lego A/S -
and asset manager Intermediate Capital Group Plc.
Minimax Viking focuses on particular fire hazards using mist
and foam systems and says it is the No. 3 player in the world
behind Tyco and United Technologies.
IK did not reveal financial details of the transaction but
said the new owners intended to maintain the company as a
stand-alone business. Minority owners the Viking family and the
company's own management also intend to remain shareholders, it
IK acquired Minimax in 2006 from Investcorp backed with 530
million euros of loans. The business has grown considerably
since a 2007 acquisition of Consolidated Fire Protection in the
United States and a merger with U.S. rival Viking in 2009.
Detlef Dinsel, managing partner at IK, said revenue at
Minimax Viking had more than doubled over the last eight years
to reach 1.2 billion euros in 2013.
"We earned 2.3 times our (equity) investment," Dinsel said,
without giving further detail.
Around two-thirds of Minimax Viking's revenue comes from
service and maintenance contracts and the remainder from new
installations, he said.
Minimax Viking has more than 7,000 employees and achieved
earnings before interest, tax depreciation and amortisation of
134.5 million euros in 2013.
($1 = 0.7345 Euros)
(Reporting by Alexander Huebner and Jonathan Gould; Editing by
Thomas Atkins and Mark Potter)