FRANKFURT May 2 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
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
($1 = 0.7212 Euros)
(Reporting by Arno Schuetze. Editing by Jane Merriman)