* 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 (Reuters) - 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 Thursday.
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 added.
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