Barclays PE sells Minimax to Investcorp

Barclays Private Equity has sold the German fire protection systems specialist to Bahrain-based investment group for an undisclosed sum.

Two years after acquiring the company from German raw materials conglomerate Preussag, Barclays Private Equity has announced the sale of Minimax Holding, a German fire protection systems specialist based in Bad Odelsloe, Germany.

 

The business has been sold to Investcorp, the global investment group based out of Bahrain. Terms for the transaction have not been disclosed.

 

Barclays Private Equity paid an undisclosed sum for Minimax Holding in 2001. The business manufactures mobile and stationary fire protection devices.

 

Minimax is served by a network of offices across 50 locations in Germany, with representative offices in Europe, Asia, North America, and the Middle East. The company employs 3300 people.

 

Last year, Minimax reported what it described as its best results in its more than 100-year history. Turnover remained steady at E380m (2001: E383m), EBIT more than doubled to E30.3m (2001: E13.2m). The company also repaid all E100m of its banking obligations.

 

Minimax management and Investcorp said that growth would be achieved through new products and services, as well as by entering new markets. Minimax chief executive Klaus Hofmann said the business might consider undertaking an IPO in 2006.

 

Peter Hammermann, managing director, Barclays Private Equity Germany, declined to give further details about the financial return on the deal, although he said it was ‘attractive’: “The company managed to access new markets by strengthening its sales forces and streamlining its cost base and focussed on strategic business units by disposing of some of their less efficient international branches. Minimax is now well prepared for its next stage of expansion.”

 

As part of the transaction a group of Minimax managers, led by Klaus Hofmann, will increase their ownership in the company. The former and new chairman of the supervisory board, Dietrich Rümker, and almost all other senior managers, continue in their current roles. Investcorp will take two seats on the supervisory board.

 

Dresdner Kleinwort Wasserstein has been mandated to lead arrange the provision of debt facilities for the transaction.