IK Investment Partners has merged portfolio company Minimax, a German company which installs fire safety systems, with a US company in the same sector, Viking Group.
IK, a Northern European private equity firm, has invested an undisclosed amount of new money and debt into the transaction, as have Viking shareholders. Following completion of the transaction – expected before year end – IK will be remain as the combined group’s largest shareholder.
IK has been pursuing a buy-and-build strategy for Minimax since it acquired the firm in 2006. In 2007 it acquired Consolidated Fire Protection from US mid-market private equity firm Gryphon Partners for $190 million.
Other businesses to be added to Minimax include Dutch company Seafix Fire Fighting Systems and French company AAS. Financial details for these deals – both also completed in 2007 – were undisclosed.
Minimax turned over €788 million in 2008 and employs around 5,200 employees globally. Its merger with Viking will see its annual revenues increase to more than €1 billion, the firms said in a joint statement.
IK is currently investing from a €1.7 billion 2007 fund.