MINIMAX fire detectors


Direct investment

A global leader in industrial and commercial fire protection solutions.

Key Stats

  • Region: Germany​
  • Date invested: 2018​
  • Sector: Industrials​
  • Underlying manager: ICG
In July 2018, ICG Enterprise made a co-investment of €14m in Minimax alongside ICG Europe VI, ICG Europe VII and ICG plc.

Minimax is an international provider of industrial and commercial fire protection solutions with over 110 years of experience and c. 8,200 employees. The business has one of the broadest product portfolios among leading sector players offering water, foam and gas-based fire suppression systems, related electronics and support services. Minimax is the only pure-play fire protection company among the global top three and is one of only two global players who can offer fire suppression products, systems and services under all major global certifications.

We believe Minimax represents an attractive co-investment opportunity due to its market leading position and future growth potential, which is underpinned by the continuing expansion of fire protection regulations and certification requirements driving demand for the installation and servicing of fire protection systems. Minimax operates in a sector with high barriers to entry and has a highly defensive business model, with strong cash flow conversion and over 50% of its revenue recurring. It is led by a proven management team and CEO who has been with business since 2002.

ICG has been invested in Minimax for more than 12 years, having originally supported IK’s buyout of the business in 2006, supporting the acquisitions of CFP in 2007 and Viking in 2009. Since ICG’s initial involvement, Minimax has demonstrated performance materially ahead of the underlying market.​

ICG Enterprise Trust is invested in both the equity and subordinated debt of Minimax.