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Minimax, one of the world’s leading global suppliers of fire protection systems and services, focused on solutions for industrial and special hazards, was acquired by ICG in July 2018 with co-investment by ICG Enterprise.
Key stats
Region Germany
Date invested 2018
Sector Industrials
Underlying manager ICG
Portfolio High conviction

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

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Share price (ICGT)

-14.00P (-1.30%)
9:22PM 1 Jul 2022
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NAV per share

As of 30 April 2022
Full year results for the twelve months ended 31 January 2022
Year Net assets NAV per share Share price Dividends per share
Jan 2022 £1,158m 1,690p 1,200p 27p
Jan 2021 £952m 1,384p 966p 24p
Jan 2020 £794m 1,152p 966p 23p
Jan 2019 £731m 1,057p 822p 22p
Jan 2018 £664m 959p 818p 21p
Jan 2017 £613m 871p 698p 20p
Jan 2016 £521m 731p 545p 11p
Jan 2015 £507m 695p 575p 15.5p
Jan 2014 £494m 677p 563p 15.5p
Jan 2013 £460m 631p 487p 5p
Jan 2012 £415m 569p 357p 5p
Jan 2011 £389m 534p 308p 2.25p
Dec 2009 £338m 464p 305p 2.25p
Dec 2008 £327m 449p 187p 4.5p