Fire protection and life safety system leaders,Viking GroupandGerman-based Minimaxare joining forces. This merger creates a combined company with more than $1.1 billion USD in sales and 6,000 employees, which will enhance each of their respective products and services available to existing and future customers across the globe.
Minimax is renowned for its installation, service, and engineering capabilities and the complete range of fire protection systems including gas-based and fire detection systems; whereas Viking Group’s technology, production capabilities, and distribution network involving fire sprinklers and related products is among the best in the industry. The new group will also benefit from a complementary geographic footprint.
Tom Groos, Chairman of Viking Group commented: “There are many complementary aspects of this combination. Minimax is an ideal partner, enabling Viking Group to offer an expanded line of non-water based products to our customers and to effectively service more markets outside of North America. We believe this transaction will be beneficial for our customers, employees, and shareholders.”
Klaus Hofmannwill remain CEO of Minimax and Tom Groos, presently serving as Chairman of Viking Group, will become Chairman of the Advisory Board of the new company. The transaction is a combined cash and stock deal where existing shareholders will remain shareholders in the new company, with IK Investment Partners - Minimax’s majority owner - remaining as the largest shareholder. The new company will be headquartered in Bad Oldesloe, Germany.
The proposed transaction is subject to customary regulatory approvals and closing conditions and is expected to close by year end.
Source: Viking Group
Report Abusive Comment