GP-Leds

ICG explores single-asset continuation fund for fire protection asset

ICG and Kirkbi A/S acquired Minimax in 2014 with ICG and co-investors acquiring Kirkbi's stake in 2018.

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Intermediate Capital Group’s private equity business is eyeing the secondaries market for one of its assets, Secondaries Investor has learned.

The London-headquartered asset manager is considering a single-asset continuation fund, two sources told Secondaries Investor. The asset in question is Minimax, a German company specialising in fire protection, one of the sources said.

Lazard is advising on the transaction, three sources confirmed. It is unclear whether the deal has formerly launched at this stage.

ICG and Kirkbi A/S, a Danish investment firm, acquired Minimax from UK-headquartered IK Investment Partners in 2014, according to a statement from IK. ICG and co-investors bought all of Kirkbi’s shares in Minimax in 2018, according to a statement from Kirkbi.

ICG and Lazard declined to comment.

ICG and Lazard previously worked together closing a single-asset continuation fund vehicle for European retirement home operator DomusVi Group in 2021, Secondaries Investor reported at the time. The approximately €700 million vehicle was backed by a group of investors led by Glendower Capital.

European GP-led transactions made up 27 percent of the $48 billion of global GP-led transaction volume seen in 2023, according to Lazard’s Secondary Market Report 2023.

European secondaries recovered well in the first half of last year. However, activity in the region slowed in the second half as buyers became more cautious following the outbreak of the war in Gaza, the report detailed.

Last month, it emerged Lazard is advising CVC Capital Partners on its single-asset continuation fund process for Italian online university group Multiversity. The adviser also guided Permira through its multi-asset continuation fund, with Coller Capital, Ardian and Glendower Capital emerging as lead buyers.