Fortissimo Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Fortissimo Capital has acquired 3 companies. It has also invested in 2 others.

Fortissimo Capital’s most common sectors for investment are software (16%) and communications (12%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (36%) and growth capital (16%). In total, Fortissimo Capital has invested in 3 US states and 5 different countries. Its largest (disclosed) acquisition occurred in 2015 when it acquired Fishman Thermo Technologies for $159M.

In the last 3 years, Fortissimo Capital has exited 4 companies. The Firm’s most common exit type is trade sale (45%). Fortissimo Capital’s largest (disclosed) exit occurred in 2011 when it sold Cadent for $190M.

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M&A Summary

  • M&A Total Activity34
    • M&A Buy Activity25
    • M&A Sell Activity9
  • Total Sectors Invested 15
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 7
  • M&A Advisors 1

Fortissimo Capital

HaArba’a Towers – Southern Building, 31st floor,
Tel Aviv, 6473926
Israel
+972 3 915 7400
www.ffcapital.com
info@ffcapital.com

Fortissimo Capital is a private equity firm that targets investments in private and public Israeli companies. The Firm looks to invest in technology-based and industrial companies that require capital to expand. Fortissimo focuses on companies operating in high growth markets with proven sales, consistent revenue streams, and strong customer bases. Fortissimo will consider a variety of transaction situations including spinouts, selling shareholders, growth capital financings, and special situations. Fortissimo Capital was formed in 2004 and is based in Tel Aviv.


Investment Criteria

Sectors of Interest: Information Technology, Internet Software and Services, Machinery, Manufacturing, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Special Situations/Distressed, PIPE

Geographic Preferences: Middle East

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.0/yr) # 20 - 2 1 2 - 25
vol $304M $100M $404M
Sell (0.8/yr) # 5 - 1 1 1 1 9
vol $388M $60M $51M $498M
  34

Most Recent M&A

Company Date Value Type
Priority Software Ltd. 2020-10-05 - Stake Purchase
Rosh Haayin, Israel · www.priority-software.com
Biological Industries Israel Beit Haemek Ltd. 2019-12-05 51M EUR Add-on Acquisition
Haifa, Israel · www.bioind.com
Polytex Technologies Ltd. 2019-09-05 - Growth Capital
Caesarea, Israel · www.polytex-technologies.com
Salt Of The Earth Ltd. 2019-01-16 - Secondary Buyout
Atlit, Israel · www.saltoftheearthltd.com
2BSecure Ltd. 2018-10-02 - Add-on Acquisition
Zurich, Switzerland · www.starhomemach.com
Gadot Biochemical Industries Ltd. 2018-05-02 - Divestiture
Haifa Bay, Israel · www.gadotbio.com
Solynta 2017-11-28 - Venture
Wageningen, Netherlands · www.solynta.com
DIP Tech Ltd. 2017-08-02 60M USD Add-on Acquisition
Kfar Saba, Israel · www.dip-tech.com
Tuttnauer Europe B.V. 2017-07-02 100M USD Buyout (LBO, MBO, MBI)
Breda, Netherlands · www.tuttnauer.com
Fishman Thermo Technologies Ltd. 2015-10-29 159M USD Secondary Buyout
Misgav, Israel · www.fishman-tt.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Salt Of The Earth Ltd. 2019-01-16 Sugat 2019-11-06 1
Atlit, Israel · www.saltoftheearthltd.com , Israel · www.sugat.com

M&A by Sector

Sector Current # Value All-time # Value
Software 1 (8%) - 4 (16%) 55M (14%)
Communications 1 (8%) - 3 (12%) 80M (20%)
Technology Hardware 1 (8%) - 3 (12%) -
Manufacturing 1 (8%) - 2 (8%) 159M (39%)
Agriculture 2 (17%) - 2 (8%) -
Publishing - - 2 (8%) -
Medical Products 1 (8%) 100M (100%) 1 (4%) 100M (25%)
Consumer Services - - 1 (4%) 10M (3%)
Aerospace 1 (8%) - 1 (4%) -
Beverages - - 1 (4%) -
Chemicals 1 (8%) - 1 (4%) -
Consumer Products 1 (8%) - 1 (4%) -
Information Technology 1 (8%) - 1 (4%) -
Machinery 1 (8%) - 1 (4%) -
Safety/Security - - 1 (4%) -
Total 12 $100M 25 $404M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Israel 7 (58%) - 18 (72%) 224M (55%)
United States 2 (17%) - 3 (12%) -
  New York 1 (8%) - 1 (4%) -
  California 1 (8%) - 1 (4%) -
  Florida - - 1 (4%) -
Netherlands 2 (17%) 100M (100%) 2 (8%) 100M (25%)
New Zealand 1 (8%) - 1 (4%) -
Switzerland - - 1 (4%) 80M (20%)
Domestic 7 (58%) - 18 (72%) 224M (55%)
Cross-border 5 (42%) 100M (100%) 7 (28%) 180M (45%)
Total 12 $100M 25 $404M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (33%) 100M (100%) 9 (36%) 110M (27%)
Growth Capital 3 (25%) - 4 (16%) -
Secondary Buyout 1 (8%) - 3 (12%) 239M (59%)
Divestiture 1 (8%) - 2 (8%) -
PIPE - - 2 (8%) -
Stake Purchase 1 (8%) - 2 (8%) -
Venture 2 (17%) - 2 (8%) -
Special Situations/Distressed - - 1 (4%) 55M (14%)
Total 12 $100M 25 $404M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 4 (44%) 418M (84%)
IPO 2 (22%) -
Stake Sale 2 (22%) -
Secondary Sale 1 (11%) 80M (16%)
Total 9 $498M

Top M&A Advisors

Legal Deals
Gornitzky & Co.
1

Deal Values

buy # Total
$100M to $1B 1 $159M
< $100M 4 $245M
TOTAL $404M
Largest Fishman Thermo Technologies Ltd.
$159M (2015-10-29)
sell # Total
$100M to $1B 2 $308M
< $100M 3 $191M
TOTAL $498M
Largest Cadent, Inc.
$190M (2011-03-30)

M&A Connections

Deals %
Acquired from
PE Firm(s)
50%
2 50%
Strategic(s)
50%
2 50%
Exited to
PE Firm(s)
33%
2 33%
Strategic(s)
67%
4 67%

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