Fortissimo Capital Mergers and Acquisitions Summary

Growth Capital Firm Profile

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

Fortissimo Capital’s most common sectors for investment aresoftware (13%) and communications (11%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (39%) and growth capital (16%). In total, Fortissimo Capital has invested in 3 US states and 6 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 3 companies. The Firm’s most common exit type is trade sale (54%). 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 Activity52
- M&A Buy Activity39
- M&A Sell Activity13
Total Sectors Invested 22
Total Countries Invested 6
M&A Buy/Sell Connections 11
M&A Advisors 4

Fortissimo Capital

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

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

Transaction Criteria

Min

Max

Target Revenue

Target EBITDA

Investment Size

Enterprise Value

Year	≤ '20	'21	'22	'23	'24	'25	T
Buy (2.0/yr)	#	29	5	4	-	1	-	39
vol	$404M		$46M				$450M
Sell (0.8/yr)	#	9	1	-	-	3	-	13
vol	$498M						$498M
	52

Year

≤ '20

'21

'22

'23

'24

'25

Buy (2.0/yr)

vol

$404M

$46M

$450M

Sell (0.8/yr)

vol

$498M

Company	Date	Value	Type
Morning	2024-12-22	-	Trade Sale
Tel Aviv, Israel · www.greeninvoice.co.il
Enercon Technologies Ltd.	2024-09-18	-	Trade Sale
Netanya, Israel · www.enercon.co.il
4RF Ltd.	2024-07-02	-	Trade Sale
Wellington, New Zealand · www.4rf.com
Cellcom Israel Ltd.	2024-05-19	-	Stake Purchase
Netanya, Israel · www.cellcom.co.il
CTS Ltd.	2022-08-28	-	Buyout (LBO, MBO, MBI)
Hod-Hasharon, Israel · www.cts.co.il
Simplex Mapping Solutions Ltd.	2022-07-07	-	Growth Capital
Herzliya, Israel · www.simplex3d.com
‍Fido Micro Credit	2022-06-22	-	Venture
Accra, Ghana · gh.fido.money
StoreNext Technologies	2022-06-15	46M ILS	Buyout (LBO, MBO, MBI)
Petah Tikva, Israel · www.storenext.co.il
Sela Software Labs Ltd.	2021-11-05	-	Buyout (LBO, MBO, MBI)
Bnei Brak, Israel · www.selacloud.com
Fieldin	2021-09-01	-	Venture
Fresno, California · www.fieldin.com
View All >>

Company

Date

Value

Type

Morning

2024-12-22

Trade Sale

Tel Aviv, Israel · www.greeninvoice.co.il

Enercon Technologies Ltd.

2024-09-18

Trade Sale

Netanya, Israel · www.enercon.co.il

4RF Ltd.

2024-07-02

Trade Sale

Wellington, New Zealand · www.4rf.com

Cellcom Israel Ltd.

2024-05-19

Stake Purchase

Netanya, Israel · www.cellcom.co.il

CTS Ltd.

2022-08-28

Buyout (LBO, MBO, MBI)

Hod-Hasharon, Israel · www.cts.co.il

Simplex Mapping Solutions Ltd.

2022-07-07

Growth Capital

Herzliya, Israel · www.simplex3d.com

‍Fido Micro Credit

2022-06-22

Venture

Accra, Ghana · gh.fido.money

StoreNext Technologies

2022-06-15

46M ILS

Buyout (LBO, MBO, MBI)

Petah Tikva, Israel · www.storenext.co.il

Sela Software Labs Ltd.

2021-11-05

Buyout (LBO, MBO, MBI)

Bnei Brak, Israel · www.selacloud.com

Fieldin

2021-09-01

Venture

Fresno, California · www.fieldin.com

View All >>

Sector	Current #	Value	All-time #	Value
Software	2 (9%)	-	5 (13%)	55M (12%)
Communications	1 (5%)	-	4 (10%)	80M (18%)
Agriculture	3 (14%)	-	3 (8%)	-
Internet Software and Services	3 (14%)	-	3 (8%)	-
Manufacturing	-	-	2 (5%)	159M (35%)
Information Technology	2 (9%)	46M (31%)	2 (5%)	46M (10%)
Consumer Services	1 (5%)	-	2 (5%)	10M (2%)
Life Science	2 (9%)	-	2 (5%)	-
Publishing	-	-	2 (5%)	-
Technology Hardware	1 (5%)	-	2 (5%)	-
Medical Products	1 (5%)	100M (69%)	1 (3%)	100M (22%)
Aerospace	-	-	1 (3%)	-
Beverages	-	-	1 (3%)	-
Business Services	-	-	1 (3%)	-
Chemicals	1 (5%)	-	1 (3%)	-
Consumer Products	1 (5%)	-	1 (3%)	-
Distribution	-	-	1 (3%)	-
Electronics	1 (5%)	-	1 (3%)	-
Financial Services	1 (5%)	-	1 (3%)	-
Food	1 (5%)	-	1 (3%)	-
Machinery	1 (5%)	-	1 (3%)	-
Safety/Security	-	-	1 (3%)	-
Total	22	$146M	39	$450M

Sector

Current #

Value

All-time #

Value

Software

2 (9%)

5 (13%)

55M (12%)

Communications

1 (5%)

4 (10%)

80M (18%)

Agriculture

3 (14%)

3 (8%)

Internet Software and Services

3 (14%)

3 (8%)

Manufacturing

2 (5%)

159M (35%)

Information Technology

2 (9%)

46M (31%)

2 (5%)

46M (10%)

Consumer Services

1 (5%)

2 (5%)

10M (2%)

Life Science

2 (9%)

2 (5%)

Publishing

2 (5%)

Technology Hardware

1 (5%)

2 (5%)

Medical Products

1 (5%)

100M (69%)

1 (3%)

100M (22%)

Aerospace

1 (3%)

Beverages

1 (3%)

Business Services

1 (3%)

Chemicals

1 (5%)

1 (3%)

Consumer Products

1 (5%)

1 (3%)

Distribution

1 (3%)

Electronics

1 (5%)

1 (3%)

Financial Services

1 (5%)

1 (3%)

Food

1 (5%)

1 (3%)

Machinery

1 (5%)

1 (3%)

Safety/Security

1 (3%)

Total

$146M

$450M

State/Country	Current #	Value	All-time #	Value
Israel	16 (73%)	46M (31%)	30 (77%)	270M (60%)
Netherlands	3 (14%)	100M (69%)	3 (8%)	100M (22%)
United States	2 (9%)	-	3 (8%)	-
	New York	1 (5%)	-	1 (3%)	-
	California	1 (5%)	-	1 (3%)	-
	Florida	-	-	1 (3%)	-
Ghana	1 (5%)	-	1 (3%)	-
Switzerland	-	-	1 (3%)	80M (18%)
New Zealand	-	-	1 (3%)	-
Domestic	16 (73%)	46M (31%)	30 (77%)	270M (60%)
Cross-border	6 (27%)	100M (69%)	9 (23%)	180M (40%)
Total	22	$146M	39	$450M

State/Country

Current #

Value

All-time #

Value

Israel

16 (73%)

46M (31%)

30 (77%)

270M (60%)

Netherlands

3 (14%)

100M (69%)

3 (8%)

100M (22%)

United States

2 (9%)

3 (8%)

New York

1 (5%)

1 (3%)

California

1 (5%)

1 (3%)

Florida

1 (3%)

Ghana

1 (5%)

1 (3%)

Switzerland

1 (3%)

80M (18%)

New Zealand

1 (3%)

Domestic

16 (73%)

46M (31%)

30 (77%)

270M (60%)

Cross-border

6 (27%)

100M (69%)

9 (23%)

180M (40%)

Total

$146M

$450M

Type	Current #	Value	All-time #	Value
Buyout (LBO, MBO, MBI)	7 (32%)	146M (100%)	15 (38%)	156M (35%)
Growth Capital	4 (18%)	-	6 (15%)	-
Venture	6 (27%)	-	6 (15%)	-
Secondary Buyout	1 (5%)	-	3 (8%)	239M (53%)
Divestiture	2 (9%)	-	3 (8%)	-
Stake Purchase	2 (9%)	-	3 (8%)	-
PIPE	-	-	2 (5%)	-
Special Situations/Distressed	-	-	1 (3%)	55M (12%)
Total	22	$146M	39	$450M

Type

Current #

Value

All-time #

Value

Buyout (LBO, MBO, MBI)

7 (32%)

146M (100%)

15 (38%)

156M (35%)

Growth Capital

4 (18%)

6 (15%)

Venture

6 (27%)

6 (15%)

Secondary Buyout

1 (5%)

3 (8%)

239M (53%)

Divestiture

2 (9%)

3 (8%)

Stake Purchase

2 (9%)

3 (8%)

PIPE

2 (5%)

Special Situations/Distressed

1 (3%)

55M (12%)

Total

$146M

$450M

Type	Total #	Value
Trade Sale - Public Company	5 (38%)	418M (84%)
Secondary Sale	2 (15%)	80M (16%)
IPO	2 (15%)	-
Stake Sale	2 (15%)	-
Trade Sale	2 (15%)	-
Total	13	$498M

Type

Total #

Value

Trade Sale - Public Company

5 (38%)

418M (84%)

Secondary Sale

2 (15%)

80M (16%)

IPO

2 (15%)

Stake Sale

2 (15%)

Trade Sale

2 (15%)

Total

$498M

Financial	Deals
Discount Capital	1
Lincoln International	1

Financial

Deals

Discount Capital

Lincoln International

Legal	Deals
Meitar Liquornik Geva Leshem Tal	1
Gornitzky & Co.	1

Legal

Deals

Meitar Liquornik Geva Leshem Tal

Gornitzky & Co.

buy	#	Total
$100M to $1B	1	$159M
< $100M	5	$291M
TOTAL	$450M
Largest	Fishman Thermo Technologies Ltd. $159M (2015-10-29)

buy

Total

$100M to $1B

$159M

< $100M

$291M

TOTAL

$450M

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)

sell

Total

$100M to $1B

$308M

< $100M

$191M

TOTAL

$498M

Largest

Cadent, Inc.
$190M (2011-03-30)

		Deals
Acquired from
Investor(s)	5%	2 (5%)
Strategic(s)	8%	3 (8%)
Exited to
Investor(s)	23%	3 (23%)
Strategic(s)	54%	7 (54%)

Deals

Acquired from

Investor(s)

2 (5%)

Strategic(s)

3 (8%)

Exited to

Investor(s)

3 (23%)

Strategic(s)

7 (54%)

FAQ

When was Fortissimo Capital founded?

Fortissimo Capital was founded in 2004.

What type of investor is Fortissimo Capital?

Fortissimo Capital is a growth capital firm.

Where is Fortissimo Capital headquartered?

Fortissimo Capital is headquartered in Tel Aviv, Israel.

How much capital does Fortissimo Capital have under management?

Fortissimo Capital has 2.7B USD under management.

Fortissimo Capital Mergers and Acquisitions Summary

Growth Capital Firm Profile

M&A Summary