FIMI Advances to Acquire 50% Stake in Pool Robot Maker Maytronics
FIMI Opportunity Funds has submitted a bid to acquire a 50% stake in pool cleaning robot manufacturer Maytronics by injecting 200 million shekels at a 200 million shekel pre-money valuation.
FIMI Opportunity Funds is advancing towards acquiring a controlling stake in Maytronics, the Kibbutz Yizre'el-based pool cleaning robot manufacturer. The company announced that the fund, managed by Yishai Davidi, submitted an offer to acquire 50% of its shares by injecting 200 million shekels into its treasury.
The offer values Maytronics at 200 million shekels pre-money, down from initial estimates of 300 million shekels. Under the memorandum of understanding, current shareholders will be diluted by half, leaving the kibbutz with a 28% stake in the company.
Maytronics has granted FIMI a 60-day exclusivity period for due diligence and negotiations towards a binding agreement. The deal follows a sharp drop in Maytronics' valuation from a peak of 9.1 billion shekels in 2021, though the kibbutz has received hundreds of millions in historical dividends.
