Kibbutz Yizre'el ready to give up control of Maytronics, FIMI in talks

Kibbutz Yizre'el is giving up control of the company that, at its peak, turned its members into multi-millionaires on paper. Calcalist has learned that Maytronics, a manufacturer of pool cleaning robots, is seeking an investment of about 300 million shekels and is currently holding meetings with financial and strategic investors, mainly with the FIMI fund, which is holding talks to acquire control and believes that the company can be rehabilitated.

Maytronics' goal is to complete the deal quickly, by the end of the third quarter. The valuation that Maytronics is citing stands at about 300 million shekels pre-money, which is about 60% higher than its current value on the stock exchange. This means that an entity that invests this amount will receive about 51% of the company's shares and will dilute the other shareholders, primarily the kibbutz. The company is seeking the investment to write off part of the bank debts, which stand at about 600 million shekels and are weighing on its financing expenses, as well as to move production to East Asia, India, China, or the USA.

Investor Search

Most funds have withdrawn. Calcalist has learned that meetings were held with leading Israeli funds: FIMI, Fortissimo, Sky, Kedma, Apax, as well as other younger funds, but most decided not to invest. FIMI, managed by Ishay Davidi, does not rule out the idea and continues to hold talks with the company's senior officials, headed by Chairman Dobi Ofer, former CEO of Scitex Vision. It was also learned that one of the foreign players in the field is interested in the acquisition.

Kibbutz Yizre'el holds 56% of Maytronics' shares, and in the case of such an investment, it will be diluted by half, to 28%, and will lose control unless it signs a joint control agreement with the investor. "The kibbutz has come to terms with the fact that it lost the company," said one of the parties interested in the investment who met with the company.

From Peak to Crisis

At its peak in 2021, Maytronics was traded at a value of 9.1 billion shekels, and the value of each of the 300 kibbutz members stood at 17 million shekels. Today, each kibbutz member's stake is worth only 300 thousand shekels. However, over the years, the kibbutz received dividends of hundreds of millions of shekels from profits in good years.

Maytronics is managed by Rafi Ben-Ami, who took over at the beginning of the year, replacing Sharon Goldenberg, during whose tenure the company's value dropped from 9 billion shekels to half a billion. The sales decline that began in 2022 continues to this day. In 2025, the company recorded a loss of 222 million shekels compared to a loss of 31 million in 2024, and equity dropped to 427 million shekels. In the first quarter of 2026, the loss trend continued, standing at 26.4 million shekels compared to a net profit of 14.3 million in the corresponding quarter of 2025.

The company's strategic plan includes moving production abroad, strengthening online commerce, and selling mainly directly to consumers. The entry of an investor, especially a fund like FIMI, may be a lifeline for the company and the kibbutz members.