EMK buys Israeli co Cardo Systems for $150m

Yuval Cohen

The European private equity fund is buying the motorcycle Bluetooth communications headset developer from Fortissimo and founder Abraham Glezerman.

European private equity fund EMK Capital has acquired Israeli motorcycle Bluetooth communications headset developer Cardo Systems. EMK has acquired the 65% stake of Israeli private equity firm Fortissimo Capital and the 30% stake of Cardo's founder Dr. Abraham Glezerman.

Market sources believe that the deal is at a company valuation of $150 million for Cardo Systems. In 2017, Fortissimo acquired its 65% stake in Cardo for just $22 million, meaning that the Israeli private equity firm has earned returns of 4.5 times its investment.

Cardo designs and markets wireless mesh communication systems for motorcycle riders, skiers, site workers, and other groups and individuals in motion. The company’s innovative products backed by proprietary, cutting-edge technology, which allows groups to communicate wirelessly with one another and connect safely to hands free services (mobile phone, music streaming, radio and GPS). Cardo is a premium brand that addresses a global enthusiast market, and its products are sold in over 80 countries. Headquartered in Israel, with operations in the Americas, Europe and Asia, Cardo, employs over 100 people worldwide. Founded in 2003, the company has sold products worth over $6 million.

Fortissimo, founded in 2004 by managing partner Yuval Cohen, has raised $1.6 billion in five funds from institutional investors in Israel and abroad. Major exits have included Kornit Digital, Sodastream and Incredibuild.

Published by Globes, Israel business news - en.globes.co.il - on April 6, 2021

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