Fortissimo sells remaining stake in Kornit Digital

Yuval Cohen

Private equity firm Fortissimo Capital invested $19 million in Kornit Digital in 2011, and over the years has sold its shares for a total of about $300 million.

Private equity firm Fortissimo Capital has liquidated its investment in Kornit Digital (Nasdaq: KRNT) at a large profit. Yesterday, the firm sold its remaining shares in the company - 3.1 million shares representing 9% of Kornit Digital's share capital. The share price in the deal has not been reported, but assuming that it is close to the closing price of the share on Nasdaq, $22.30, the sale amounts to some $70 million. Fortissimo's proceeds on the sale of Kornit Digital shares over the years thus reaches a total of about $300 million, which compares with an original investment in 2011 of just $19 million.

Fortissimo, headed by Yuval Cohen, was founded in 2003. It manages some $1 billion. Among its notable exits are Sodastream International Ltd. (Nasdaq: SODA) and Nur Macroprinters. Cohen is chairman of Kornit Digital and will remain in that position after the share sale, as he did at Sodastream, where he stayed on as chairman for four years after Fortissimo sold its stake in the company.

Israel-based Kornit Digital, run by Ronen Samuel, has a market cap of $767 million. The company produces digital printing systems for printing textiles.

Published by Globes, Israel business news - en.globes.co.il - on December 4, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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