We are excited to announce that Fortissimo Capital has entered into a definitive agreement to sell a majority stake in our portfolio company, Enercon Technologies Ltd. (“Enercon”) to Bel Fuse Inc., Nasdaq: BELFA and BELFB (“Bel Fuse”).
For over a decade, Enercon, led by Eyal Shary CEO, has experienced significant growth and evolved into a leading global supplier of highly engineered power conversion and networking solutions for the aerospace and defense markets. The company typically operates as the sole supplier of its products, providing robust and reliable solutions across air, land and sea applications.
Prior to our acquisition of the company in 2015, Enercon was a classic family-owned business, conservative and profit-driven. The founder, Moshe Mohel, established Enercon more than 30 years ago and after he passed away, his son, Ron, took the lead as the CEO.
During the investment period, Fortissimo, together with Enercon’s management, set aggressive growth goals, which the company’s management executed remarkably. The key value creation actions included: building infrastructure for rapid growth by expanding top-tier R&D teams, strengthening the company’s presence in the US, initiating European market penetration, significantly increasing the capacity and capabilities of its manufacturing facility in India, and acquiring a company with complementary products. Since Fortissimo’s investment, Enercon tripled its revenue and improved profitability.
Today, with industry tailwinds, a broad product portfolio, a solid customer base, and a strong management team, Enercon is well-positioned for continued success. Bel Fuse is a strategic acquirer that can create cross-selling opportunities and other synergies to further accelerate growth.
We look forward to continuing our partnership with Enercon, alongside Bel Fuse, and are confident in sustaining its rapid growth while further driving the company’s development, innovation, and success.
Read Bel Fuse Press Release Here
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