Fortissimo announced the sale of its portfolio company Dip-Tech, a leading provider of digital ceramic glass printing solutions, to Ferro Corporation (NYSE: FOE), a leading global supplier of technology-based functional coatings and color solutions for glass and other substrates.
With state-of-the-art printers and unique, vivid and durable ceramic-based inks, Dip-Tech delivers superior printing productivity and quality solutions for architecture, interior design, industrial, and automotive glass. Dip-Tech’s offices are located in Kfar Saba and it employs approximately 110 people.
Under the terms of the transaction, the purchase price paid by Ferro was $80 million, of which $60 million is payable immediately and an additional payment of up to $20 million will be paid as an earn-out, based on Dip-Tech’s performance in 2017 and 2018.
Yuval Cohen, the Founding and Managing Partner of Fortissimo, said: “We are proud of what Dip-Tech has achieved in the last few years. From a relatively small Israeli company with a unique technology, Dip-Tech has become a worldwide market leader with significant inventions and clear differentiation. Today Dip-Tech has a leading market presence and its revolutionary digital technology has been transforming the glass printing industry.”
Alon Lumbroso, the CEO of Dip-Tech, stated: “I thank Fortissimo for the opportunity to lead Dip-Tech in recent years and their strategic guidance and support. The sale to Ferro will enable us to extend our global reach and solidify our ceramic ink technology leadership.”
Over the years Fortissimo has invested in multiple successful digital printing companies, such as Kornit Digital (Nasdaq: KRNT), and Nur Macroprinters. Fortissimo obtained a controlling interest in Kornit, which manufactures and markets digital printers to the textile industry, at a valuation of $20 million and the company is now valued at $700 million. Fortissimo sold Nur Macroprinters, a company that manufactures and markets wide format digital printers, to HP for $123 million.
Other notable exits include the sale of Cadent to Align for $190 million, the public offering of SodaStream, the sale of AOD to a US based private equity fund, and the recently completed public offering of Telrad Networks on the TASE.
Last month Fortissimo announced its acquisition of Tuttnauer, a leading manufacturer and supplier of autoclave sterilizers for the healthcare industry. Other recent investments by Fortissimo include: Priority Software, a leading ERP software company for SMBs; Origene Seeds, a hybrid vegetable seed developer; MotoRad, a manufacturer of thermostats and cooling systems for the automobile industry; Cardo Systems, a manufacturer of communication solutions for motorcycles; and Enercon, a manufacturer of rugged power supplies.
