Fortissimo's proceeds from Kornit Digital total over $300 million since the IPO
Fortissimo Sells Remaining Stake in Kornit Digital
Published in Globes on December 4, 2018
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 2004. It manages $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.