Fortissimo Sells Its Holdings in Biological Industries to Sartorius

Fortissimo Capital Fund, a leading Israeli based private equity fund sold all of its holdings in Biological Industries, a cell culture media developer and manufacturer to Sartorius. Sartorius is a leading international partner of life science research and the biopharmaceutical industry. In addition, Kibbutz Beit Haemek sold a portion of their holdings so that Sartorius will hold just over 50% of the equity of the company. An option to acquire a further 20% of the shares from the kibbutz within three years was also agreed. The transaction is subject to customary closing conditions and expected to be finalized by mid-December.

Yoav Hineman, a Partner at Fortissimo Capital stated: “The investment by Sartorius is a major milestone in the company’s development. We were privileged to partner with Kibbutz Beit Haemek and the company’s management, who did a stellar job in furthering the company’s innovative cell culture media technology and we are certain that the new partnership with Sartorius will enable the company to maximize its potential.”

Joachim Kreuzburg, CEO of the Sartorius Group, commented: “By acquiring a majority stake in Biological Industries, we are significantly expanding our cell culture media offering and complementing our product portfolio for customers in the dynamically growing advanced therapies market.”

Biological Industries focuses on cell culture, particularly for cell and gene therapy, regenerative medicine and other advanced therapies. Founded in 1981, the company currently employs approximately 130 people mainly at its headquarters, R&D and manufacturing site close to Haifa, Israel, and at sales locations in the USA, Europe and China. Biological Industries has recorded significant revenue growth and is expected to achieve sales of approximately €25 million with a double-digit operating EBITDA margin in the current year.

Cell culture media are used in research, clinical development and production of biopharmaceuticals as well as in cell and tissue therapy applications. The company offers complete media solutions including a strong portfolio of clinical-grade media for cultivating cells and stem cells and cryopreservation, applications that are both particularly relevant in advanced therapy research and clinical development. In addition, Biological Industries provides cell culture reagents, classical as well as serum-free media.

A profile on Fortissimo Capital

Fortissimo Capital is a private equity fund, established in 2004, that invests primarily in Israeli-related technology and industrial companies to expedite growth. Fortissimo raised $1.6 billion across five funds. A few notable portfolio companies that the fund exited include: SodaStream (SODA, later sold to Pepsi), Kornit Digital (Nasdaq:KRNT), Diptech (sold to Ferro), Nur Macroprinters (sold to HP), AOD (sold to Primus), Cadent (sold to Align) and Starhome (sold to Tomia Global).

A profile of Sartorius

The Sartorius Group is a leading international partner of life science research and the biopharmaceutical industry. With innovative laboratory instruments and consumables, the Group’s Lab Products & Services Division concentrates on serving the needs of laboratories performing research and quality control at pharma and biopharma companies and those of academic research institutes. The Bioprocess Solutions Division with its broad product portfolio focusing on single-use solutions helps customers to manufacture biotech medications and vaccines safely and efficiently. The Group has a track record of double-digit growth rates and has been regularly expanding its portfolio by acquisitions of complementary technologies. In fiscal 2018, Sartorius earned sales revenue of around 1.57 billion euros. Currently, more than 8,800 people work at the Group’s approximately 60 manufacturing and sales sites, serving customers around the globe.


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