Robotics Firm's Value Plummets 98% From Peak, Faces New Offer
Translated & summarized from Ynet by baba
FIMI Fund has offered to buy 50% of pool robot maker Mitronics for NIS 200 million, a stark drop from its 2021 peak value of NIS 9 billion. The company's value has fallen 98% due to overestimating pandemic-era demand and increased competition. Mitronics reported significant losses in the first half of 2026, and kibbutz members hope FIMI can restore the company's fortunes.
The story in 5 lines · by baba
- FIMI Fund offered NIS 200 million for 50% of pool robot maker Mitronics, down from NIS 9 billion peak.
- Mitronics' value has plummeted 98% since its 2021 COVID-19 pandemic high.
- The company's crisis stems from overestimating pandemic sales and rising competition from Chinese firms.
- Mitronics reported a NIS 8 million loss in Q2 2026, a reversal from a NIS 14.6 million profit.
- Kibbutz Yizrael, the controlling shareholder, hopes FIMI can revitalize the struggling company.
FIMI Fund has submitted a non-binding offer to acquire 50% of the shares in Mitronics, a manufacturer of pool cleaning robots controlled by Kibbutz Yizrael, at a valuation of NIS 200 million. This represents a dramatic decline from the company's peak valuation of NIS 9 billion during the COVID-19 pandemic in 2021, when consumer spending on home upgrades surged. Since the end of the pandemic, the company's value has dropped by approximately 98%.
Under the proposed deal, FIMI will initially inject NIS 200 million into Mitronics. Over the next two years, FIMI will have the option to purchase up to an additional 61% of the shares, at valuations of NIS 250 million in the first year and NIS 350 million in the second. FIMI will also sign a control agreement with the kibbutz. The transaction is contingent upon due diligence and other closing conditions.
The company's crisis is attributed to over-optimism by Mitronics' management during the pandemic regarding sustained high sales, leading to the accumulation of large inventories. This forecast proved inaccurate as consumer habits returned to normal after lockdowns ended. Furthermore, Mitronics faces increasing competition from Chinese manufacturers whose products have improved significantly over time, despite initially being considered inferior.
Mitronics has experienced a decline in sales and moved into losses. The second quarter of 2026 saw a 15% decrease in revenue, totaling NIS 437 million, and a shift to a loss of NIS 8 million, compared to a profit of NIS 14.6 million in the same period last year. The first half of 2026 resulted in a loss of NIS 34 million, contrasting with a profit of NIS 30 million in the first half of 2025. Kibbutz members, who previously rejected more generous acquisition offers, are now reportedly hoping FIMI can revive the company.
