FIMI Fund to Invest $50 Million in Pool Cleaner Firm Maytronics
Translated & summarized from Globes by baba
FIMI Opportunity Funds has made a non-binding offer to invest $50 million in Maytronics, a robotic pool cleaner manufacturer, at a pre-money valuation of $50 million. This investment would give FIMI 50% ownership and comes as Maytronics faces significant financial losses and increased competition. The company's stock surged 20% on the news. The deal includes options for further investment and is subject to due diligence and binding agreements.
The story in 5 lines · by baba
- FIMI Opportunity Funds offered $50 million for 50% of Maytronics at a $50 million valuation.
- Maytronics' stock jumped 20% following the non-binding investment offer.
- The company has experienced significant financial losses in 2024 and 2025.
- FIMI has exclusivity for 60 days, with options for further investment.
- Maytronics was once valued at NIS 9 billion in 2021.
Maytronics, a manufacturer of robotic pool cleaners, announced Friday morning that it has received a non-binding offer from FIMI Opportunity Funds, managed by Yishai Davidi, for a $50 million cash investment. The deal values the company at $50 million before the investment, according to the company's report to the stock exchange. The investment will be made through a share allocation at NIS 1.821 per share, granting FIMI 50% of the company's equity upon completion. Maytronics' stock surged 20% on the stock exchange following the announcement, reaching a market value of over NIS 300 million. This comes after the stock had already lost 40% of its value since the beginning of the year and most of its value over the past two years.
In addition to the initial investment, the offer includes two options for FIMI to inject up to an additional NIS 150 million at higher valuations. The first option is for NIS 50 million by the end of 2027 at a valuation of NIS 250 million, and the second is for NIS 100 million by the end of 2028 at a valuation of NIS 300 million. The controlling shareholder, Kibbutz Yizrael, which currently holds approximately 56% of Maytronics' shares, will be diluted to about 28%. Under the proposal, FIMI and the kibbutz are expected to sign a control agreement.
The completion of the transaction is contingent upon due diligence, signing a binding agreement, and obtaining further approvals. Maytronics has granted FIMI exclusivity for 60 days. Negotiations between the parties were first revealed on August 17, at which time FIMI was estimated to acquire control at a valuation of around NIS 300 million. In early October, Maytronics' board of directors extended the exclusivity period granted to the fund.
The company's financial decline has intensified due to a sharp drop in its business. In 2023, revenues reached approximately NIS 1.9 billion, but net profit fell 32% to NIS 143 million. In 2024, sales stood at NIS 1.6 billion, and the company reported a loss of NIS 35 million. In 2025, revenues continued to decline to NIS 1.4 billion, with Maytronics posting a significant loss of NIS 228 million, primarily due to large inventory and asset write-downs. This deterioration was exacerbated by increasing competition in its industry.
Maytronics, which markets robotic pool cleaners, was founded in 1983 at Kibbutz Yizrael and went public on the stock exchange in 2004. In 2020, it became the first kibbutz company to be included in the TA-35 index. In 2021, its market value was around NIS 9 billion. In 2012, kibbutz members rejected an offer from the American pool equipment manufacturer Hayward to purchase the company for NIS 345 million.
