FIMI Fund to Invest $55 Million in Pool Cleaner Firm Maytronics
Translated & summarized from Globes by baba
FIMI Opportunity Funds has made a non-binding offer to invest NIS 200 million ($55 million) in Maytronics, a robotic pool cleaner manufacturer, valuing the company at NIS 200 million before the investment. The deal would give FIMI 50% ownership and includes options for further investment. Maytronics' stock surged 20% on the news, recovering some of its significant losses from earlier this year and the past two years, driven by the company's recent financial downturn and increasing competition.
The story in 5 lines · by baba
- FIMI Opportunity Funds offered a NIS 200 million ($55 million) investment in Maytronics at a NIS 200 million valuation.
- The investment would grant FIMI 50% ownership of Maytronics, diluting Kibbutz Yizrael's stake.
- Maytronics' stock jumped 20% following the announcement, after significant prior losses.
- The deal comes amid Maytronics' financial struggles, including a NIS 228 million loss in 2025.
- FIMI has exclusivity for 60 days, with the deal subject to due diligence and approvals.
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 NIS 200 million ($55 million) cash investment. The deal values the company at NIS 200 million before the investment.
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 lost 40% of its value since the beginning of the year and most of its worth over the past two years.
The offer includes two options for FIMI to inject an additional NIS 150 million ($41 million) at higher valuations. The first option is for NIS 50 million by the end of 2027 at a NIS 250 million valuation, and the second is for NIS 100 million by the end of 2028 at a NIS 300 million valuation.
Following the deal, the controlling shareholder, Kibbutz Yizrael, which currently holds approximately 56% of Maytronics' shares, will be diluted to about 28%. FIMI and the kibbutz are expected to sign a control agreement. The transaction is contingent on due diligence, signing a binding agreement, and obtaining further approvals. Maytronics has granted FIMI exclusivity for 60 days.
Discussions between the parties were first revealed on August 17, when FIMI was expected to acquire control at a valuation of around NIS 300 million. Maytronics' board extended FIMI's exclusivity period in early October.
The company's financial decline has accelerated 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 were 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, exacerbated by increasing competition in its sector.
Maytronics, founded in 1983 at Kibbutz Yizrael and listed on the stock exchange in 2004, was the first kibbutz company to join the TA-35 index in 2020. In 2021, its market value was around NIS 9 billion. In 2012, kibbutz members rejected an offer from American pool equipment manufacturer Hayward to purchase the company for NIS 345 million.
