Mitronics Confirms Talks to Sell Control to FIMI and Raise 300 Million Shekels

Mitronics, an Israeli company specializing in robotic pool cleaners, confirmed in a stock exchange filing that it is in preliminary negotiations to raise 300 million shekels in capital. The company also acknowledged initial talks to sell controlling interest to the FIMI private equity fund, managed by Yishai Davidy, which currently holds a short exclusivity period for negotiations. This development follows Kibbutz Yizrael relinquishing control of Mitronics after its valuation plummeted from 9.1 billion shekels to just 187 million shekels.

The capital raise aims to reduce the company’s 600 million shekel bank debt and support the development of a new manufacturing plant in a lower-cost developing country, replacing production in Israel. Mitronics reported a loss of 222 million shekels in 2025. The company is led by CEO Rafi Ben Ami, who took over earlier in 2025 from Sharon Goldenberg, under whose leadership the company’s value sharply declined.

Mitronics is known for its flagship Dolphin robotic pool cleaners, which once captured 50% of the global market and drove strong growth and profitability through 2019. However, post-pandemic demand dropped sharply due to increased competition from low-cost Chinese manufacturers and supply chain challenges. This led to a decline in sales, gross margins, and profitability, with the company reporting significant losses in 2024 and 2025.

The company’s strategic plan includes shifting production abroad to reduce costs, expanding online sales, and possibly issuing bonds to diversify financing beyond banks. The entry of an investor like FIMI could provide crucial support for Mitronics’ turnaround efforts and offer relief to the kibbutz owners.

Following the announcement, Mitronics’ stock resumed trading and surged, reflecting market optimism about the potential deal and capital infusion.