Stratasys Ltd, a leading provider of polymer 3-D printing solutions, has announced that
www.ffcapital.com Fortissimo Capital — an Israeli private equity fund that invests in ‘technology and industrials’ — has entered into an agreement to invest $120 million to acquire around 14% of Stratasys’ issued and outstanding ordinary shares. Prior to this transaction, Fortissimo held about 1.5%, so will increase its shareholding to about 15.5%.
Stratasys says it expects this partnership to enhance shareholder value, support the ‘continued execution’ of Stratasys’ strategy to drive growth and further strengthen the company’s balance sheet as it seeks to capture ‘inorganic value-creation opportunities in the additive manufacturing (AM) industry’.
Yoav Zeif, a director and CEO of Stratasys, said: “Fortissimo’s investment underscores confidence in our leadership and performance, our ability to deliver solutions that solve customer needs, and our long-term growth potential. Fortissimo is an experienced private equity investor with a growth focus, deep understanding of our business, and a proven track record of investment in private and public technology companies. We are excited to partner with Fortissimo and believe its investment and partnership-oriented approach will enable us to drive additional long-term value for all shareholders.”
Yuval Cohen, Fortissimo’s founding and managing partner, will be appointed to the Stratasys board of directors at the closing of the transaction, replacing a Stratasys director to be named at that time. He said: “We believe in the future of additive manufacturing and are confident in Stratasys’ leading role in shaping the industry. We have long respected their history of solving customers’ critical manufacturing challenges and are confident they exemplify the necessary and strategic approach to fulfil the potential of 3-D printing.”
He concluded: “We look forward to being a part of Stratasys’ next chapter as we collaborate with its management team to build on the company’s fundamental strengths.”