Fortissimo Offloads Remaining Stake in Industrial Printer Company Kornit

In 2011, the Israel-based private equity firm acquired a controlling stake in Kornit for $19 million, owning about 70% of the company at the time of its 2015 IPO

Israel-based private equity firm Fortissimo Capital Management has sold its remaining 9% stake in Nasdaq-listed industrial printer company Kornit Digital Ltd., the latter announced in a filing with the U.S. Securities and Exchange Commission on Monday. Kornit will not receive any of the proceeds from Fortissimo’s sale of 3,132,481 of its ordinary shares, according to the company.

 

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Following the announcement, Kornit’s stock dropped 3% by market close Monday, trading at $22.32.

 

Fortissimo founder and managing partner Yuval Cohen. Photo: Zvika Tishler

 

In 2011, Fortissimo acquired a controlling stake in Kornit for $16 million. Kornit went public in 2015, raising $71 million on a $305 million valuation. Owning about 70% of Kornit at the time of its initial public offering, Fortissimo has sold most of its stocks over the past few years. In May 2017, Fortissimo sold 5.5 million Kornit shares for about $90 million.

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For the third quarter of 2018, Kornit reported revenues of $37.6 million, up 32.1% from the same period the year before. Founded in 2002 and headquartered in Rosh HaAyin, a town in central Israel, Kornit produces industrial inkjet printers for the garment industry, as well as pigmented ink and related chemical products.