Fishman Thermo Technologies Exit
Tel-Aviv, October 29th, 2015 – Tene Growth Capital II, an Israeli PE fund, led the sale of 100% of the shares of Fishman Thermo Technologies to Fortissimo Capital, an Israel-based private equity firm. The transaction was valued at an Enterprise Value of USD $159 million. Tene held a controlling stake in the Company along with Origo Investments, and the Company's founders.
Fishman Thermo Technologies develops, manufactures and markets thermostats and caps (gas, radiator and oil caps) for the automotive aftermarket as well as for the OEM market. Fishman is a leader in the North American Automotive aftermarket and sells to leading retailers under its U.S. flagship brand Motorad®.
Tene Growth Capital II (Tene II) made the initial investment in Fishman in April 2009. The original transaction was structured as an LBO, with Tene purchasing about 67% of Fishman and the remainder owned by the company's founders. In September 2012, Origo Investments also invested in Fishman, bringing Tene's ownership to approximately 54%.
Tene’s investment in Fishman was an opportunity to invest in a leading player in the North American automotive aftermarket with the capability to grow both in other geographies as well as in the OEM sector. Furthermore, Fishman’s efficient production processes, technological competitive advantages and in-house manufacturing capabilities provided the unique opportunity to expand into other markets and applications while maintaining market-leading position.
Eyal Attia, the managing partner who led the investment in Fishman, said "Fishman has been an outstanding investment for Tene and we are proud to have been a part of the Company's success. The Company continues to lead the North American Market, expand into new international markets, and develop state of the art new thermostat technologies."
Tene Investment Funds is an Israeli private equity fund focused on investment in Israeli industrial companies. Tene invests in established, export and growth oriented companies with leading global market positions.
Among others the fund's portfolio includes investments in Gadot Chemical Tankers and Terminals – Israel's most prominent player in sales, distribution and logistics of chemicals; and Gazit Industries – a leading manufacturer of extruded plastic products and acrylic boards. Some of Tene's well-known exits include the sale of SCR- a global leader in cow monitoring technologies to Allflex in 2014, Netafim – the world pioneer in drip irrigation, to Permira in 2011, and the Nasdaq IPO and SPO of Caesaerstone (NasdaqGS:CSTE) – a global leading manufacturer of high quality engineered quartz surfaces. For more information regarding the fund please see www.tenecapital.com