Israeli private equity fund Fortissimo just made a $120 million investment in AM company Stratasys – a big bet that made it acquire 11.65 million shares at $10.30 per share—10.6% above the closing price on Friday on Nasdaq.
Fortissimo will now be involved in Stratasys’ growth strategy and further strengthen the Company’s balance sheet as it seeks to capture inorganic value-creation opportunities in the additive manufacturing industry.
Furthermore, with this investment, Yuval Cohen, the founder and managing partner of Fortissimo, will now join Stratasys’ board of directors.
“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 fulfill the potential of 3D printing,” said Mr. Cohen. “We look forward to being a part of Stratasys’ next chapter as we collaborate with its strong management team to build on the Company’s fundamental strengths to the benefit of the Company’s stakeholders.”
The announcement collides with Stratasys Q4 financial results which indicate revenue of $150.1–$150.5 million. While this shows an increase in 3D printer sales, there is a decline in consumables. This investment is therefore very timely as it is decisive for Stratasys’ future stability and growth.
“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,” said Dr. Yoav Zeif, Director and Chief Executive Officer of Stratasys. “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 their meaningful investment and partnership-oriented approach will enable us to drive additional long-term value for all shareholders.”
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