FIMI acquires 50% of Unitronics
22 March, 2016
CEO and controlling shareholder Haim Shani will continue to serve as CEO. NIS60 Million will be invested in growth, mainly in the US robotic parking market
CEO and controlling shareholder Haim Shani will hold 22% of Unitronics shares, and continue to serve as CEO. NIS60 Million will be invested in growth, mainly in the US robotic parking market
FIMI private equity fund has signed an agreement to acquire 50% of Unitronics for NIS 110 million, NIS 60 million of which will be invested directly in growth and development. CEO and controlling shareholder Haim Shani will continue to serve the role of CEO. Following the completion of the transaction, Shani will hold 22% of Unitronics shares.
The investment is based on a NIS16 per share, representing a premium of approx. 30% over the market price (in the Tel-Aviv stock exchange). Senior Partnet in the FIMI equity fund, Gilon Beck, said that Unitronics fits with FIMI investment strategy of products offering unique solutions, export oriented sales, proven record and growth engines. “We are confident, that together with the company’s management and employees, we will lead Unitronics to new heights”.
Unitronics founder and CEO Haim Shani said that the cooperation between FIMI and the company “Will give us the momentum needed to continue and develop growth engines in the field of automated parking solutions and programmable logic controllers (PLC’s), and to consolidate our status as an international market leaders”.
Unitronics has developed an automated parking technology using an array of horizontal and vertical conveyance devices and software designed to enable automated and efficient storage and retrieval of cars. Unitronics has recently signed an agreement to construct its third automated parking garage in New-Jersey, thus strengthening its foothold in the US market. In the last few months Unitronics has completed production of three 3d generation parking garages – two in New-Jersey and one in California. Up until now, Unitronics has completed the construction of five automated parking garages containing a total of 1,400 parking spaces.
FIMI’s investment follows a major reorganization aimed to strengthen Unitronics automated systems: automated warehouses and robotic parking solutions. In March 2015 Unitronics has separated its organized all the automated system solutions under the newly formed subsidiary Unitronics Automated Solutions.
In the first nine months of 2015, the group’s sales totaled approx. NIS120 million. The automated parking garage segment has contributed 11% of sales, while automated systems contributed 21% of sales. This means that Unitronix solutions sales amount to 32% of total sales.
FIMI private equity fund, founded in 1996, manages a capital of $3.2. It acquires control of companies, aiming to encourage tangible growth in these. FIMI has bought control of over 80 companies, of which 51 have since been sold in deals worth over $4 billion. Its holding include Retalix, Magal, Tami4, Schneider, Ormat, Ofir, Gilat, Tadiran communications and many more.