EMK Capital to acquire Cardo Systems for $150 million from Fortissimo Capital and company founder
Fortissimo Capital will net almost $100 million from the sale of its stake, while founder and chairman Dr. Abraham Glezerman will receive $45 million for his shares
Just last month, Fortissimo sold part of its shares of software company IncrediBuild Software to Insight Partners for $140 million.Cardo designs and markets wireless mesh communication systems for motorcycle riders, skiers, site workers, and other groups and individuals in motion. The company’s products are backed by proprietary, cutting-edge technology, allowing groups to communicate wirelessly with one another and connect safely to hands free services (e.g. mobile phone, music streaming, radio and GPS). Cardo's products are sold in over 80 countries and the company employs over 100 people worldwide.
“The last four years have been an epic ride, fueled by a world class management team, cutting-edge product innovation, and outstanding teamwork,” added Yuval Cohen, Managing Partner at Fortissimo Capital. “We had the privilege of partnering with Dr. Abraham Glezerman who founded a fantastic business built on Israeli innovation and creativity. We saw an opportunity to leverage Cardo’s premium brand and superior product offering to accelerate its growth worldwide and into new products. Since our investment, the business has quadrupled in revenues and doubled in headcount. We thank Alon Lumbroso, who took the wheel at Cardo two years ago, and the entire management team for riding with us on this great journey.”Lincoln International and Discount Capital served as exclusive financial advisors to Fortissimo Capital and Dr. Abraham Glezerman, and Meitar provided legal counsel. GCA Altium served as exclusive financial advisor to EMK Capital, and Meitar provided legal counsel.