Fortissimo Capital Fund has acquired a majority interest in Kramer Electronics, the companies announced today.
Company founders Michael and Ben-Zion Hochstein will retain their interests in the company as part of the acquisition, while Dr. Joseph Kramer, an entrepreneur and the founder of Kramer Electronics, is retiring from the company.
Fortissimo Capital Fund is a private equity fund based in Israel, with capabilities to facilitate the growth of technology companies. The company manages $1.6 billion in capital and has invested in approximately 50 companies in Israel and abroad.
“I would like to thank Dr Kramer for the many years he has dedicated to the success of our company,” said Kramer CEO Itzhak Bambagi. “Dr. Kramer was one of the founding fathers of the AV industry and contributed greatly to the company’s position as a world leader in its field.
“Fortissimo’s investment in our company is a major milestone and I am confident that under their guidance we can grow and become an even more significant player in the market,” he said.
Why Fortissimo Capital Wanted Kramer
“This year, we are celebrating 40 years since the founding of Kramer Electronics,” said Bambagi in the Kramer announcement.
“The initial pillars upon which the company was built, with a focus on constant innovation, the pursuit of excellence and team spirit remain the driving force of our business today. These values and our strategic direction will continue to drive the company’s future success,” he said.
“Kramer’s continued innovation and innovative solutions including cutting-edge cloud technologies, pioneering methods of delivering AV over IP and wireless presentation and collaboration advances have solidified its position as a leader in the industry,” said Yuvan Cohen, managing partner of Fortissimo Capital and chairman of the board at Kramer.
“Digital multimedia and AV technologies are thriving, and we see Kramer Electronics as a great global platform with over 25 offices worldwide to further grow and enhance its operations,” he said. “We are thrilled to participate in the next phase of Kramer’s journey.”