Fortissimo Capital Fund, a leading private equity fund based in Israel managing $1.6 billion in capital, has acquired a majority interest in Kramer Electronics. Michael and Ben-Zion Hochstein, two of Kramer’s founders, retain their interests in the company, while principle founder Dr Joseph Kramer is set to retire.
“I would like to thank Dr Kramer for the many years he has dedicated to the success of our company,” said Itzhak Bambagi, CEO of Kramer. “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. This year, we are celebrating 40 years since the founding of Kramer Electronics. 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.
Yuval Cohen, managing partner of Fortissimo Capital and Chairman of the Board of Kramer added: “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. 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. We are thrilled to participate in the next phase of Kramer’s journey!”