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Fortissimo Capital Fund Acquires Controlling Interest in Soda-Club

Image: 
Fortissimo Capital Funds
Date: 
Apr. 15, 2007
Abstract: 

Fortissimo Capital Fund ("Fortissimo"), a growth capital fund announced today the completion of the first phase of its investment in Soda-Club, which provides Fortissimo with control of the company.

Fortissimo Capital Fund ("Fortissimo"), a growth capital fund announced today the completion of the first phase of its investment in Soda-Club, which provides Fortissimo with control of the company.

Yuval Cohen, the founding partner of Fortissimo stated:

"We are very enthusiastic about Soda-Club's potential. Soda-Club has a very strong brand name in Europe and we intend to further enhance its worldwide presence and leadership position by implementing a growth plan that will include: introducing new and innovative products; entering new markets; increasing advertising and promotion and offering complementary products via our distribution channels.

Fortissimo has already been active in making changes at Soda-Club. Fortissimo brought in Daniel Birnbaum as the new CEO of the company. Mr. Birnbaum was previously the CEO of Nike Israel and held executive positions at Pillsbury and Procter & Gamble. Mr. Birnbaum said: "We are excited to have Fortissimo as our partner. Their experience and expertise is sure to facilitate the growth of the company."

Pursuant to the terms of the transaction, the Fortissimo Group is investing €4 million in exchange for equity of the company, €4 million in the form of a note (convertible into equity) and it has an option to invest up to an additional €8 million within two years from the closing at the same price per share. Fortissimo will own a majority of the company and control the board of directors of the company.

Soda Club is the leading producer of in-home beverage carbonation systems that enable consumers to carbonate water and to flavor carbonated beverages at home from tap water as an alternative to purchasing drinks pre-packed in bottles and cans. The Company also provides accessories and related consumables, including bottles, flavored concentrates, gas cylinders and the provision of gas refills. Soda-Club currently employees in excess of 600 employees worldwide and it is the market leader in each of the territories in which it operates.

In Israel Soda-Club is also the exclusive distributor of Brita products. For more information on Soda-Club, visit the company's website: www.sodaclub.com or Fortissimo's website: www.ffcapital.com.