Orbit Communications Systems Ltd. (TASE: ORBI), a provider of precision tracking-based communications solutions and airborne communications management systems, announced that the company successfully concluded a private placement of 33.4% of its shares to FIMI Opportunity Funds for approximately USD 10 million, effectively making FIMI Orbit´s controlling shareholder, the company said.
FIMI also received options to purchase additional Orbit shares for approximately USD 20 million. If fully realized, FIMI would possess 56% of the company´s shares.
As a result of this event, Itzchak Gat, replaces Ze´ev Stein as Chairman of the Board, and FIMI appointees, Gillon Beck and Ron Ben-Haim, replace Shimon Eckhouse and Michael Bar Haim as Directors, effective immediately.
Acquiring and enhancing primarily export-oriented Israeli firms since 1996, FIMI manages approximately USD 3.2 billion in capital today making it the largest private equity fund in Israel. 55 of the 85 companies under FIMI´s control have realized deals totaling over USD 4.5 billion. FIMI is currently investing through its sixth fund (a USD 1.1 billion fund, more than 90% of which is available for new investment) which focuses on control equity investments in selected mature Israeli or Israeli-related companies.
Orbit Communications Systems Ltd. is wholly focused on precision tracking-based communications – in the areas of satcom, telemetry and remote sensing – and provides an innovative solution for airborne audio management. With certification by defense, government and commercial agencies, we deliver tailor-made, turnkey solutions at sea, on land and in the air. Orbit´s unique combination of smart design, high reliability and field-tested experience means that if you can conceive it, we can provide it.