After a 98% write-down, Kibbutz Yizre'el gives up on Mitronics; Fimi considers acquisition

Kibbutz Yizre'el is relinquishing control of Mitronics, a pool-cleaning robot manufacturer, after a 98% write-down left it with debts of about NIS 600 million and losses. The company is seeking an investment of about NIS 300 million, and Fimi fund is in talks to acquire control. The investor will receive about 51% of shares, and the kibbutz will be diluted from 56% to 28%. At its peak, the company traded at NIS 9.1 billion, and each kibbutz member was worth NIS 17 million; today NIS 300,000. In 2025, the company recorded a loss of NIS 222 million.

Kibbutz Yizre'el is giving up control of Mitronics, the pool-cleaning robot manufacturer, after the massive write-down left the company with heavy debts and losses. The company is seeking an investment of about NIS 300 million and is in talks with Fimi fund, which is considering acquiring control. The investor will receive about 51% of the shares, and the kibbutz, which currently holds 56%, will be diluted to 28%. At its peak, in November 2021, Mitronics traded at a value of NIS 9.1 billion, and each kibbutz member was worth NIS 17 million on paper; today their worth is NIS 300,000. The company ended 2025 with a loss of NIS 222 million, with revenue declining to NIS 1.4 billion, due to Chinese competition, excess inventory, and a strong shekel. The plan includes moving production to East Asia or the US, strengthening online sales, and possibly issuing its first bond. The investment may be a lifeline, but most funds approached have withdrawn.