Foursan Group, a leading Middle Eastern private equity firm, announced today the successful exit by its fund, Foursan Capital Partners I (“FCP”), of its investment in Siniora Food Industries Plc (“Siniora”), a Jordanian publicly listed company that manufactures and produces cold cuts, luncheon meat and frozen products in Amman, Jordan; Ramallah, Palestine; and Dubai, the United Arab Emirates.
FCP owned 31% of Siniora’s shares and sold its stake to the Palestine Investment Fund and the Arab Palestinian Investment Company, two leading investment firms in Palestine, generating a 3.5x gross cash return.
Commenting on the transaction, Nashat Masri, a Partner with Foursan Group, stated: “We are delighted with this transaction and the exceptional returns we generated for our investors. Siniora is the leading manufacturer and producer of cold cuts and luncheon meats in Jordan and Palestine and, since FCP’s investment, has strongly diversified its revenue stream and operations. When we invested, Siniora generated 90% of its sales from Jordan and Palestine. Today, 60% of its revenues are generated in Jordan and Palestine and the remainder is generated in the UAE, Saudi Arabia and elsewhere. Equally importantly, since FCP’s investment, Siniora strongly grew its number of employees from 325 to 877.