Siniora Food Industries, a Foursan Group portfolio company (“Siniora”) acquired 70% of the issued and outstanding shares of Diamond Meat Processing, a leading producer of cold cuts in the UAE (“DMP”) for $12 million. Established in Jerusalem, Palestine in 1920, Siniora is a publicly-listed company on the Amman Stock Exchange under the symbol (SNRA) and, following the consummation of the DMP acquisition, has today three manufacturing plants in Amman, Jordan; Ramallah, Palestine; and Dubai, United Arab Emirates. In 2015, the company had annual revenues of $59 million and 630 employees.
Nashat T. Masri, a Founding Partner at Foursan, stated: “The acquisition of DMP is a critical strategic move for Siniora as we continue to diversify and expand our footprint and product offering into the GCC and the hotel, restaurant and catering sector (HORECA). We expect this acquisition to complement Siniora’s current leading market position in Jordan and Palestine in the cold cuts and cans sectors as well as its newly launched frozen food sector.”
Siniora’s Chairman, Tarek Aggad, stated: “This deal is a new addition to Siniora, allowing it to achieve its objectives and purposes as a regional meat processing pioneer. The acquisition will bolster the company’s regional standing and help it consolidate its position as a regional leader in its industry.”