Investment firm acquires Diamond Meat Processing Co.
May 27. 2016
by MEAT+POULTRY Staff
AMMAN, Jordan – A consortium led by Arab Palestinian Investment Company subsidiary, Siniora Food Industries Co. and Emerging Investment Partners (EIP), a Guernsey private equity fund acquired Diamond Meat Processing LLC (DMP) in the United Arab Emirates (UAE) for $17 million. DMP had been part of the Emirates Trading Agency Star House Group, as a joint venture with UAE’s Al Ghurair Group.
The intention of the deal is to invest in upgrading current production lines of DMP, keep the “Al-Masa” brand name and add Siniora’s brand name to some products, Madji Al-Sharif, CEO of Siniora, said in a statement. The acquisition is the result of a close relationship between Siniora’s and EIP’s management, Al-Sharif added.
Siniora has leading market share in Saudi Arabia, Jordan and Palestine, and is a public shareholding company on the Amman Stock Exchange. It also markets in the UAE and 12 other Middle Eastern countries. Its two factories in Jordan and Palestine hold international certifications for Occupational Health and Safety Management Systems OHSAS 18001:2007 and Environmental Management Systems ISO 14001:2004.
Based in Dubai, DMP has more than 15 years of experience and established local brands, and produces more than 80 different processed meat items. It holds both the ISO 9001:2008 and HACCP quality certifications.