Foursan Group, a leading Middle Eastern private equity firm, has acquired through its fund, Foursan Capital Partners I, a 30% stake in Zalatimo Sweets & Restaurants L.L.C. ("Zalatimo"), Jordan's leading confectionary company.
Founded in Jerusalem, Palestine in 1860, Zalatimo has been a pioneer with its Arabic sweets and other food offerings by consistently offering superior quality and service. The company today serves its clients through six retail outlets around Amman; franchised outlets in Bahrain, Kuwait and Qatar; wholesale distribution; subcontracting for regional and global chains; and exports, primarily to the US and GCC.
Nashat T. Masri, a Founding Partner at Foursan, commented on the transaction: "We are delighted to partner with the Zalatimo family on this important transaction. We have known the family for many years and have been impressed by their unique vision and strong achievements. We look forward to working closely with them to further grow the company's product offerings and footprint locally, regionally and internationally.
Abdallah Zalatimo, General Manager of Zalatimo, added: "Zalatimo was founded over 150 years ago based on the passion and dedication of our family to provide customers with outstanding quality and distinctive service. We have known the Foursan team for a long time, have been impressed with their investments in companies similar to ours, and are excited to partner with this leading private equity group to take our company to the next level."
Foursan joined Zalatimo's Board of Directors and holds two of the company's five board seats.
With this investment, Foursan Capital Partners I's portfolio includes seven companies operating throughout the MENA region in diversified sectors including confectionaries and retail; financial services (conventional and Islamic); food production; hospitality and restaurants; logistics; and renewable energy.
© Press Release 2015
