Sam Batran’s new fund Fóras Capital eyes deals up to €50m
A clutch of senior Irish businessmen are involved in a new investment firm that says it has the capacity to make a single acquisition valued at up to €50m.
Dublin-based Fóras Capital has been founded by Egyptian-born entrepreneur Sam Batran. Living in Dublin, he was most recently the chief executive of the Saudi Arabia-based Halj Group, a property investment group.
Fóras Capital is supported by a number of well-known investors including Sean Mitchell, the founder of chip designer Movidius. He sold that business to Intel in 2016 for $400m.
Frank Kenny, the founder of venture capital firm Delta Partners is also involved, as is John Gallagher, a previous investment director at Irelandia, the investment firm owned by the Ryan family.
Former Aer Arann owner Pádraig Ó Céidigh is also supporting the new investment firm.
On its website, Mr Batran described Fóras Capital as an investment vehicle that has the sole objective “to identify, acquire and scale up only one well-established company on the isle of Ireland”.
It is targeting businesses that have a history of profitability and growth, healthy margins and revenues of between €7m and €50m.
“Post-acquisition, I will assume a full-time role as CEO, and my backers will be actively involved on the board. We have a depth of expertise in running, and growing companies,” he adds.
Fóras Capital is interested in luring a potential sale candidate where the business owner is transitioning to another sector, or planning retirement.
“We will preserve your legacy, grow the company, and nurture the team,” Mr Batran says. “We aim to be your successors in business, while you seek your next chapter in life.”
Fóras, which says it is Ireland’s first search fund, will also consider letting owners remain with the business.
“By buying into an existing operation, search funds provide a safer alternative to starting from scratch,” he said Mr Batran in a recent blog.