A Turkish Private Equity Web Log

In an effort to cover the Turkish Private Equity Industry - for the promotion of Entrepreneurship, the private equity asset-investment model, and the communication thereof.


Grandstanding Traction in Need of Update - Asking for Contribution
Hello World!

A lot of water has flowed under the Bosphorus Bridge since my last post.  I feel I may have left some of you in a quandary (or not) as to my whereabouts or as to the status of Grandstanding Traction.  Let us just say that children have an interesting way of slowing down your life and its direction, in addition to a move State-side - the bay area of San Francisco.

Needless to say, I never felt like I needed to shut down the blog, as I still feel that some of the links to various Turkish VC and Private Equity organizations are in dire need from outside Turkish borders and to be located in one place with pivotal news of the region.  In addition, most of my posts attempted to accumulate as much factual evidence in the news concerning the particular PE/VC event of the day, and is still a useful resource for the proper timeline of history and for posterity.

So, in this post, I turn to you - the reader.  I need your help in updating Grandstanding Traction.  Since my last post, I'm sure a lot has changed, improved, been built, or failed during my hiatus.  Consider this a sort of wiki.  I ask you to fill me in.  If you know of any organization that should be listed here or should no longer be listed here, I urge you write in, leave a comment in the comment thread, and help me update the site.  What Turkish VC funds have been established?  What conferences are soon to be held in Turkey or neighboring countries?  What vast private equity deal, VC funding or fund establishment has changed the landscape of the Turkish entrepreneurial environment?  What of the Technoparks?  How has the Turkish economy changed in the last decade, or has it?

For a quick refresher, see  Grandstanding Traction's original thesis - my first post.  Also, for a quick history lesson, a quick Google search reveals this essay by Venturing Mind.

Once again, please let me know of any changes and updates of VC/PE firms in Turkey to the current Turkish environment.  Please let me know if you have an upcoming event, business idea, or partnership idea that you would like to see posted live.  As well, if you would like to get in touch, my usual contact information is in the right sidebar.  Many best regards towards the future.

Posted @ 08:07   0 Comments
2nd Annual Private Equity International Turkey Forum - September 22-23
Finally pulling together all the major players in the Turkish private equity space last year (as reported on this site), it appears that EMPEA and PEI are doing it again - The 2nd Annual PEI Turkey Forum. This is really the largest "who's who" event that has ever happened in Turkey for this high potential space. (Dimiter, hope it worked out well for you last year.) I mean, look at this list of speakers:

  • Amjad Ahmad, Senior Managing Director, Alternative Investments, NBK Capital
  • Meltem Akol, Partner, White & Case
  • Sarah Alexander, President, EMPEA
  • Ozgur Altan, Investment Manager, European Investment Fund (EIF)
  • Meltem Ankara, Senior Banker, European Bank for Reconstruction and Development (EBRD)
  • Isak Antika, Co-Founder & Managing Partner, Actera Group
  • Kathleen Bacon, Managing Director, HarbourVest
  • Jean-Philippe Burcklen, Head of Lower Mid-Market, European Investment Fund (EIF)
  • Dr. Mete Çakmakcı, Secretary General, Technology Development Foundation of Turkey
  • Jennifer Choi, Director of Research, EMPEA
  • Serkan Elden, Managing Director & CEO - Eurasia, PineBridge Investments
  • Ercan Ergul, Managing Director, Bedminster Capital Management
  • Mete Ikiz, Investment Director, NBGI Private Equity
  • Tolga Işmen, Managing Partner, Ismen
  • Ralph Jaeger, Senior Research Consultant, Cambridge Associates
  • Amanda Janis, Senior Editor, Private Equity, PEI Media
  • Yalin Karadogan, Principal, Cinven
  • David Nieuwendijk, Senior Investment Officer Private Equity, FMO
  • Murat Özgen, Chief Executive Officer, İş Private Equity
  • Frank Roccogrande, Partner, Bilgili Holding
  • Mehmet Sami, Executive Board Member, ATA Invest
  • Selim Selimata, Manager - Project & Acquisition Finance, Garanti Bank
  • Onur Takmak, Principal, RHEA Investments
  • Seymur Tari, Managing Director, Turkven
  • Sasha van de Water, Managing Director, Keyhaven Capital Partners
  • Memet Yazıcı, Managing Director, Private Equity, Rhea Asset Management
  • Selcuk Yorgancioglu, Executive Director & Turkey Country Head, Abraaj Capital
  • Can Yucaoglu, Director, Turkven Real Estate

Incredible! Truly, what a great event this will be. While I can't imagine there is really that much to say about Turkey, the presence of such brain power and "pro-invest-Turkey" spirit will certainly be there. And it should be, because all tickets for institutional investors are FREE! (As is always the case at such events). Just curious, would anyone like to sponsor me to go to this event? I'd like to go. Maybe I could get a press pass? Hmmm....well anyway, let's hope this means that more inflow of private equity is able to enter Turkey and continue to grow this country to its potential.

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Posted @ 12:18   2 Comments
RHEA Investments Acquires Stake in Turkey’s first fully integrated solid waste and energy company, Envitec Ltd.
To finish the trio of investments for RHEA Investments so far in 2010, RHEA acquires a 33% stake in Turkey’s first fully integrated solid waste and energy company, Envitec Ltd. Envitec has a 25-year Build-Operate-Transfer concession in a 27 municipality region on the Mediterranean Coast of Turkey. The investment will reach $7 Million in 2010.

Onur Takmak, Chairman of the Board for Vakıf Girisim and Chief Executive Officer of RHEA Investments stated "Natural resources, clean infrastructure and energy are focal points of our investment targets. Vakıf VCIT will continue investing in leaders with the right technologies and with the right implementation projects in Turkey. We are excited to work with partners including Enviro Metall GmbH, Kanyol Construction and Biodegma GmbH to leverage their extensive experience in environmental technologies and projects. Envitec will build a strong brand and become a regional leader in waste management."

Ali Rıza Serter, Chairman of the Board for Envitec, expressed that Iskenderun Area Municipal Solid Waste Project will be the first project in Turkey designed single-handedly end-to-end with a clean environment and European Union guidelines in mind. Serter said "We will be proud to serve a very fast growing population of more than half a million residents for 25 years. Envitec is excited to partner with RHEA and Vakıf Girisim to complete this showcase project and expand to other regional municipalities."

Memet Yazici, Head of Asset Management, RHEA Investments and Board Member for Vakif Girisim commented "With our partnership, Envitec will complete a $35 Million infrastructure investment in the first phase. This investment will cover the daily collection of 600 tons of solid waste per day; separation of recyclables; sterilization and elimination of medical waste; production of organic compost material; flash-drying of municipal waste water treatment products; and managing the landfill for the remaining solid waste. The second phase will also add one of Turkey’s largest organic fertilizer plants and an energy production plant from landfill methane. This is a showcase project focused on maximizing the solid waste re-use and finding the cleanest waste management solutions."

Cem Baytok, Director of Energy Investments for RHEA, mentioned that Envitec has been managing a profitable waste collection operation in the region. Following the investment period the project will generate cash flow equivalent to a 100 MW wind energy generation plant. Baytok added that the clean energy production of the project will be enhanced with additional follow-on investments.

Envitec was founded in 2009 after winning the tender for the Build-Operate-Transfer Solid Waste Management and Energy Generation project for the Iskenderun Region of Turkey consisting of 27 municipalities. Founding partners of Envitec include Enviro Metall GmbH, a Stuttgart-Germany firm focused on clean environment projects; Kanyol Construction Inc of Turkey, and Biodegma GmbH of Germany.

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Posted @ 12:58   0 Comments
RHEA Investments Takes Stake In Netsafe Information Technologies - a leading Turkish independent asset management platform
January 2010

The second of three investments in 2010 for RHEA Investments, RHEA announced that they had acquired a 60% stake in Netsafe Information Technologies of Istanbul, Turkey. Netsafe is Turkey’s fastest growing Network Security Unified Threat Management (UTM) appliance manufacturer. The proposed transaction values Netsafe at approximately $1 Million US Dollars.

Netsafe, based in Istanbul, Turkey, serves more than 150 small to medium enterprises in Turkey and exports its products to the Middle Eastern and Eastern European countries. Netsafe was founded by Cüneyt Kalpakoglu, an experienced information security expert and former veteran of IBM in Turkey.

Onur Takmak, Chairman of the Board for Vakıf Girisim and Chief Executive Officer of RHEA Investments added "We selected Netsafe as our initial investment in information security. We will be looking to expand our investments in products and business in telecommunications, information technology and internet applications with a global vision".


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Posted @ 12:29   0 Comments
RHEA Investments Acquires Majority Stake in SETA Medical Products
January 2010

The first of three investments in 2010 for Rhea Investments, SETA is Turkey’s leading manufacturer of disposable medical products, including disposable surgical drapes and gowns, and custom procedure trays. The proposed transaction values SETA Medical at $4.6 million.

Onur Takmak, Chairman of the Board for Vakıf Girisim and Chief Executive Officer of RHEA Investments announced "Disposable medical products are a global $75 Billion market poised for strong growth. SETA represents the leading edge of value added healthcare products and is our initial investment in innovative healthcare companies with regional and global growth aspirations".

Oguz Dagli, Chief Executive Officer of SETA Medical since 2005 commented "With this investment and partnership with RHEA, we are planning to grow our market share and our healthcare logistics capabilities exponentially targeting the Western European market".

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Posted @ 12:08   0 Comments
Bancroft Invests in Leading Turkish Coatings Group Kayalar Kimya
January, 2010

Bancroft Group, a private equity firm, is investing an undisclosed amount in Kayalar Kimya, a leading Turkish coatings group. The investment will be made through the private equity firm's third fund, Bancroft 3, which is targeting total commitments of EUR250 million for investments in Central and Eastern Europe as well as Central Asia and the Caucasus.

Kayalar Kimya is a Turkish producer and a market leader for a wide range of wood and decorative coatings and distributes a wide range of specialty chemicals. The company was founded in 1976.

Other Turkish investments from the Bancroft Group include:
September, 2006 - Standard Profil A. S., tier-one rubber profile and weather-strip manufacturer for European and Turkish car manufacturers.

July, 2007 - Eko Finans Factoring Hizmetleri A. S., a factoring services provider in Turkey with 15 branch offices countrywide, focusing on small to mid-sized enterprises.

Bancroft is a US private equity firm that has been active exclusively in the region of Eastern Europe since 1989

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Posted @ 01:07   0 Comments
The Carlyle Group Acquires 40 Percent of Turkey's Medical Park Hospitals
December, 2009

According to the Carlyle Group press release, Global private equity firm The Carlyle Group today announced it has acquired a 40 percent stake in Medical Park Sağlık Hizmetleri A. Ş., Turkey's second largest healthcare services company. The founding shareholders, the Sancak and Usta groups, will remain as significant investors in Medical Park. Carlyle's all-equity investment will be used primarily to finance the hospital company's continued expansion and reduce debt. Additional financial details were not released. The transaction closed on December 7, 2009.

Can Deldağ, Carlyle Managing Director and Head of the Turkish investment team, said, "We, as Carlyle, are very pleased to invest in a strong, growing company like Medical Park. The Turkish healthcare services sector shows great promise as patient demand for services has been high and is expected to grow steadily."

Medical Park (www.medicalpark.com.tr)was established in 2005 with two existing hospitals based in Istanbul dating from the mid-1990s. Through the development of new hospital projects in leading cities in Western Turkey, and the acquisition of single hospitals based in North and East Anatolia, Medical Park now owns and operates 13 hospitals with 2,000 beds as of 2009. Medical Park provides a diverse range of healthcare services with 800 physicians, 1,600 nurses and 2,800 support personnel.

Equity for this investment, Carlyle's second in the MENA region, will come from Carlyle MENA Partners, a $500 million growth capital and buyout fund that closed in March 2009.


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Posted @ 00:37   0 Comments
Abu Dhabi's Invest AD Invests in Ekol Lojistik
November 2009

According to Invest Ad's press release, Abu Dhabi's Invest AD Invests 50 million Euros in Turkish Logistics Firm, Ekol Lojistik.

Abu Dhabi-based Invest AD is acquiring a significant minority stake in Ekol Lojistik, one of Turkey’s leading integrated logistics companies, for approximately 50 million Euros. The investment will be the first made through Invest AD Private Equity Partners II.

Invest AD's private equity fund, which aims to raise $400 million, is investing in fast growing companies in the Middle East and North Africa region, with a strong focus on Turkey, Saudi Arabia, Egypt and the United Arab Emirates.

EKOL, established in 1990, owns and operates 1,100 vehicles and 16 warehouses in Turkey and one cross-dock facility in Germany. Its team of 2000 people serves a long list of international and national blue-chip clients. The company offers integrated logistics services which include transportation, warehousing, foreign trade consulting and exhibition logistics and a number of value added services.


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Posted @ 00:21   0 Comments
European private equity firm Bridgepoint takes joint controlling stake in Turkish vehicle inspection group TüvTurk
October, 2009
Bridgepoint PE's presence in Turkey, which is really the managed footprint of the old AIG Blue Voyage Fund, appears to have made an active contribution in Turkey, the stalwart survivor of the crisis, and has established their office in Turkey. According to the Bridgepoint press release in October 2009, European private equity firm Bridgepoint has taken a joint controlling stake in Turkish vehicle inspection group TüvTurk in the largest private equity investment in Turkey so far. Details of the deal were not disclosed, but reports in September 2009 estimated a stake of 33 per cent.

The company operates 189 stations across the country and has franchised its operations across 81 regions to 46 franchisees with TüvTurk shareholders retaining ownership and operation in Istanbul, the company’s largest region. Tüvturk is licensed to operate roadworthiness centres across Turkey until 2027, and owns three city franchises: Tüvturk Kuzey, Tüvturk Guney and Tüvturk Istanbul.

The investment was made through Bridgepoint's €4.85bn Bridgepoint Europe IV fund.

This investment appears to be nice medium tier investment for a government subsidized business with guaranteed franchise rights for long duration. Very low competition and tests are required by law for all vehicles in Turkey.


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Posted @ 23:51   0 Comments
Arda Kutsal's Webrazzi is now in English!
Yes! For all English-speaking, technically-minded, gifted entrepreneurs as well as deal flow optimizers, VCs and angel investors for the Turkish market, good news has finally come - Webrazzi is now in English.

The "Techcrunch" of Turkey has been providing daily updates on the Turkish technology and startup scene since 2006. Arda Kutsal's very successful brain child Webrazzi appears to be doing well enough that he has finally branched out to the English speaking world - now called Webrazzi Global.

For those interested, the new link is:
Webrazzi Global
http://en.webrazzi.com/
Check it out!



Posted @ 15:25   0 Comments
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