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.
Labels: AIG, Blue Voyage Fund, Bridgepoint