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.

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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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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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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