| RHEA Investments Acquires Stake in Turkey’s first fully integrated solid waste and energy company, Envitec Ltd. |
| 02 June 2010 |
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.
Labels: RHEA investments, Vakıf Girişim
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| RHEA Investments Takes Stake In Netsafe Information Technologies - a leading Turkish independent asset management platform |
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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".
Labels: RHEA investments, Vakıf Girişim
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| RHEA Investments Acquires Majority Stake in SETA Medical Products |
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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".
Labels: RHEA investments, Vakıf Girişim
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| RHEA Investments Joins with Stowbridge Partners; Purchases Vakif VCIT Shares |
| 25 September 2009 |
RHEA Investments, a London-baseded private investment and project development company in the fields of real estate, health, energy, agriculture, and financial services, has made a few moves in the last month that should position it for permanency in the Turkish environment. RHEA Investments established a foothold in Turkey in 2006 and have made successful investments on a MediaMarkt project in Izmir as well as continuing development of hotel projects in various Turkish cities.
Posted about a month ago on the Linkedin group - Venture Capital and Private Equity in Turkey, Memet Yazici, group leader Head of Asset Management at Rhea Investments, makes two announcements regarding the future direction of Rhea Investments. First and foremost last month, RHEA Investments announces that it has joined forces with Stowbridge Partners. According to the post:
"Stowbridge Partners and RHEA Investment Group are joining forces to launch a venture capital and private equity management as well as a corporate advisory unit under the RHEA name. Accordingly, Stowbridge venture capital management and corporate finance advisory practices will merge with the RHEA team.
The new entity will combine the strength of RHEA’s business in the real estate, energy and healthcare sectors with the Stowbridge Partners’ extensive experience in Venture Capital and Small/Medium Enterprise Private Equity. Both teams share the same vision to produce superior returns and the same dedication to excellent execution.
RHEA’s primary office is located in Istanbul, Turkey with additional offices in London (UK) Chicago, Illinois (US), Bucharest (Romania), Izmir (Turkey) and Dubai (UAE).
At Stowbridge Partners, managing partner Kurtay Ogunc will continue his leadership and identify new opportunities for cooperation and collaboration between U.S. and the EMEA region.
About a year ago, Stowbridge Partners was taken off Grandstanding Traction's index (right sidebar) due to inactivity, or rather "off the radar". As of this announcement, they have been added again. Memet Yazici is also a board member of Stowbridge Partners.
Days after, RHEA Investments made another announcement regarding its agreement to purchase 31.15 percent of Vakıfbank's private equity operation Vakıf Venture Capital Investments Trust.
As mentioned in the Hurriyet Daily News, "The 2.1 million Turkish Liras deal is pending the approval of Turkey's Capital Markets Board, or SPK, and is likely to be finalized by the end of 2009. Vakıf Venture Capital Investment Trust was established in 1996 and listed on the Istanbul Stock Exchange in July 2000."
According to Memet Yazici on Linkedin, "RHEA has signed a definitive agreement with Vakif Bank to purchase all of the A type (controlling) and 6.15% B type (ordinary) shares of Vakif Risk Sermayesi Yatirim Ortakligi A.S. (Vakif Venture Capital Investment Trust), an Istanbul Stock Exhange listed joint stock company (stock code: “VKFRS” ). All of the remaining shares are trading on the ISE."
As quoted in the Hurriyet, "We will be particularly interested in cooperating with sector leaders, firms that are already first or second in their respective sectors, which have an ambitious global growth vision. Our goal is to grow the firms and exit them in some two to four years, like an average private equity investor would do," Yazıcı said. Rhea has already screened some 25 firms looking for an investment between 5 million and 20 million euros. "In addition to this, motivated by the construction of technoparks in Turkey in recent years, we are also planning to build a technology portfolio of some five companies," said Onur Takmak, Rhea Investment venture capital director.
Additional information can be obtained at:
The New Energy World Network - Turkish renewable energy investment trust Rhea Investments acquires Vakif Risk Sermayesi Yatirim Ortakligi
Invest IQ - RHEA Buys controlling Share of Vakif Venture Capital
Rhea comes to Turkey with international corporate investors (TR)
Overall, this looks like a nice consolidation of the industry with some good heads at work. Vakif Girisim was looking to unload this subsidiary for some time now. In fact, Grandstanding Traction posted in 2008 an interview with CFK Partners who were intending the purchase the Vakif Girisim shares. CFK Halka Arz Partners website is still under construction, so this deal appears to have fallen through.
Labels: RHEA investments, Vakıf Girişim
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Publisher: Jon H. Black
