|  
  |  
  |  
  |  
  |  
  |  
  |  
  |  
18 April 2014, Friday
 
 
Today's Zaman
 
 
 
 

UK-based Bancroft buys 75 pct Graniser stake for $75 mln

6 June 2012, Wednesday /TODAY’S ZAMAN
Bancroft Private Equity LLP has purchased a majority stake in Turkish ceramic tiles and granite producer Graniser.

London-based Bancroft paid $75 million to take over three-fourths of Graniser in the acquisition deal carried out by Turkish Daruma Corporate Finance, representing the fourth investment of the private equity firm in Turkey. The deal was announced at a ceremony on Wednesday. “We would like to increase our exports revenue to $85-90 million [a year] with additional investments,” said Graniser General Manager Erol Hacıoğlu at the gathering in İstanbul. He said they will be investing 400 million euros ($500 million) over the next three years. “We defined new growth targets particularly in the Middle Eastern and European markets. We are sure that the partnership we have built with Bancroft will carry us to better days,” he added.

Also speaking at the ceremony, Bancroft’s Turkey Chairman Levent Aydınoğlu said their latest investment represents “a major indication of our long-term faith” in Turkey. “Turkey is a highly enticing country to invest in because it has a speedily growing economy and a young population,” he noted.

Last year, Turkey saw 241 separate mergers and acquisitions (M&A) operations with a total value of $15 billion, including privatizations, the highest number of M&As realized in a year in Turkey. A total of 203 M&As took place in 2010 in the country.

 
 
BUSINESS  Other Titles
Central bank head denies reports that he resigned
Turkey signs FTA with Malaysia, looks to boost trade volume
Tough year ahead for Turkish banks, Fitch says
Competition Authority investigation of THY to resume soon
Cut off from the world, Gazans consumed by poverty
Galatasaray to pay $35 mln in tax penalty
EU agrees to Putin's call for gas security talks
Twitter: No current deal to open office in Turkey
Ankara says Russia's South Stream pipeline could run to Turkey
Turkish central bank meeting eyed for signs of political meddling
Turkish cement firms eye assets after Holcim-Lafarge merger
CHP raises issue of irregularity in loans for Sabah-ATV sale
TUSKON key in trade with Turkey, top Russian group says
Number of job seekers hits 10-year high
Gül attends event of group labeled ‘traitors' by Erdoğan
'Banning social media disaster for any government's global image'
Pakistan publishes list to embarrass tax cheats into paying up
Turkish schools help to enhance trade relations with Africa
Unemployment rate sees decrease year-on-year in Jan
Pegasus Airlines to start flights to Bahrain
...
Bloggers