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.