The Abraaj Group, a UAE-based private equity investor, has entered into an agreement to acquire majority stake in Turkish dairy firm Yorsan Group, alongside the European Bank for Reconstruction and Development (EBRD).
Yorsan Group is a manufacturer and distributor of quality dairy products. It offers a wide range of products, including yoghurt, cheese, milk and the traditional Turkish drink - ayran.
Abraaj will use its expertise in the dairy industry as well as its networks in growth markets to transition Yorsan onto its next phase of growth nationally and internationally.
Commenting on the acquisition, Abraaj Turkey and Central Asia partner and regional head Seluk Yorgancioglu said that the acquisition of Yorsan marks the company's 8th investment in Turkey since 2007.
EBRD managing director Alain Pilloux said, "The EBRD is pleased to partner with The Abraaj Group in this exciting opportunity in the dynamic Turkish dairy sector.
"This marks the EBRD's first co-investment with The Abraaj Group, and we look forward to working together in the future, both in Turkey and in other regions."
Türkiye Garanti Bankasi, along with Yapi Kredi, has offered acquisition financing and acted as joint mandated lead arranger.
Abraaj is a private equity and venture capital firm specializing in early venture, seed, growth capital, industry consolidation, mezzanine, subdebt, PIPES, buyouts, and buy and build in mature companies.
It seeks to invest in small and medium sized enterprises in emerging markets.
Image: Yorsan Group offers yoghurt, cheese, milk and the traditional Turkish drink - ayran. Photo courtesy of Suat Eman/FreeDigitalPhotos.net.