News
BC Partners completes purchase of 50.8 % of Migros Türk
30 May 2008
Funds advised by BC Partners have completed the acquisition of 50.8 % of Migros Türk T.S.A., Turkey’s largest supermarket chain, from Koc Holding, representing a market cap of YTL3.8 billion ($3.15 billion). A tender offer for the remaining shares, which are listed on the Istanbul Stock Exchange, will be launched in due course, following formal notification of details of the tender offer to Turkey’s Capital Markets Board. Minority investors in the transaction include Turkven Private Equity, the leading private equity firm in Turkey, and DeA Capital, a private equity company listed on the Milan Stock Exchange.
Nikos Stathopoulos, Senior Partner of BC Partners, said: “We are delighted to have completed such a large and complex transaction in a new market for BC Partners and in the current challenging credit market environment. We are proud to become associated with Migros's management team, under the leadership of Executive Chairman Bulend Ozaydinli, together with its 15,000 employees, in taking the business to its next stage of development.”
Francesco Conte, Senior Partner of BC Partners, said: “Migros is a unique investment opportunity--with its market leading position, strong and trusted brand, multi-format strategy, and extensive store network across Turkey. All of these factors make Migros ideally positioned to benefit from the country’s rapidly growing organised food retail market, the favourable demographic trends and the positive dynamics of the Turkish economy.”
Bulend Ozaydinli, Executive Chairman of Migros, said: “I am personally delighted to be back at the helm of Migros which during the past two decades has been an outstandingly successful growth story. I have every confidence that the business will continue to grow and become a world class company under its first class management team and with the strong support of its new owners led by BC Partners.”
Debt financing for the transaction has been provided by Turkish banks: Garanti Bank, Is Bank, Vakifbank, and AkBank.
About Migros
Headquartered in Istanbul, Migros Türk T.S.A. is the leading Turkish food retailer with a circa 22 % share of the organised food retail market. The group operates more than 1,000 stores, and is present in 55 cities throughout all seven Turkish regions, making it the only truly national food retailer in Turkey. It is by far the largest supermarket group, operating under the ‘Migros’, ‘Tansas’ and ‘Macrocenter’ banners; it also operates hypermarkets (as ‘5M’) as well as discount stores (under the ‘Sok’ banner). Migros Türk has also a small presence (16 stores) in four neighbouring countries.
The group employs more than 14,800 people. In 2007, Migros Türk generated sales of approximately YTL4.5 billion ($3.7 billion at current exchange rate). Listed on the Istanbul Stock Exchange, the company is among the 30 largest public companies in the country.
About BC Partners
BC Partners is a leading international private equity firm, operating through integrated teams based in Geneva, Hamburg, London, Milan, New York and Paris. The latest fund, BCEC VIII, closed in May 2005 with €5.9 billion of commitments. For over 20 years, the firm has developed a long track record of successfully acquiring and developing businesses in partnership with management, investing in 66 acquisitions with a combined enterprise value of €61 billion. Recent investments include: Intelsat, Brenntag, Amadeus, Regency Entertainment, Dometic and Picard Surgelés.
About Turkven Private Equity - www.turkven.com
Turkven is the leading alternative asset manager in Turkey, managing over $700 million in private equity and real estate. The firm has raised the first ever private equity fund for Turkey in 2002 and raised its second fund in 2007. Turkven has a team of 20 investment professionals based in Istanbul focusing on buy-out opportunities in Turkey and the region.
About DeA Capital
DeA Capital is a private equity investment company, listed on the Milan Stock Exchange. Around 58% of its share capital is held by De Agostini SpA, which acquired the majority stake during 2007, in order to make the company the vehicle for all the Group’s private equity investments, both direct and via funds and funds of funds. As of 31 December 2007, DeA Capital had a consolidated net equity of €853 million and had finalized investments worth €433 million.
Contact
BC Partners
Richard Spiegelberg/James Milton
richard.spiegelberg@cardewgroup.com
james.milton@cardewgrpoup.com
+ 44 (0) 207 930 0777
+ 44 (0) 7979 804 280