Carlyle to buy key stake in Turkish retailer
Istanbul, September 19, 2012
Private equity firm Carlyle is to take a minority stake in Penti, as Turkey's largest maker and retailer of lingerie and swim wear looks to expand internationally.
The size of the stake and the value of the investment were not disclosed, though some Turkish press reports have placed a value of about $450 million on Penti.
The investment will be Carlyle's seventh from its dedicated Middle East and North Africa fund, a $500 million pool of capital for minority investments and buyouts across the region.
Istanbul-based Penti has a 45 per cent share of Turkey's hosiery market and is one of Europe's largest makers of underwear and swimwear.
The company, which has 155 stores across Turkey and 39 stores in 16 other countries, is looking to expand internationally.
The deal is expected to close in early November, Carlyle said in a statement on Wednesday.
The investment underlines Turkey's attractiveness to private equity investors, who are drawn by its large, youthful population and growing wealth.
Carlyle beat rival private equity groups including Bridgepoint and Global Investment House to invest in Penti.-Reuters