Global private equity firm The Carlyle Group has acquired a 50 per cent stake in TVK Shipyard (TVK), a Turkish shipbuilder specialising in chemical tankers and other specialty vessels.

This is Carlyle’s first investment in Turkey, said a company official. The transaction closed yesterday and financial terms were not disclosed.

“We look forward to working with the TVK team to capture the growth in the global shipping industry,” said Can Deldağ, managing director of Carlyle’s Mena team.

“TVK’s new facilities, strong management team and distinct know-how enable the company to compete in the more specialized segments of the global market in terms of efficiency and premium quality,” he observed.

Established by entrepreneurs Can Topsakal, Naim Kocer and former production manager of Turkey’s largest shipyard, Turgut Atagun, TVK was incorporated in 2005 in the Kocaeli Free Trade Zone.

The company was created to build specialized chemical tankers with cargo volume up to 30,000 dwt (deadweight tonnage).

“Partnering with Carlyle will enable TVK to expand capacity and enable the production of more sophisticated vessels at a faster rate than what we could have achieved alone,” said Can Topsakal, founder and chief executive officer of TVK.

“Through the addition of a second slipway already under construction, we anticipate doubling our production by the end of the year.”

Carlyle’s Mena team invests primarily in healthy, growing companies. From offices in Cairo, Dubai and Istanbul, the team leverages Carlyle’s expertise in various sectors, including energy, financial services, healthcare, industrial, infrastructure, technology and transportation.

“This growth capital investment in TVK is indicative of the opportunity we see in the Mena. Carlyle has the capital, industry expertise and global network that can help companies grow and revitalize,” said Walid Musallam, Carlyle managing director and head of the Mena team.-TradeArabia News Service