British private equity firm, Bridgepoint, has acquired Turkish dried fruit and nut company, Peyman, from Esas Holding in a deal reported to be valued at $110 million, according to Reuters.

Launched in Istanbul in 1995, Peyman is a leader in Turkey’s rapidly growing dried fruit, nuts, and seeds, (DFNS) segment with a well-established presence in the country’s convenience stores and a growing presence in supermarkets. The company sells its products under its five popular house brands including, Bahçeden, Dorleo, Çitliyo, Nutzz and Peyman, exporting its products to more than 30 countries across the Middle East, central Asia, and the Balkans.

Founded in 2000 by Sevket Sabanci and other family members, Esas Holding is a top Turkish family office dedicated to private equity investments in retail, aviation, food, healthcare, entertainment and leisure, real estate and logistics. This deal will provide Esas an exit from the 30% stake in acquired in Peyman in 2008.

Turkey’s rapidly growing population, strengthening economy and expanding middle class have positioned the country as a target market for consumer goods. It is one of the top producers and consumers of dried fruits & nuts in the world with its domestic market alone valued at more than €2 billion per year. However, deals within the sector have slowed due to political instability and concerns surrounding the country’s currency and security.

In the first four months of 2016, there have been only 41 M&A deals in the country according to Ernst & Young reports Reuters, the lowest number of deals since the global financial crisis of 2009. Despite this slowdown in activity, Bridgepoint sees the potential in Peyman.

“Peyman is a rapidly growing market leader capable of transforming into a larger and broader snack brand,” said Martin Dunn, the partner responsible for Bridgepoint’s investment activities in Turkey. “With fresh capital and additional consumer expertise from Bridgepoint, Peyman will be able to accelerate growth, both in its traditional convenience store marketplace and by developing new brands and innovative products.”

—

GAI News staff