Grandstanding TractionGrandstanding TractionA Turkish Private Equity Weekly - In an effort to cover the Turkish Private Equity Industry - for the promotion of Entrepreneurship, the private equity asset-investment model, and the communication therof. 
Articles
Turkey's Privatization Program: Scheduled Privatizations as of 2008
2008-09-29 11:16:00 Courtesy of Guner Law Office and Mondaq, this publication (membership required) provides the latest updates on Turkish Law and the current economics environment, most notably, a scheduled list of potential privatizations slated for 2008 and 2009. More information can be found at Turkey's Privatization Administration (OIB) [---+----+ End of Post +----+----] {If you like this content - Click on an advertisement above or below - c'mon, it's good karma.} More About: Program
Ughh! Turkish Investment Copes With The Global Crisis
2008-09-19 12:38:00 With nothing good to talk about these days on the global front, the question needs to be asked, "Who are going to be the last ones standing?" Lehman bankrupt, Merrill Lynch helped out by Bank of America, Morgan Stanley and WAMU looking for buyers, the US bailouts of Freddie Mac, Fannie Mae and now AIG - these past weeks have left everyone in awe of the historical proportions. Historic in the sense that the government is stepping in and stewarding companies - historic in the sense that the government has put a hold on all short selling - historic in the sense that people are drawing comparisons and even mentioning the Great Depression! You have to ask yourself, when was the last time any of this happened before? Next we need to ask, "Who is to blame?" Is it the simple prudent investor who couldn't pay his morgage? Is it the lender who kept adding the tightly-wound-up deals to the portfolio? Is it the leveraging of that risk to others that maintained the confidence? Somewhere... More About: Investment , Global , Crisis , Turkish
Abraaj Capital Acquires Luxury Yacht Maker - Numarine; Summary of Gulf Nat
2008-09-04 08:41:00 Istanbul, August 27 2008: Dubai-based private equity firm Abraaj Capital has acquired a 50 per cent stake in Turkish luxury-yacht manufacturer Numarine, as global demand grows in the US$ 25 billion market for recreational boats. Abraaj, the largest private equity firm in the Middle East and North Africa, will partner Numarine Chief Executive Officer Omer Malaz, who founded the company in 2002. The investment is Abraaj’s second in Turkey and third in the marine business. Last year, it bought part of Acibadem, the only healthcare provider listed on the Istanbul exchange. Abraaj also owns stakes in Dubai-based luxury-yacht distributor ART Marine, and Gulf Marine Maintenance & Offshore Company. "We are delighted to partner with Omer and Numarine, and believe that the company is extremely well positioned to benefit from growing demand for high quality, excellent value motor yachts," said Abraaj Managing Director Mustafa Abdel-Wadood. Global demand for recreational boats, which gre... More About: Luxury , Maker , Summary
Endeavor Turkey's 2008 Entrepreneurs
2008-08-26 14:03:00 At the beginning of the summer, Endeavor Turkey announced its 2008 Endeavor Entrepreneurs . I felt that covering this story not only reflects the tenacity and success of Turkish entrepreneurship, but also proves the existance of hot deals for venture capital and potential acquisition. Indeed, it is no mystery that some of Endeavor's 2007 winners, which I wrote about, had no problems with securing continued funding, were acquired, or had sufficient growth in the year that followed the award. In another example, AirTies, one of Endeavor's 2006 winners, after the award, secured $3.1 million from four angel investors. Endeavor provides selected entrepreneurs with customized services from highlevel business mentors, Fortune 500 consulting firms and top U.S. business schools. The goal is to help these entrepreneurs scale their businesses and reach their highimpact potential. The 2008 Endeavor Turkey's Entrepreneurs are: Artesis – Ahmet Duyar: It's product, the MCM (Motor C...
Conflicting Reports on Turkey's Economic Slowdown in 2008: Ernst & You
2008-07-28 09:32:00 Ernst & Young Says Shopping Center Boom is Over! This last May, Ernst&Young Turkey's managing director Osman Dinçbaş came out and said that Istanbul had reached the famous number of 100 shopping centers: a number that was predicted to meet Istanbul's demand. He even went on the say, "Taking those under construction into account, the number of malls will rise above 100. Can the city handle such a number? I believe a crisis in our country will stem from this." Interesting perspective in this article, but having lived in this city, I'm sorry, but I kind of have to disagree. Very cautious. While there still might occur a crisis in Turkey, this will be a result of other issues. Decline of retail receipts will only occur after the fact. Maybe he should visit Carrefour on a Saturday afternoon? Compared to Europe, Turkey is still well below the number of square meters/population. I wrote about some of this last year: The Shopping Center Boom in Turkey Iş Private Equ... More About: Economic , Ernst , 2008
Carlyle Group Gets Its Feet Wet In Turkey: Aquires 50% of TVK Shipyard
2008-07-28 09:05:00 Yes, I know it has been awhile, and I'm sorry for that. I'll try to feed the most recent stories that have occured this summer. It seems Can Deldag of Carlyle Group in Turkey has come through with his words last spring. We knew that Carlyle had something in the works that would bear fruit this summer. At right, you can see (L-R) Walid Musallam, head of Carlyle Middle East and North Africa, Can Deldag, director of Carlyle Turkey and Can Topsakal, TVK board member. The most relevant stories are from suprisingly the Hurriyet's English division: Carlyle group acquieres 50 pct of Turkey's TVK and a somewhat comical TDN report: Carlyle Group partners with TVK When interviewed by Reuters, Can Deldag had this to say. "We can easily complete 2-3 investment projects in the next 18 months. These could be companies operating in health, logistics, transport and non-food retail sectors," Deldag said. "If we have the opportunity we could invest in other companies, including non-bank f... More About: Feet
Teknoloji Yatirim A.S. Launches New Website
2008-06-16 10:12:00 From what I understand, TTGV, the Turkish Technology Entrepreneur Fund has spun out Teknoloji Yatirim A.S. and has been operating for some time now, although TTGV still exists. With that Teknoloji Yatirim A.S. (www.teknolojiyatirim.com.tr) has launced it new website. Teknoloji Yatirim A.S. has a fund size of $5 million, and so far, three companies in its portfolio. The fund is investing in startupentrepreneurs in the Technology and Biotech arenas. Interestingly enough, it makes sense that Dr. A. Mete ÇAKMAKCI is the wise chairman at the helm, descending from TTGV, and Haluk ZONTUL is CEO. In addtion, it seems Evren UNVER, co-founder of Turkven, is also a board member. I would like to thank by readers and friends at Teknoloji Yatirim A.S. for submitting this. The private equity/VC Index on the left sidebar has been updated. And with that, the VC pool in Turkey just got a little bit bigger. [---+----+ End of Post +----+----] {If you like this content - Click on the Googl... More About: Website
PDF Kurumsal Acquired by Taib Bank BSC
2008-06-16 09:46:00 Earlier this month, according to Bloomberg, Taib Bank BSC, the Bahrain-based investment bank controlled by Dubai's ruling sheikh, said its Turkish unit bought Istanbul-based corporate finance advisors PDF Kurumsal Finansman Danismanlik Hizmetleri AS. Taib Yatirim AS, the brokerage unit of Taib YatirimBank, bought PDF in cash and shares to expand its investment banking services in Turkey, Taib said in an e-mailed statement, without disclosing the price. Taib's Turkish broking unit will be renamed Taib-PDF Menkul Degerler AS, the statement said. "We are proud to have the PDF team join us to create the strongest corporate finance offering in Turkey," said TAIB Bank chief executive officer Iqbal G Mamdani. Taib Bank is a unit of Dubai Financial Group, which is part of Sheikh Mohammed bin Rashid al-Maktoum's Dubai Holding LLC. PDF is an Istanbul-based corporate finance advisory firm renowned for its Turkish market leadership in merger and acquisition activity, advisory servi...
Update on Participation Banking in Turkey: 2008
2008-06-16 09:12:00 Stepping away somewhat from private equity, I would like to extend to my readers an article concerning Participation (Islamic) Banks in Turkey . This article was written and submitted to me by good friend, Paul Wouters, consultant at Bener Law Office in Istanbul, Turkey. Although, it has been sometime since it was first printed, the information contained is still relevant, and gives good insight to the Participation banking industry in Turkey. This article was first published at www.islamicfinancenews.com on April 18, 2008 . Paul WOUTERS is consultant to Bener Law Office, Istanbul - Turkey and can be reached at paul.wouters@bener.com.tr ----------------------------------------- ----------------------------- All eyes set on Turkey The Chief Prosecutor of the Turkish Supreme Court of Appeals - Abdurrahman Yalçınkaya - submitted on March 14th an indictment to the Constitutional Court aiming to shut down the governing Justice and Development Party (AK Party) on the grounds that ... More About: Banking , Update
Turkven Invests in Tekin Acar Cosmetics
2008-05-27 22:11:00 This will probably not be the last post regarding Turkven Private Equity and its disbursement of its $400+ Million TPEF II Fund. Turkven's latest investment consists of Tekin Acar Cosmetics - the largest selective cosmetics retailer in Turkey with over 40 stores located in 15 cities and a market share of 35%. The Company sells perfumes, skin care, make-up, sun and other products and employs approximately 400 people. Turkven Managing Director Seymur Tari added: "The Company is well positioned to reach its operational and financial targets with an investment budget of YTL20 million and no financial debt." Turkven Principal Sepin Sinanlioglu Inceer added: "We plan to increase the total number of stores to 100, our market share to 40% and our turnover to YTL150 million." Commenting on the transaction, Chairman Tekin Acar said: "Our partnership with Turkven will help us better execute our ambitious growth plan in the coming years. Our goal is to increase our market share through geog...
Conference Announcement: Venture Capital in Emerging Markets - 9 - 10 June,
2008-05-11 21:15:00 I am very happy and proud to hear that Mae Ozkan and her team at GoldenHorn Venture s have put together a conference: Venture Capital in Emerging Markets (http://emergetechvc.com) to be held on the 9 - 10 June , 2008 in Istanbul, Turkey. For registration, please visit the: Venture Capital in Emerging Markets Registration Page Hosted by GoldenHorn Ventures, I'm very curious to see the spectacular things that will get started as a result of this first conference. This is truly great news for Turkey, the Turkish VC industry, and Turkish entrepreneurship. From their website: This, therefore, seems an excellent moment in time to bring together an international group of business and investor practitioners – some “old hands” at business creation and financing, others, enthusiastic to learn and participate, and to develop a clearer understanding of what is going on in emerging markets, what best practices can be adopted and how knowledge and expertise can be transferred with the ... More About: Announcement
European Founders Fund Invests and Takes Stake in YemekSepeti.com
2008-05-08 21:56:00 YemekSepeti.com, a takeout food ordering service which operates with 2,650 member restaurants, has sold an estimated 20% equity stake for $3 million to the European Founders Fund of Germany, thus valuing the firm at $15 million. The deal was reported in the TDN (Europeans partner with Turkish food portal) and the Milliyet Newspaper (Turkish: Yemek Sepeti’ne Almanlar girdi). In addition, more specifics of the deal were also garnered from Arda Kutsal's Webrazzi (Webrazzi (in Turkish): YemekSepeti.com’un azınlık hissesi European Founders’ın). The announcement highlights Turkey once again for its growing Internet space and interest by foreign private equity. With sources close to the deal, it appears Yemeksepti.com will use the investment to move its service into Eastern Europe. According to the Milliyet article, it looks like other investors consisted of Raymond James Türkiye Yatırım Bankacılığı General Manager Gökçe Kabatepe, Mondus.net’s founder, internet in...
CFK Partners Launches with Turkish Focus
2008-04-27 21:08:00 In my correspondance with CFK Partners and the post in regards to their acquiring a stake in Vakif Girisim, I was able to secure some information regarding their plans and focus for Turkey. I do not know how helpful this might be for my readers due to the clarity of the email response, and for that I apologize. Here's how the emailed questions were answered: ----------------------------------------- -------------------------- Important Note: Acquisition of Vakıf Girisim, will be valid following the approval from Capital Markets Board of Turkey (CMB). Our Investment Strategy, Investment Focus , and Growth Scenarios will be valid in the case of approved acquisition. How does the acquisition of Vakif Girisim fit into CFK's strategy? Along with the other products/services, CFK & Partners overrates Venture Capital with corporate social responsibility point of view. CFK & Partners thinks that most of the innovative ideas come to the scene at the universities and at th... More About: Turkish
Idea Contests: Beneficial to Students and a Nation? - Or Exploitation of En
2008-04-20 21:24:00 Recently, the Turkish Daily News had a very generous front page article, ("Young Turks' career question: Why?") concerning Unilever's Idea Trophy Contest. A business strategy contest for university students throughout Turkey, IdeaTrophy provides a competitive platform for students to form teams, culminate ideas, and present to Unilever executives. Winners of the yearly contest are rewarded with small cash prizes (and potential for employment). While I agree that the contest provides a good framework for teamwork, business planning education, presentation skills and valuable experience working with a multinational corporation, I will stop short at saying it promotes and improves innovation and entrepreneurship for Turkey. This is the problem I have with these "idea" contests. For these large MNC's, they are quite simply building a marketing focus group for free, and a permission-based recruiting network. By asking for ideas (bordering on exploitation of rather entrepreneurial... More About: Students , Contests , Exploitation , Nation
Turkey's First Hedge Funds; Trouble for Turkcell; Carlyle Group's Summer In
2008-04-06 21:29:00 İş Bank's investment division, İş Invest (İş Yatırım Menkul Değerler), has been approved by the Capital Markets Board to operate a hedge fund. It will have an initial YTL 30 million ($23 million) under management. The İş Invest's announcement comes one day after Garanti Bank, the Turkish lender co-owned by General Electric Co., said it received approval to open Turkey's first hedge fund. The fund initially will have about YTL 500 million ($388million) under management. TDN: Banks race to open first hedge fund in Turkey It seems Russia's Alfa Group, just after acquiring AFM cinemas, may be about to gain control of Turkey's largest mobile phone network, Turkcell . The deal is hinging on a court case between Turkcell stockholders, Alfa Group and Çukurova Holding. TDN: Russia's Alfa dreams of Turkcell ownership Carlyle Group's Can Deldag made an announcement stating to be on the lookout for deals coming this summer, possibly in June. The news is fairly wea... More About: Summer , Hedge , Funds
CFK Partners Joint Venture With Multinet Buys Stake in Vakif Girişim
2008-03-30 22:00:00 Beating out heavy contenders like Global Yatırım Holding to buy a stake in VakifBank's Venture Capital Unit, Vakıf Girişim Sermayesi Yatırım Ortaklığı A.Ş., CFK & Partners in a joint venture with Multinet Kurumsal Hizmetler A.Ş, has bid to pay 3.13 milyon YTL for 31.15 percent. According to the report by the TDN, Global made an offer to buy 31 percent of Vakıf Girişim. Although the details are few, shares jumped for Vakıf Girişim on the Istanbul Stock Exchange following the announcement, valuing the trust at YTL 7.9 million ($6.6 million). This block sale of Vakıf Girişim had been announced previously. VakıfBank decided to sell its stake in Vakıf Venture Capital Investment Trust via block sale to domestic or foreign-based investors. Vakif Girişim's deals have been fairly unpublicized, and as of late, it was thought that they were no longer pursuing deals. But as it turns out, the controlling shareholders of Vakıf Girişim did not want to conduct ven... More About: Joint Venture
Fideltus Capital Signs Agreement with German-based IEG
2008-03-24 10:19:00 Fideltus Capital , a leading independent corporate finance advisory company in Turkey, and Berlin-based IEG Investment Banking have signed an agreement between the two companies to focus on Corporate Finance Advisory, Institutional Placements and Principal Investments. IEG is one of Europe's leading independent investment banking houses for mid-cap companies, entrepreneurs and institutional investors. It looks as if the deal is of significant strategic importance for both companies, aiding Fideltus to better brand recognition, funding relations, and investments abroad, while IEG will "centralize" in Turkey, making investments and using it as a springboard for further investments in the Middle East and North Africa. "We will target the mid-cap client group, which has a business potential of between $5 and $250 million in corporate finance advisory," said Stefan C. Heilmann, IEG managing director. "Turkey has strong economic fundamentals, which is a key point for our clients." T... More About: German , Signs , Agreement
AIG Capital Partners Closes Deal on Sale of AFM Cinemas
2008-03-12 09:57:00 AIG Capital Partners Exits AFM Cinemas - Sells to A1 Group This should be old news at this point, but having reported on this back in November 2007 (Blue Voyage Partners Exit AFM Cinemas), it seems the deal has finally closed. According to AltAssets, "AIG Capital Partners and other shareholders have completed the sale of 51.91 per cent of Istanbul, Turkey-headquartered cinema and entertainment company AFM Uluslararasi Film Produksiyon Tic. ve San. to A1 Group, the investment group of the Alfa-Group Consortium. The transaction values the company at $75m." It seems the value of the deal increased considerably since the original announcement to the Istanbul Stock Exchange. Previously, the deal valued the company at around $55M. Here are the quotes: Serkan Elden, a managing director of AIG Capital Partners, said, 'The sale of our shares in AFM Cinemas represents the conclusion of a long-term and successful partnership with AFM's shareholders and management team, led by A Adnan A... More About: Sale , Deal
Dealflow 2008: BC Partners Acquires Migros; Manara grabs 21% ACT Airlines;
2008-02-24 21:38:00 Migros Turk Acquired by BC Partners , Ltd. 14 February 2008 BC Partners Ltd., a London-based buyout firm, has agreed to a 1.98 billion liras ($1.7 billion), or 21.85 liras a share leveraged buyout acquiring 51% of Migros Turk AS from Koc Holding AS. BC Partners will also offer to buy out minority stockholders at the same price. This places a value of about $3.2 billion for Turkey's largest supermarket chain. Some interesting statistics concerning the deal and supermarket/retail in Turkey: Migros Turk has 961 stores in Turkey, Azerbaijan, Kazakhstan, Kyrgyzstan and Macedonia. The deal values Migros at about 21-times forecast 2008 earnings, according to the average of 18 estimates compiled by Bloomberg. BC Partners beat off rival bidders including buyout firms Blackstone Group LP and Kohlberg Kravis Roberts & Co., and Russian billionaire Mikhail Fridman's Alfa Group, as well as Turkey's 2nd biggest retailer - Paris-based Carrefour SA. Turkey has attracted about $40 billion o... More About: Airlines
Tech Investments in Turkey as of 2008: Innovations Thinking Local or Going
2008-02-17 22:16:00 In January, trendsspotting posted about a survey they did with various VC's regarding the next big trends for 2008. They then compiled them into a tag cloud to flesh out the major issues. Their conclusions for 2008's upcoming trends were: "Applications, green, mobile, networks, open, social" Not suprising given the latest popularity of social networks, greentech, mobile applications, and the community aspect of any open-source technology. Take for example Facebook's new markup language to play with its API - FBML. Lately, Silicon Valley (Dave Hornik's podcast on VentureBlog for one) and Facebook have been talking about an "XML-like" or open source community platform that will be able to integrate all communities into, what is now being coined, your "Social-graph" - a play on words with demographics. So we will only have to make one profile, instead of many, that will follow us around the Net. So, although I'm not using Facebook, you will still be able to add my Linkedi... More About: Turkey , Tech , Innovations , Local , Investments
Turkish Mobile Applications Provider Pozitron Wins Harvard Business School'
2008-02-10 21:12:00 It seems my friends at Pozitron, who I posted about in June 2007, have won the HBS Global Business Plan Competition. The news has been posted courtesy of Dan Primack of PEHub, who judged at the event. Pozitron (www.pozitron.com), a mobile and alternative communications solution provider based in Turkey, won the Global Business Plan Contest sponsored by the Harvard Business School ’s Entrepreneurship Club on January 27. It was the first contest of its kind that brought together a panel of judges from the venture capital and technology sectors including IDG Ventures Boston, HarbourVest, and Thomas Financial. Pozitron is an R&D focused enterprise communications solution company taking tremendous strides in innovation and development in the mobile industry. It develops new technologies which makes wireless experiences more enjoyable and powerful. Founded in 2000, Pozitron provides professional service and solutions to meet the demands of its customers. Pozitron is the fastest exec... More About: Mobile , Applications
Turkish Business Networking Site - Cember.net Acquired by German Social Net
2008-02-03 19:43:00 In January, it was announced (here via Reuters) that Xing had aquired Cember.net for 4.4 million euros ($6.4 million), to be paid in stages. Xing is a professional business social networking site that had 4.25 million members at end-September 2007 and competes with US-based Linkedin. Cember.net apparently is the largest professional networking social network in Turkey with over 280,000 members. The site is ranked at 117 in Turkey according to Alexa. Overall ranking worldwide looks like this when compared with Linkedin: Cem Sertoğlu came up wıth a good metric for the value of Turkish eyeballs on this deal: The €15/member price tag for the acquisiton shows that there's still a bit of a discount for Turkish internet properties. Xing is trading at about €45/ member. Based on this metric, and with an estimated (although dated) 16,000,000 Internet users in Turkey as of September 2006 (only representing 20% of the population), is this a good price? It's hard to say... More About: Business , Social , Networking , German , Site
Grandstanding Traction Is One Year Old!
2008-01-14 22:07:00 With the end of 2007, it marked a year since Grandstanding Traction took up its mission and started posting on the trials and tribulations of Turkey's Private Equity and Venture Capital space. For a review of the Grandstanding mission, please visit our first post : Grandstanding Traction Objectives. While I have tried unequivocally to post on all dealflow, exits and fundraisings in Turkey, of course I have to apologize if there was not enough time in the day or manpower to get the reader the latest news. Here's what I have noticed and changed about the site: Subscriptions: - Since the beginning, I have always included the RSS subscription button on the upper left corner, as well as a Feedblitz Emailer button on the right sidebar. As of this post, Grandstanding Traction has around 70 feed readers, 21 of which are Feedblitz email readers. As a publisher, I just want to thank you for your readership. Please feel free to pass it on to your friends, or don't be afraid to comme... More About: Year
Turkey Launches iVCi - The Istanbul Venture Capital Initiative - a €200M
2008-01-06 20:58:00 Well, I finally get to break the news on this one since I only received the press release a few weeks ago. It is also fitting as it is Grandstanding Traction's first post of 2008. It should be a great year. The press release reads as follows: The European Investment Fund (EIF), together with the Technology Foundation of Turkey (TTGV), the SME Development Organisation of Turkey (KOSGEB) and the public Development Bank of Turkey (TKB) are jointly launching a target EUR 200m dedicated fund of funds and co-investment programme in Turkey. The Istanbul Venture Capital Initiative , or “iVCi” as the programme is known, aims to serve as a catalyst for the development of the private equity industry in this country whilst achieving good returns for its investors. iVCi is to be advised by the EIF. iVCi further consolidates EIF’s risk capital activities in Turkey, where it already has invested in Actera Partners and Turkish Private Equity Fund II. EIF's Chief Executive, Francis Carp... More About: Venture Capital
Actera Group Closes Actera Partners Fund at $475 Million
2007-12-23 21:47:00 The Actera Group has finally closed their Actera Partners fund at over $475 million according to an AltAssets report. This would be a new Turkish fund record, and would most likely bring 2007 to a close with an increase in the private equity funding pool of over $1 billion. Believe me when I tell you, I have seen a google search come from every country on this site, so Actera's reach has spread far and wide, whether it be through their road shows or due dilagence. Indeed, according to the statement, "commitments came from pension funds, multilateral institutions and sovereign wealth funds from North America, Europe, the Far East and the Middle East." The main points of the statement include: Actera Partners will focus primarily on buy-out and growth equity investments across various industry sectors in Turkey. In addition, the fund seeks to partner with Turkish companies to support their expansion to other countries. The fund has already completed its first transaction. In pa... More About: Fund , Million
Interview: Mehtap Özkan - GoldenHorn Ventures
2007-12-16 20:18:00 Mehtap (Mae) Özkan, founder of GoldenHorn Ventures , was kind enough to be interviewed via email concerning her fund, and about venture capital and entrepreneurship in Turkey. I am not suprised that Mae is someone that is very passionate about entrepreneurship in Turkey and also the part that she plays in supporting that end. For an overview of GoldenHorn Ventures, you can visit the GoldenHorn Ventures website (www.goldenhornventures.com). You can also visit the GoldenHorn Ventures Blog. I think it is very telling when, speaking of Golden Horn, Senior Investment Officer at the IFC, Ralph Keitel, states, "I believe the Turkish market currently offers excellent investment opportunities for early-stage VC firms such as GoldenHorn Ventures which understand the challenges of entrepreneurs in a globalized world." I'll let Mae tell you the story. This will be the first part of that interview. THE FUND - GoldenHorn Ventures Tell us something about your background and how did it evo... More About: Interview
Brokerage House Acquistions in Turkey - MNG to Lehman Brothers
2007-12-02 21:15:00 Since this has been such a hot area as of late, I figured I might as well put them all in one location. Six Turkish Brokerage s get snapped up by foreign buyers in the last 2 years. In addition, for a clear timeline of these acquisitions as well as other deals in the making with international investment banks, don't forget to check out a previous post: "Investment Banks clamor toward Turkey ; Scoop up Brokerages and Licenses". In addition, for some of the acquisitions, you will see links that allow you to drill down to its specific Grandstanding Traction post. Here are the latest brokerage house acquisitions of Turkish brokers by foreign buyers. Brokerage House Acquisitions in Turkey Bank Date Acquirer Acquired % Amount Paid(USD) Arigil Securities Nov. 2006 Morgan Stanley 100% Undisclosed Tat Securities Dec. 2006 Merrill Lynch 100% Undisclosed Dundas Unlu Securities March 2007 Standard Bank 67% Undisclosed Baran Securities May 2007 Credit Suisse 100% Undisclosed Op... More About: Brothers , Lehman Brothers
Summary: METU/ODTÜ Holds Entrepreneur/Investor Summit
2007-11-25 19:42:00 At the beginning of November, I happily attended the Entrepreneur -Investor Summit hosted by Middle East Technical University (METU/ODTÜ) at the Ritz Carlton in Istanbul. I went there with many ideas and goals in mind. However, what I took away was somewhat different from my expectations. First and foremeost, who attended the event? A fine list of panelists can be found on the Metutech site. However, the attendees constituted: International Banks - The EIF, the EIB and KFW presented their foci on helping other banks fund entrepreneurship through loans. Only the EIF through the EIB acts as Fund of Funds to the venture space. European Angels - The midmorning panel consisted of a discussion on the merits, successes and opportunities of setting up an angel investor network. This included The European Business Angels Network (EBAN), and the Italian Business Angels Network (IBAN) as well as The London Business Angels. All stressed the need for increased legislation on the taxatio... More About: Summary , Rene
Turkven Closes Second Fund - TPEF II
2007-11-18 19:03:00 Although there is not a lot of information out there, it can be confirmed that Turk ven has closed its second fund. Posted in October in the WSJ (for subscibers), the TPEF II buyout fund is predicted to be a whopping $428 million, "which is 10 times the size of its 1st fund which closed at $44 million in 2002". For a Turkish private equity fund, this will be the largest increase in fund size ever achieved through a second fund raising. It is also interesting to note that with the crisis in 2001 and with the formation of their first fund in 2002, they may have had to overcome a currency crunch with some of their deals as well as reassurances to their LPs regarding Turkey's economic problems at the time. It's amazing to think that despite any negative issues that may or may have not occured, the demand for and outlook of Turkey has still kept investors and LPs positive. With this second fund closing, it appears that these volatile issues have passed. In addition, their relation... More About: Fund
Deloitte Touche Turkiye Publishes Most Comprehensive Turkish Private Equity
More articles from this author:2007-11-11 21:43:00 A few people were looking for the link to this report on my freind Kutlu's blog on Entrepreneurship. So, for anyone curious about testing the waters of the PE/VC space in Turkey, the Deloitte Touche Turkiye report on Private Equity in Turkey (PDF) is a must-read. With the Turkish Venture Capital Association being non-existant (the last analysis being written in 2004), and TUSIAD being focused in other areas, this report from Deloitte Corporate Finance is the most comprehensive analysis to date. Originally I found this report on the Turkish US Business Council website (with some other good reports), but here is the real home link at DT: Private Equity in Turkey: A Practical Guide for Turkish Companies and Investors (24 pages/PDF) http://www.deloitte.com/dtt/cda/doc/conte nt/turkey-en_cf_PEinTurkey_210607.pdf Date: June 2007 Author: Deloitte Corporate Finance The report is structured around various economical periods in the last 20 years dealing with crises as well as telling o... 1, 2, 3, 4 |
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