Private equity company KKR & Co has engaged the services of Goldman Sachs Group Inc for the sale of its Turkey-based shipping firm UN Ro-Ro Isletmeleri, according to three people knowledgeable about the matter. The sources told Bloomberg that the private equity firm run by Henry Kravis and George Roberts intends to divest a majority stake in the roll-on roll-off transport vessel in 2014. They spoke on the condition of anonymity since the matter is private.
A global private equity and venture capital company, KKR focuses on acquisitions, leveraged buyouts, management buyouts, special situations and growth equity. Information from Bloomberg showed that KKR focuses its investments in Australia as well as in the emerging and developing markets in Asia, like Japan, Taiwan, Hong Kong, Vietnam, India and Indonesia. It also looks for investments in Europe like in Denmark and France as well as in North and South America.
Meanwhile, bank holding firm Goldman Sachs Group Inc is a global investment banking and securities company. Information from Bloomberg revealed that its services it provides to financial institutions, corporations, governments and high-net worth individuals include investment banking, asset management, trading, principal investments and securities.
KKR completed the acquisition of 97.6% of Istanbul-based UN Ro-Ro Isletmeleri six years ago in a deal worth about EUR 910 millions or USD 1.23 billion. It was KKR's first acquisition in Turkey, Bloomberg reported. The Turkish shipping firm has 12 vessels in its fleet. Its routes include Triesta, Italy and Toulon in France.
When KKR completed its acquisition of UN Ro-Ro in 2007, KKR Member John Pfeffer had said in a statement, "The future success of U.N Ro-Ro's business will be built on continuing to provide a high-quality, reliable service at a competitive cost, investing in new vessels and capacity and contributing to the success of the transporters it serves. We look forward to working with U.N Ro-Ro's management team as they implement their plan to support this growth."
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