Dubai-based buyout firm Abraaj Capital Ltd said it is planning to make one more investment in Turkey, Bloomberg reported. This month, Abraaj purchased an 80% stake in Yorsan Gida Mamulleri, a dairy maker in Turkey, for an undisclosed amount. It has had five exits since its first investment in Turkey six years ago.
Abraaj's Regional Head for Central Asia and Turkey Selcuk Yorgancioglu said in a Bloomberg interview that it is in discussions with various firms in the food and education industries. The report said Abraaj is one of the private equity investors with a presence in Turkey. Carlyle Group, Citi Venture Capital International, BC Partners Ltd and KKR & Co are the other private equity firms that have purchased assets to capitalize on the country's economic growth. Under the decade-long leadership of Prime Minister Recep Tayyip Erdogan's, Turkey's economic growth has averaged more than 5% annually.
Yorgancioglu said, "We will have an active year in 2014. We want to have at least one opportunity turned into reality next year."
The website arabianbusiness.com reported that Abraaj has remained one of the world's most active investors, pouring nearly $1 billion in 20 countries. The report quoted Abraaj Group Founder and Group Chief Executive Officer Arif Naqvi as saying, "The past two years have seen a significant increase in Abraaj's investment and exit activity. Particularly satisfying has been Abraaj's ability to source quality investments, consistently drive growth in partnership with the local management of our investee companies, and deliver successful realisations across our markets."
He added that a very encouraging long-term investing environment has been created by the huge growth potential and the economic momentum exhibited by the markets.
In a December 9 press release, Abraaj said it had successfully undertaken 15 exits this year, allowing it to realize for its investors $700 million in the current year.
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