Private equity firm Riverside has acquired Istanbul-based pet food company Tropikal.

The investment was made from Riverside’s Europe Fund IV (REF IV). The founders along with Riverside will continue as minority investors in the business, while the chief executive and other top management will remain with Tropikal.

Tropikal is looking to expand its business organically and further increase the strength of its brands. This investment marks the first Turkish investment for Riverside and its third platform acquisition.

Company
Tropikal was founded in 1999 as a distributor for pet care brands Sport Mix, Pro Pac and Beaphar. In 2005, the company became the first domestic pet food producer in Turkey and launched its own product range, including Goody and Champion.

People
Riverside vice president Adam Pietruszkiewicz led the transaction. He was joined by Riverside senior associates Jeroen Lenssen and Marcin Goszyk. İzzet Saban is CEO of Tropikal.

Advisers
Company – Standard Ünlü Corporate Finance (Corporate finance).
Equity – Paksoy (Legal); PricewaterhouseCoopers (Financial due diligence).