Investcorp buys Arvento

Arvento's founders, Ozer Hincal and Bora Yasar Erkan, have retained a minority stake in the business and will continue to operate as CEO and chief technology officer, respectively.

Turkey has experienced a fair amount of activity recently. Earlier this month, Abraaj Group and the European Bank for Reconstruction and Development invested in Turkish mattress retailer BRN Sleep Products.

In January, Syntaxis Capital completed its maiden Turkish investment by providing growth and mezzanine financing to specialised glass products manufacturer Uğurlu Cam. Furthermore, US firm Elixir Capital Management invested $4m in Turkish maternity and baby e-commerce business Annelutfen.

On the sell-side, BC Partners agreed to divest half of its 80.5% stake in Turkish supermarket chain Migros Ticaret to Turkish retailer Anadolu Group, valuing the company at TRY 6.4bn (€2.3bn).

Company
Founded in 2005 and headquartered in Ankara, Arvento is a developer of telematics software-as-a-service products for fleet management and vehicle tracking.

Its technology is designed to allow fleet operators to track vehicles, fuel usage, speed and mileage.

As well as its domestic market of Turkey, the company is also active in Saudi Arabia and the UAE.

People
Ozer Hincal is CEO of Arvento. Hazem Ben-Gacem is head of Investcorp's European corporate investment team.

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• Topics
• CEE
• Buyouts
• Technology
• Turkey
• Investcorp