Darby Overseas Investments sells Hisarlar

The Indian corporate will acquire up to 75.1% of Hisarlar shares, held by Darby Converging Europe Fund III.

Following the transaction, the European Bank for Reconstruction and Development (ERBD) will hold 18.7% of the company's shares and the Turker family will retain 6.2%.

The transaction is expected to be closed by April 2017. According to Mahindra managing director Pawan Goenka, the acquisition of Hisarlar allows the Indian company to enter the Turkish and European markets.

Previous funding
Darby first backed Hisarlar in April 2013, when the GP's Darby Converging Europe III acquired a majority stake in the company through a €22m buyout supported by EBRD.

According to EBRD, it provided up to €10m of the deal's total financing.

Company
Hisarlar, founded in 1977, is a Turkish agricultural machinery manufacturer that employs 900 employees. Headquartered in Eskişehir, the company generated revenues of TRY 208m in 2015.

People
Mahindra Group – Pawan Goenka (managing director).

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