Turkish snack chain hopes to raise $500m through PE
Turkish snack chain Simit Sarayi has entered negotiations with US investor Colony Capital and Dubai's Abraaj Capital for the sale of a minority stake in the business, according to reports.
Simit Sarayi is a pastry and tea chain operating throughout Turkey, with additional sales points in Cyprus, Germany, the Netherlands and Saudi Arabia. To take the brand global, the company is looking for a $500m investment from private equity players.
Simit Sarayi was founded in 2002 and employs 3,000 people – many of its 204 branches are franchised. Overall revenues amount to TRY 150m ($85m), excluding franchise sales.
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