Turkven acquires MNG Cargo

The deal was closed on 24 August and saw Turkven wholly acquire MNG Cargo.

Turkven CEO Seymur Tari told unquote" he expects the business to grow quickly with the rise of e-commerce in the country.

Turkven deployed capital from its Turkven Private Equity III fund, which closed in 2012 and counts no Turkish LPs.

The GP expects to make a few more investments from the fund this year, with enough capital for two or three more deals, it said. Turkven is aiming to seal another investment soon, and will then consider whether it will start fundraising for a fourth fund in 2018.

Company
Founded as a subsidiary of MNG Holding in 2003, MNG Cargo is a delivery company operating across Turkey and globally. It operates six of its own aircraft under MNG Cargo Airlines, along with 2,200 vehicles for land freight with a guarantee to deliver freight to all city centres in Turkey within 24 hours. It operates 19 regional offices, 25 sorting hubs with 900 branches, and employs 8,000 staff.

People
Turkven – Seymur Tari (CEO).
MNG Cargo – Aslan Kut (general manager).
MNG Holding  – Murathan Günal (vice president).

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• Topics
• Buyouts
• CEE
• Consumer
• Turkven Private Equity
• Turkey