Turkven buys majority stake in Vansan

After eyeing Vansan as a potential acquisition for two and a half years, Turkven signed a share purchase agreement to acquire a majority stake in the firm.

The water technologies sector is critical for infrastructure, construction and agriculture, director Ali Nalbantoglu, who led the deal, told unquote".

Turkven aims to grow Vansan into a regional leader with global expansion plans, intending to increase the revenue share of its exports above the current level of 60%.

Remaining shareholder Can Ertöz will continue in his role as CEO. The deal is subject to the Turkish competition authority's approval and is expected to close in Q4 2017.

Company
Founded in 1964, Vansan is headquartered in Izmir and manufactures pumps and pumping equipment, as well as distributing other water-related technology products. The firm employs a staff of around 500 and has a presence in 60 countries. It posted a revenue of TRY 250m in 2016.

People
Turkven – Ali Nalbantoglu (director).
Vansan – Can Ertöz (CEO).

Advisers
Equity – Kolcuoglu Demirkan Kocakli (legal).
Company – Ventura Partners (financial due diligence); Moral Law Firm (legal).

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