Syntaxis completes first Turkish investment

Syntaxis usually invests in the new member states of the EU and looks for opportunities in Turkey and the Balkans. The Uğurlu Cam deal is the firm's second investment in a glass company in four months, having acquired Poland-based Glass-Team for €15m in September last year.

Debt financing
Uğurlu Cam has received a €13.5m mezzanine loan from Syntaxis, which will enable the company to expand and to partially fund bolt-on acquisitions.

Company
Founded in 1971 and based in Denizli, Uğurlu Cam manufactures replacement car glass, glass lids for cooking equipment manufacturers and further glass products for the construction industry.

People
Selim ĺskenderoğlu is responsible for Syntaxis's activity in Turkey, while partner Thomas Spring also worked on the transaction. Irfan Duman is the co-founder and CEO of Uğurlu Cam.

Advisers
Equity – Macfarlanes (Legal); EY (Corporate finance); White & Case (Legal).
Company – Devrim & Cukur (Legal); Ark Consulting (Corporate finance).

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• Topics
• CEE
• Expansion
• Industrials
• Turkey
• Syntaxis Capital
• Unq2015Feb