BC sells Turkish groceries for $515m

The partial exit saw bookrunners and joint global co-ordinators Bank of America Merrill Lynch and JPMorgan Securities place 26 million shares at $16.5 each - the top of their range. Strong appetite during the bookbuilding saw an upsize option of five million additional shares successfully exercised, bringing the total to 31 million lots.

Previous funding
BC has held the asset since 2008, when it teamed up with Turkven Private Equity, a local GP, and DeA Capital to do the deal, which saw the consortium acquire a 50.81% stake. Vendor Koc sold in an effort to focus on its core business. The deal was supported with 50% debt from Garanti Bank, Is Bank and Vakifbank. BC made a tender offer to minority shareholders after the deal was completed. BC Partners beat off competition from Carlyle, Russian Alfa, Bain and KKR to win the deal, as well as retailer Carrefour.

Company
Migros operates 1,914 stores in Turkey, up from 900 at the time of BC's acquisition.

People
Nikos Stathopoulos and Francesco Conte of BC worked on the transaction.

Advisers
Equity - Bank of America Merrill Lynch, JPMorgan Securities (Bookrunners).

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• Topics
• Exits
• CEE
• IPO
• BC Partners