BC Partners wins battle for Migros

BC Capital Partners has acquired 50.81% of Migros Turk, the largest supermarket group in Turkey, for $3.25bn. The investment was made through Moonlight Capital, a vehicle controlled by BC.

The vendor Koc Holding wanted to focus on its core business and therefore decided to sell its stake. The fund teamed up with Turkven Private Equity, the first private equity fund dedicated to Turkey, and DeA Capital, a fund held by De Agostini. Both acquired a minority stake. Three local banks provided 50% of the financing for the transaction: the Garanti bank, Is Bank and Vakifbank. After the deal was completed, BC Capital Partners announced that it would make a tender offer to the minority shareholders.

BC Partners' acquisition of Migros Turk represents the largest-ever private equity transaction in Turkey and one of the largest deals in Europe since the credit crisis began in August last year. "While the credit market has slowed down mega transactions, this transaction proves that larger deals are still possible if the company provides a strong business position," said Stephan Schali, at Partners Group in a statement. (Page 42)

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