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UNQUOTE
  • Exits

TURKEY - Turkish exit for Advent International

  • Angelica Mari
  • 18 August 2006
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Advent International and its Turkish investment partner, Turkven Private Equity, have sold their 50% holding in Turkish packaged bread producer, Unmas, to the shareholders of their strategic partner, Doruk, for $18 million.

Advent and Turkven acquired their stake in Unmas in a management buyout in 2003. Unmas, whose products trade under the name of UNO, at that time had sales of some $17 million and 40% market share of the packaged bread market. Today, three years on from the buyout, Unmas has sales of over $40 million and 75% market share. Under Doruk’s management, supported by Advent International and Turkven, the company has invested in new capacity, introduced new products, expanded distribution channels and made one acquisition. The pan- European firm has been investing private equity in Turkey, alongside Turkven, since 2002, deploying its experience of investing across Central Europe since 1994, when that market was ‘emerging’.
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