Anadolu Agency - Turkish deserts-and-food franchise Mado signed a strategic partnership agreement with Bahrain-based Venture Capital Bank (VCBank) and Qatar-based Al Sraiya Holding.
The USD 150 million deal allows Mado's owners to retain a 60 percent stake in the company, while the remainder of the shares will be owned by VCBank and Sraiya Holding. The deal also includes further expansion of the franchise in the Gulf Cooperation Council (GCC) region.
At the signing ceremony in Ankara, VCBank CEO Abdullatif Janahi said that they are delighted to announce their newest partnership with Mado, alongside Al Sraiya Holding Group and other strategic investors.
“The deal with Mado is VCBank’s third major investment in Turkey, and allows access to a market that we will continue to focus on due to its solid fundamentals and strong economic prospects," said Janahi. He further added that Turkey is one of the fastest growing markets in Europe, and the country provides a strategic position and launch pad for global growth, particularly for companies active in the country’s food and beverage sector.
Mado, Turkey’s largest patisserie and ice-cream franchise, was established in 1962 as a single ice cream shop. Today, it has more than 1,150 staff in more than 310 stores across Turkey and more than 48 locations worldwide, including, Azerbaijan, Bahrain, Bulgaria, China, Cyprus, Georgia, Greece, Iraq, Kuwait, the Netherlands, Saudi Arabia, Qatar, and the UAE.