Hurriyet - Fast growth driven by the strong domestic demand in Turkey’s food industry has caught the attention of international investors. Within a week, two large producers in the country’s food industry have reached stake acquisition deals with Gulf-based investors seeking to expand their portfolios in Turkey.
The Dubai-based Abraaj Group, already partnering a student accommodation project in Turkey, has bought an 80 percent stake in the Turkish dairy products maker Yorsan for an undisclosed amount. Half-a–century-old Yorsan ranked 233rd in Turkey’s Top 500 Industrial Enterprises list with a turnover of USD 120 million in 2012. A strong player in the domestic cheese and yoghurt market, Yorsan products are exported to 17 countries, including the US and Japan.
The second acquisition came a day after the Abraaj-Yorsan deal, and involves Bahrain's Investcorp and processed meat producer Namet for the minority stakes of the Turkish company. Namet ranks 120th in Turkey’s Top 500 Industrial Enterprises. Investcorp had invested in Turkish menswear manufacturer, Orka Group last year and holds stakes in Tiryaki Agro since 2010, a Gaziantep-based agricultural trade company.
Both deals are subject to approval by the Turkish Competition Authority.