Hürriyet – Impressed by Turkey’s strong economic foundations, robust demographics, growing middle class and geostrategic location, Dubai-based private equity investor, the Abraaj Group, is set to continue investing in Turkey.
The group has invested in eight Turkish companies to date in a number of sectors including healthcare, energy, yacht building and the food industry. Its latest acquisition of the majority stake in dairy products maker Yorsan has given the Dubai-based investor a solid foothold in Turkey’s growing food industry and a new opportunity to reach surrounding markets.
“The Yorsan acquisition shows Abraaj’s commitment to long-term investments in Turkey. The country has experienced rapid growth in the last decade and will continue to do so. The combination of favorable demographics, an expanding middle class with an increasing purchasing power and key geographic location equals an ideal investment location. Abraaj actively seeks new investment opportunities in Turkey” said the Abraaj Founder, Arif Naqvi, following the company’s latest investment in Turkey.
“Yorsan products will be made available in the Middle Eastern supermarket chain Spinney’s, also partnered by Abraaj. Spinney’s has stores in Egypt, Lebanon, Jordan, UAE and Qatar” said Abraaj Turkey Partner, Selcuk Yorgancioglu, laying out plans for the company’s new acquisition.
Stating that the consumption of dairy products in Turkey was far below the European average, Yorgancioglu pointed at the growth potential that the country offered.
“Abraaj will work towards making Yorsan a global brand, focusing on increasing brand recognition and marketing in the Middle East” he noted. Half-a-century-old Yorsan produces cheese, yoghurt and other dairy products. Its turnover reached USD 120 million in 2012.