Swicorp links deal with leading contemporary carpet manufacturer and retailer in Turkey.
Financial Firm Swicorp completes Its first private equity transaction in Turkey
Swicorp, a leading financial advisory and private equity firm in the Middle East and North Africa region, has acquired what will be a majority stake in Step, the leading contemporary carpet manufacturer and retailer in Turkey.
Having redefined the carpet business - one of the most traditional businesses in Turkey - and gained a foothold in the world market, Step operates over 80 points of sale, exports to 35 countries world wide and has embarked on an ambitious international growth strategy aimed at positioning the company as a leading global player in the contemporary carpet market.
Nabil Triki, Managing Director of Swicorp Private Equity, said: "We have been watching the development and exemplary working model of the Step Company for some time. We are very happy to be partners with Step, and have been monitoring their management style in admiration. Since this will be our first investment in Turkey, we believe in the growing economy, production and export potential of Turkey and the future of Swicorp through its partnership with Step."
He added: "We have been investigating the Turkish markets for several years. Turkey is now a strategic market among the countries where we make our investments."
Step Chairman Cem ?engör said: "We are happy about securing a partnership with Swicorp, which is a strategic power in the Europe, Middle East and North Africa triangle, where Step plans to focus on its investments."
He added: "We believe that in addition to being financial partners, Swicorp will give us new horizons with respect to understanding the conditions prevalent in the region and help us achieve our targets."
With its private equity division, Swicorp, which focuses on international growth, will be uniting with Stepevi brand. Step aims to continue an average annual growth of 40% during the next 3-year period and grow their retail network to over 200 sales outlets by 2011. With the contribution of their new partnership with Swicorp, they plan to reach their goals together by focusing on their rapid growth and attracting the interest of foreign investors.
Swicorp has an extensive track record of pioneering transactions across the MENA region over the last 20 years. With the headquarters in Riyadh, and an extensive network of offices in Tunis, Jeddah, Dubai and Algiers, Swicorp provides in-depth local knowledge, plus its Geneva presence (offering financial advisory services) and proximity to major European financial centers provides access to international corporations and leading edge expertise.
[c] 2008 Al Bawaba (www.albawaba.com)
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|Date:||Jul 21, 2008|
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