Bahraini private-equity firm Investcorp has purchased a significant minority stake in Turkish firm Namet, a producer of fresh cut and packaged red meat products.
The news comes following just-food’s report of the company’s acquisition of UK crisp business Tyrrells for GBP100m (US$164.2m) last year.
Though the transaction value of the latest Investcorp deal remains undisclosed, it is understood that the Kayar family which acquired Namet in 2005 will continue to retain a majority share in the company.
Mohammed Al Shroogi, president of Investcorp’s Gulf Business, said: “We are delighted to be partnering with another successful family business, which has a rich heritage in Turkey for providing quality food products.”
In the last few years, Namet invested in expanding its production capacity with the launch of a meat processing and production facilities in Istanbul and Antalya and the purchase of a livestock farm in Harranova to boost its access to high quality meat supply. The partnership with Investcorp will see it focus on growing the business domestically and looking at revenue-building opportunities beyond Turkey.
Ozcan Albak, board member of Namet, added: “We believe the investment will enhance our growth, our corporate infrastructure and value-add potential. This is a win-win partnership which will allow all of our stakeholders including our employees, Turkish consumers and our clients to benefit from it over the medium term.”