Turkish dried fruit, nuts and seeds producer Peyman has been acquired by private-equity group BRIDGEPOINT from its founders and Turkish investment company Esas Holding for an undisclosed sum.

Istanbul-based Peyman, which was established in 1995, is a “leading FMCG player” in the Turkish snacks market focusing on the highest growth sub-segment of dried fruits, nuts and seeds (DFNS), Bridgepoint said.

Martin Dunn, Bridgepoint’s partner responsible for investment activities in Turkey, said: “Peyman is a rapidly growing market leader capable of transforming into a larger and broader snack brand. With fresh capital and additional consumer expertise from Bridgepoint, Peyman will be able to accelerate growth, both in its traditional convenience store marketplace and by developing new brands and innovative products.”

According to Bridgepoint, Turkey is among the largest producers and consumers of dried fruits, nuts and seeds globally, with the segment estimated to be worth over EUR2bn (US$2.2bn) a year in Turkey alone. The company also exports to more than 30 countries – largely in the Middle East, the Balkans and central Asia.

“Peyman has a well-established brand presence in independent convenience stores, Turkey’s traditional retail channel, and a growing presence in supermarket chains,” Bridgepoint said. 

In addition, Bridgepoint said Peyman had built brand awareness “through innovative product initiatives, such as introducing zip-lock packaging”, which had contributed “to a consumer shift from unpackaged bulk product to branded package consumption in the DFNS segment”.