Dubai private-equity group Abraaj in partnership with  the European Bank for Reconstruction and Development (‘EBRD’) and the Yörük family, has announced the acquisition of a majority stake in Turkish dairy products company Yorsan Group.

Yörsan has been manufacturing dairy products in Turkey for over 50 years and its portfolio of products includes yoghurt, cheese, milk and the traditional Turkish drink ayran.

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The dairy industry in Turkey is estimated to be TRY6.5bn (US$2.89bn). According to Abraaj, there is significant opportunity for growth in the sector as consumption volumes per capita are still around a third the level of developed markets.

Abraaj hopes to use its expertise to bring Yörsan to the next level of growth, both inside and outside of Turkey.

Omar Syed, MD at Abraaj, said: “Yörsan is a long established and respected brand in the Turkish dairy sector. We believe the company has great potential to quickly become the market leader in the higher value dairy segment. The combination of Abraaj’s unique value creation focus, our global experience in the dairy industry and the strength of the company’s management team will realise our ambition of transforming Yörsan from a highly successful family-run Turkish dairy business into a world class FMCG player. To this end, partnering with EBRD is a strong value added aspect which provides us access and insight to the Balkans and CIS region.”

In October, Abraaj teamed up with Danone to buy Fan Milk International, a dairy group operating in Africa.

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