Davidson Kempner Capital Management, a New York City hedge-fund manager, has teamed up with the European Bank for Reconstruction and Development and Istanbul-based Afendis Capital Partners to acquire an 82% stake in Natura Gida, Bloomberg has reported.
Citing unnamed sources said to be familiar with the proceedings, Bloomberg said the investor group is said to be willing to commit US$90m to the deal, including the acquisition price, a partial repayment of debt and funds to invest in Natura Gida’s growth.
Albaraka Turk Katilim Bankas, a unit of Turkey’s Al Baraka Banking Group, owns the 82% stake through one of its venture-capital funds, while the remaining shareholding in the company is in the hands of other investors including Natura Gida’s CEO and chairman Ergun Akkaya, according to Bloomberg.
The EBRD, Afendis, Albaraka and Natura Gida declined to comment when contacted by the news agency, while Davidson Kempner did not respond to a request for comment. Just Food has also approached Albaraka and the interested parties for comment, although Afendis could not be reached.
Natura Gida started making the Golf brand in 2003 and operates two factories in the cities of Bursa and Kahramanmaras, located in north-western and southern Turkey, respectively, according to its website. It supplies the retail, convenience and horeca channels, and also offers private label.
Bloomberg reported the Golf brand was previously owned by several investors before Albaraka took the stake, including Istanbul-based Turkven Private Equity and one of the country’s largest food companies, Yildiz Holding. Pladis, a UK-based biscuits and snacks maker, and Ülker Bisküvi, the Turkish confectionery and biscuits business, are owned by Yildiz.