Turkish confectionery and biscuit giant Ulker has sold a 25% stake in its Ulker Golf ice cream business with the aim of growing the brand outside Turkey.
Two Turkish private-equity groups, Turkven Private Equity and Standard Unlu Private Equity, bought the stake through the Netherlands-based Ice Cream Investment BV, the company said. No price for the sale was announced.
Founded in 2003, Ulker Golf manufactures 200 ice cream products under 50 separate brands, which it sells in Turkey and 12 other countries in the Middle East and the Balkans.
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Ulker Golf has indicated that it anticipates a turnover of US$200m on volume sales growth of 30% this fiscal year.
