Investcorp acquires significant minority stake in Turkey's Namet
NEW YORK, Jan. 7, 2014 /PRNewswire/ -- Investcorp, a global provider and manager of alternative investment products, today announced that Investcorp and other related Investcorp entities have acquired a significant minority stake in Namet Gida Sanayi ve Ticareti A.S. ("Namet" or the "Company"). Namet is the leading Turkish producer of fresh cut and packaged processed red meat products such as soujouk, pastrami, salami, sausages, smoked meats and frozen and ready to eat burgers. The Company sells its products to retailers as well as hotels, restaurants and catering companies. All of its products are certified Halal.
Namet was acquired in 2005 by members of the Kayar family, a family involved in livestock trading since 1929, who has since then strongly developed the Company and the brand. The Kayar family will retain a majority interest in Namet.
The Company has invested extensively in the past few years to expand its production capacity and improve the quality of its products, including the investment in 2010 in a state of the art meat processing facility located in Istanbul, and the recent acquisition of a second production facility located in Antalya and the Harranova livestock farm which the Company believes will enhance its access to high quality meat supply.
Mohammed Al Shroogi, Investcorp's President, 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. Investcorp will work closely with the team and together we will seek to continue to grow the business domestically as well as assess potential revenue opportunities beyond Turkey."
Tarik Kayar, Chairman and CEO of Namet, said: "We have invested heavily in the Company in the past few years and became the #1 vertically integrated meat business in Turkey. We believe we are well positioned for steady expansion underpinned by solid market demand. This investment demonstrates confidence in the future prospects of our Company and our country and we look forward in partnering with Investcorp."
Tristan de Boysson, Managing Director, Investcorp Corporate Investments-MENA commented: "Namet is a leader in its field with a strong brand reputation. We have significant expertise of working closely with growing family businesses in the region and together we will seek to capitalize on the growth opportunities within their home market and beyond while planning the next stage of Namet's development."
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."
Investcorp is a leading provider and manager of alternative investment products. The Investcorp Group has offices in New York, London, Bahrain, Saudi Arabia and Abu Dhabi. Investcorp has three business areas: corporate investment in the US, Europe and the Gulf, real estate investment in the US and global hedge funds. As at June 30, 2013, Investcorp had $10.5 billion in total assets under management. Further information is available at www.investcorp.com.
Namet is a leading producer of fresh cut and processed meat products. Headquartered in Kocaeli, Turkey, Namet offers more than 200 products to retail and professional channels in deli, fresh meat, frozen and advanced processed product categories. Adhering to the highest quality and hygiene standards in its production, Namet is certified with global food standards such as IFS, BRC, ISO 9001, ISO 22000, and Turkish Standards Institute certificates. Further information is available at www.namet.com.tr.