WASHINGTON, Dec. 8, 2017 /PRNewswire/ -- SEAF has announced that Southeast Europe Equity Fund II (SEEF II) has completed a full exit of its investment in Propak, a producer of flexible packaging products based in Turkey. SEEF II, a US$320 million private equity fund organized in 2006 to make investments in Southeast Europe, acquired an 80% controlling stake in the company in 2011. Propak was sold to Polinas Plastik Sanayii ve Ticareti A.Ş. ("Polinas"), Turkey's largest BOPP (Biaxially Oriented Polypropylene) producer and a key supplier to the flexible packaging industry. Polinas is owned by Ulker Group, one of the largest producers of confectionary and biscuits in Europe. Transaction terms were not disclosed. SEEF II is managed by SEAF, a global private equity manager.
Propak was founded in 1977 as the flexible packaging arm of a diversified packaging group to cater the packaging needs of the Turkish food industry. Propak was acquired in 2006 by its CEO, Serdar Çetin, through a management buy-out until the 80% acquisition by SEEF II in 2011. Propak is one of the leading flexible packaging producers in Turkey, and is the only producer with wide-ranging capabilities in both flexible printing technologies, flexo and rotogravure. Annual production volume reached twelve thousand tons by 2017.
SEAF is a global impact private equity manager achieving meaningful and measurable developmental impact results and positive financial returns by providing entrepreneurs in emerging markets with the capital, knowledge, and networks they need to grow their businesses. Since 1989, SEAF has invested in more than 380 companies in 27 countries. For more about SEAF, see www.seaf.com.
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