Bloomberg News

Carlyle, Mid Europa, LVMH-Turkven Vie for Penti Stake This Month

August 06, 2012

Owners of Turkey’s hosiery and swimwear maker Penti Corap Sanayi & Ticaret AS will decide this month to sell a stake to one of the three shortlisted potential buyers, said Kerim Kotan, managing director of sell-side adviser Pragma Corporate Finance.

The Carlyle Group, Mid Europa Partners LLP and a partnership between a unit of LVMH Moet Hennessy Louis Vuitton SA (MC) and Istanbul-based Turkven Private Equity are shortlisted from “many private equity firms” that showed an initial interest in the minority asset, Kotan said in a telephone interview in Istanbul today.

Last year, 46 mergers and acquisitions were done by private equity firms in Turkey, out of a total of 241 deals, Deloitte & Touche LLP said in January. BC Partners Ltd., Abraaj Capital Ltd. and Carlyle are among international private equity firms that have invested in Turkey in recent years as companies seek to tap the country’s $772 billion economy, which grew 8.5 percent in 2011, the fastest pace among Group of 20 countries after China and Argentina.

“We are hoping to find the best partner for Penti to carry its operations forward and the deal is likely to be signed within a few weeks,” Kotan said.

Penti’s owners, the Kariyo and Beresi families, hired Istanbul-based M&A adviser Pragma to advise them on the sale and they are seeking to sell a minority stake of as much as 49 percent, Sami Kariyo, chairman of Penti, said on April 25.

Istanbul-based Penti, which sells underwear and stockings, has 27 shops in 15 countries outside Turkey and seeks to increase the number of its domestic outlets to 180 from 140, according to its website.

To contact the reporter on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net


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