ADM Capital exits Turkish cement company

ADM Capital invested in AKG Gazbeton in 2011 using its first dedicated emerging Europe fund

ADM Capital has exited its investment in Turkey's AKG Gazbeton, its second realisation for ADM's emerging
Europe CEECAT Recovery Fund, according to a statement. It sold its stake back to the founding shareholders.

ADM initially invested €15 million in AKG in 2011, acquiring 45.7 percent of shares in the concrete manufacturing company, according to Istanbul's Hurriyet Daily News. A spokesperson for ADM was not immediately available for comment.

The investment supported the construction of the company's third factory near Istanbul and helped AKG double its revenues and grow its EBITDA by seven times, according to the statement. AKG Gazbeton, established in 1990 by the Akgerman Family, manufactures aerated autoclaved concrete at its three production facilities.

The CEECAT fund, a 2009 vintage vehicle, closed on €265 million, short of its €300 million target, according to PEI's Research & Analytics division. It has invested about €216 million in 11 portfolio companies in Turkey, Bulgaria, Romania, Croatia, Ukraine and Russia, according to the statement.

ADM Capital, founded in 1996, is a Hong Kong-based asset management firm with $1.7 billion in assets under management, according to PEI's Research & Analytics division. It invested in Turkey for the first time in 2005 and established an Istanbul office a year later.