Advent International has opened an office in Turkey, marking its 18th office location.
The Istanbul office will be led by Dan Morgan, who joined Advent’s Central and Eastern European team in 2007 from Kaupthing Bank’s principal investment team. Prior to Kaupthing, he spent nine years working for 3i in its London and Stockholm offices.
The firm’s Turkey-focused team also includes Kayril Karabeyoglu, who joined from Standard Unlu Private Equity. He’d previously worked on the acquisition finance team for Turkish bank Garanti Bank.
Advent noted in a statement it has been active in Turkey since 2001, but the opening of a dedicated office demonstrates a continued commitment and desire to develop a strong local presence. Its Turkish investments include packaged bread and bakery company Unmas and Roma Plastik, which supplies plastic bands to the furniture industry.
The Turkish market has increasingly attracted the attention of non-domestic private equity firms including BC Partners, Kohlberg Kravis Roberts, the Carlyle Group, Cinven and Invest AD. Its stable of domestic private equity firms is also increasing.
The country’s demographics and geographic location, coupled with a fast growing business environment and scarcity of capital, are among the factors fuelling deal flow for private equity firms. These and other topics will be covered at PEI’s second annual Turkey Forum in September.