UK-headquartered Bridgepoint is close to sealing its first deal in Turkey, as it nears the acquisition of a joint controlling stake in vehicle inspection company Tüvturk, a source close to the situation has confirmed.
The deal would represent Bridgepoint’s first foray into Turkey, a country which is increasingly attracting the attention of global private equity firms as a relatively untapped market. A large and young population, dynamic
Tüvturk: For sale
economy and political stability have already caught the eye of global buyout firm BC Partners, which acquired Turkish supermarket chain Migros Türk in 2008. Others are understood to be eyeing the Turkish market with interest.
Completion of the Bridgepoint deal is currently subject to merger clearance. Bridgepoint declined to comment on the status or details of the transaction, but a report in this morning’s Financial Times said the acquisition would imply an enterprise value for Tüvturk of between $500 million and $600 million.
Bridgepoint is currently investing from its €4.8 billion fund it closed in October last year. The firm already owns a business in the vehicle testing sector. It acquired A-Katsastus, which is headquartered in Finland and has operations throughout Easter Europe and Russia, in 2005.