Investcorp backs Turkish meat business

The Bahrain-based firm will aim to grow the business domestically and tap into international markets.

Investcorp has acquired a significant minority stake in Namet Gida Sanayi ve Ticareti, a Turkish producer of fresh cut and packaged processed red meat products.

Financial details of the transaction were undisclosed. The Kayar family, a family trader in livestock which previously owned Namet, will keep a majority interest in the business.

Namet sells certified halal pastrami, salami, sausages, smoked meats and frozen and ready to eat burgers to retailers, hotels, restaurants and catering businesses.

The business has a “rich heritage” in Turkey for providing quality food products, Mohammed Al Shroogi, Investcorp's president of Gulf business said in a statement. “Investcorp will seek to continue to grow the business domestically as well as assess potential revenue opportunities beyond Turkey,” he added.

The investment marks Investcorp’s first deal in Turkey since the acquisition of Tiryaki Agro, a traders and supply chain manager of agro commodoties in July 2012. Investcorp also invested in Orka Group, a Turkish luxury menswear retailer, in September 2010.

The acquisition of Namet comes after a relatively busy year for Investcorp. In 2013, it invested in US-based stationery retailer PaperSource, Saudi car rental firm Theeb Rent A Car, and Saudi sports business Leejam Sports. It also invested in UK-based crisp business Tyrells and AYTB, a Saudi provider of technical industrial support services to the petrochemical, oil and gas sector.

Additionally, it acquired Hydrasun, a provider of fluid control equipment and solutions for the oil and gas sector from Equistone Partners Europe and bought a majority stake in FishNet, America’s largest security integrator and service provider.

Investcorp also sold its remaining stake in Fleetmatics, it booked an 8x return on the sale online payment business Skrill to CVC Capital Partners and it sold Armacell, a manufacturer of technical insulation materials, to Charterhouse Capital Partners for more than €500 million. In addition, it exited CCC Information Services and sold IPH, a distributor of industrial supplies in Europe, to PAI Partners.