Riverside does first Turkish deal

The global mid-market firm is the latest attracted to Turkish companies, having purchased pet food maker Tropikal.

The Riverside Company has purchased Istanbul-headquartered pet food company Tropikal Bahçe ve Evcil Hayvan Ürünleri Ticaret ve Sanayi Anonim Sirketi.

An investment of undisclosed size from Riverside’s fourth European fund, the deal marks the firm’s first in Turkey and third platform transaction from the fund.

The 10-year-old company was Turkey’s first domestic pet food manufacturer and also distributes international brands including Sportmix, Pro Pac and Beaphar. Its products are available at more than 2,500 points of sale, according to a statement.

Riverside vice president Adam Pietruszkiewicz led the deal along with senior associates Jeroen Lenssen and Marcin Goszyk.  “The Turkish pet food market is relatively young, but growing at an exciting pace,” Pietruszkiewicz said in a statement.

The deal marks Riverside’s 11th this year.  Riverside’s fourth European fund is understood to be targeting $550 million in commitments.  The lower mid-market-focused firm typically invests in companies with EBITDA ranging from €3 million to €15 million.