Investcorp acquires stake in Turkish food producer

Investcorp and other related Investcorp entities have acquired a significant minority stake in Namet Gida Sanayi ve Ticareti A.S, a leading Turkish producer of fresh cut and packaged processed red meat products such as soujouk, pastrami, salami, sausages, smoked meats and frozen and ready-to-eat burgers.

Namet sells its products to retailers as well as hotels, restaurants and catering companies. All of its products are certified Halal.  It was acquired in 2005 by members of the Kayar family who will retain a majority interest in the company. Namet has also invested in the past few years to expand its production capacity and improve the quality of its products, including the investment in 2010 in a state of the art meat processing facility located in Istanbul, and the recent acquisition of a second production facility located in Antalya and the Harranova livestock farm which it believes will enhance its access to high quality meat supply.

Mohammed Al Shroogi, Investcorp's president, Gulf Business, said: "We are delighted to be partnering with another successful family business, which has a rich heritage in Turkey for providing quality food products. Investcorp, provider and manager of alternative investment products, will work closely with the team and together we will seek to continue to grow the business domestically as well as assess potential revenue opportunities beyond Turkey."

Tarik Kayar, chairman and CEO of Namet, said: "We have invested heavily in the Company [Namet] in the past few years and became the #1 vertically integrated meat business in Turkey. We believe we are well positioned for steady expansion underpinned by solid market demand. This investment demonstrates confidence in the future prospects of our Company and our country and we look forward in partnering with Investcorp."

Tristan de Boysson, managing director, Investcorp Corporate Investments-MENA commented: "Namet is a leader in its field with a strong brand reputation. We have significant expertise of working closely with growing family businesses in the region and together we will seek to capitalise on the growth opportunities within their home market and beyond while planning the next stage of Namet's development."   

Ozcan Albak, board member of Namet, added: "We believe the investment will enhance our growth, our corporate infrastructure and value-add potential. This is a win-win partnership which will allow all of our stakeholders including our employees, Turkish consumers and our clients to benefit from it over the medium term."