News Release
The Carlyle Group signs an agreement to acquire significant minority stake in Penti, a Turkish women hosiery and undergarments company
New partnership will help grow wholesale, export and retail markets
Istanbul, Turkey - Global alternative asset manager TheCarlyle Group (NASDAQ: CG) today announced the acquisition of a significant minority stake in Penti, a hosiery manufacturer and retailer of women’s hosiery, lingerie and swimwear in Turkey.
Equity for this investment will come fromCarlyleMENA Partners, L.P., a $500 million growth capital and buyout fund focused on the Middle East and North Africa. Terms of the transaction, which is expected to close in early November, were not disclosed.
Established in 1950, Penti is the largest manufacturer of hosiery and a leading retailer of women’s hosiery, lingerie and swimwear in Turkey. Headquartered in Istanbul, the company employs 1,847 people and has a hosiery production capacity of 68m pairs at its plant – the largest in Turkey and 3rd largest in Europe. The company has 155 stores in Turkey and 39 stores in 16 countries.
Sami Kariyo, Chairman of Penti, said, "We are delighted to partner with Carlyle, which has a strong track record of value creation within the retail sector. Our partnership with Carlyle will help to strengthen the Penti brand both within Turkey and internationally."
Can Deldag, Co-Head of Carlyle MENA and Head of Carlyle’s team in Turkey, said: “We are particularly excited to invest in a strong and growing company with great potential. In partnership with Penti’s talented management team, we plan to invest in the business, and enhance the resources and facilities for customers which are integral to its continued success.”
This is the MENA fund’s sixth investment. Previous transactions include:
- Medical Park Sağlık Hizmetleri A. Ş., Turkey’s second largest healthcare services company
- Alamar Foods, a master franchise operator of Domino’s pizza and Wendy’s hamburgers for the MENA region
- TVK Shipyard (TVK), a Turkish shipbuilder specializing in chemical tankers and other specialty vessels
- General Lighting Company, Saudi Arabia’s largest lighting fixtures manufacturer and supplier
- Bahcesehir Koleji, a private education provider in Turkey
Carlyle’s current and past consumer & retail investments include:
- Dunkin’ Brands, a U.S.-based franchisor of quick-service restaurants
- Scalina, a lingerie and hosiery company based in Brazil
- X-Tep, a fashion sportswear company based in China
- NBTY, a manufacturer, marketer and distributor of nutritional supplements based in the U.S.
* * * * *
Penti
Starting its business under the brand name “Öğretmen Hosiery” in 1950, the brand changed its name to “Penti” in the 1980s. Designing and manufacturing women’s hosiery, children’s hosiery, men’s socks, homewear, lingerie, and bikini, bathing suit and beachwear under the brand name Penti, the company is the leading company in its business area. Having a share of 45% in Turkish hosiery market, Penti is among the top 5 manufacturers in Europe.
Having begun establishing its own chain under the name Penti in 1999, the company now owns 155 stores around Turkey. With its business activities expanding across borders and increasing in its presence abroad in the global market, Penti serves its customers through 39 stores in 16 countries. Penti also has sales offices in England, Italy and China. Besides its brand activities Penti is also one of the major private label manufacturers in hosiery.
Carlyle MENA Partners
Carlyle's MENA team was established in 2007 to invest primarily in healthy, growing companies. Carlyle’s MENA team targets investments in Turkey, North Africa (Algeria, Egypt, Libya, Morocco and Tunisia), the Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates), and the Levant (Lebanon and Jordan). The team will leverageCarlyle's expertise in various sectors, including energy, financial services, healthcare, manufacturing, telecommunication and transportation.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $156 billion of assets under management in 99 funds and 63 fund of fund vehicles as of June 30, 2012. Carlyle's purpose is to invest wisely and create value. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Fund of Funds Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,300 people in 32 offices across six continents. www.carlyle.com
Contact:
Catherine Armstrong
+44 (0)7429 421 037
Catherine.Armstrong@carlyle.com
# # #