Pragma Corporate Finance

Transcription

Confidential
Pragma Corporate Finance
PRAGMA
Harman Sokak • Harmancı Giz Plaza Kat: 6 – 10 A No:20 • 34410 • Levent • Istanbul • TURKEY
Tel: +90.212.324.6060 • Fax: +90.212.324.5959
www.pragma.com.tr
PRAGMA
Table of Contents
Page
Section 1
Pragma Overview
3
Annex
Recent Transactions Completed by Pragma
13
2
Confidential
Pragma Overview
Section 1
PRAGMA
Tel: +90.212.324.6060 • Fax: +90.212.324.5959
www.pragma.com.tr
PRAGMA
Pragma
Pragma is an investment banking firm specialized in mergers & acquisitions and privatizations advising
multinational and Turkish clients

61 completed transactions since 2005 with total
deal size in excess of US$4.6 bn

Leading M&A advisor in Turkey with 47 completed
M&A and 3 project finance transactions since
January 2008

M&A Transactions
2008 - 2014 (number of deals)
47
38
Advised leading Turkish groups such as Akkök,
Borusan, Boyner, Doğan, Koç, Ülker and Yaşar

Advised leading international companies such as
AngloAmerican, Banque Populaire, Bostik, CRH,
DP World, Erste, Mars, Mondi, Vienna Insurance
Group, SGS and Thyssen Krupp

Completed and on-going transactions with leading
regional private equity funds
33
32
22
Pragma
#2
#3
#4
#5
Source: mergermarket
Note: Excludes advisory to sister company clients within the same group
Section 1: Pragma Overview
4
PRAGMA
Transaction record of Pragma
5
Transaction record of Pragma (Cont’d)
PRAGMA
6
PRAGMA
Selected Multinational Clients of Pragma
Leading Czech energy company with revenues
of €7bn
Leading Austrian insurance group in Central and
Eastern Europe with gross written premiums of €8.2bn
Leading electricity distribution and
infrastructure services company with US$9bn
revenues and 7 million customers
Leading European chemical product distribution
company with €1bn revenues
RWE Innogy: RWE’s renewables arm, 2.1
GW operational projects and 20GW project
pipeline
European materials services & distribution company
with €6bn revenues
Germany’s 3rd largest energy company with its
6 million customers and more than €17bn
revenues
Leading European financial group with €13bn book
value
Leading energy and chemicals company with
€131bn revenues
One of the largest Far Eastern financial services
company with US$13bn book value
Leading European construction materials
producers with revenues of US$16bn
Worldwide known food comapny with revenues of
US$30bn
Global mining conglomerate with revenues of
US$32bn
Leading packaging company in Central Europe with
€2bn sales
One of the world’s largest container port
terminal operators with a global capacity of
more than 50mn TEU
Leading integrated packaging and paper company
with revenues of €5.3bn
Third largest commercial bank in France with
total assets of US$300bn
Leading European cable company with revenues of
€1.6 bn
7
PRAGMA
Buy – Side Privatization Credentials of Pragma
Client
Description
Date
Transaction
Leading Turkish energy
company
2008
Akenerji is the winner of Sedas
tender (Size: US$600 mn)
World’s 3rd largest port operator
2005
Privatization of Mersin port
(Size: US$750 mn)
The 11th largest steel company
in the world
2005
Joint advisor in the privatization of
Erdemir (Size: US$2.77 bn)
Leading inspection company in
the world
2004
Privatization of vehicle inspection
services (Size: US$613 mn)
8
PRAGMA
Selected Clients
9
Confidential
Recent Transactions Completed by Pragma
Annex
PRAGMA
Tel: +90.212.324.6060 • Fax: +90.212.324.5959
www.pragma.com.tr
PRAGMA
Recent Transactions




Gizem Frit is engaged in manufacture and sale of
porcelain enamel, ceramic frits, aluminum frits, glass
frits, pigments and non-stick coatings. Located in
Turkey, the company is amongst top 3 porcelain
enamel manufacturers in the world. The company’s
products are mainly used by manufacturers of white
goods, pots and pans, tableware, ceramic tiles and
water heaters. Gizem Frit exports its products to more
than 55 countries. Gizem Frit recorded revenues of
around US$85 million in year 2014.
Located in Turkey, Ak-Kim is a manufacturer of
inorganic, organic chemicals, textile auxiliaries, pulp
and paper chemicals, water treatment chemicals,
cement grinding and concrete admixtures. Ak-Kim is
owned by Akkök Group, a leading conglomerate in
Turkey with operations in chemicals, energy, real estate
and textiles industries, and a turnover of US$3.1 billion.
Established in 1982, Günsan is engaged in
manufacture of wide range of switch and socket
products, group sockets and accessories such as
grounded plugs, sockets and trade of miniature circuit
breakers and fuse boxes. The company generated
revenues of approximately USD 50 million in year 2013.
Employing over 300 employees, Günsan has around 60
distributors in the domestic market and around 90
distributors in more than 50 different countries.
As a global specialist in energy management with
operations in more than 100 countries, Schneider
Electric offers integrated solutions across multiple
market segments, including leadership positions in
energy and
Annex: Recent Transactions Completed by Pragma

OGLI is the leading e-commerce logistics services
provider for online retailers in Turkey. OGLI provides
logistics services including orders handling, packaging,
quality control, storage, returns management and
value added services to leading customers in various
verticals. OGLI has a site of 8,500 sqm in Istanbul,
where it employs 150 people and can handle up to
50,000 orders per day.

Arvato, a subsidiary of Bertelsmann, is a global
provider of Business Process Outsourcing services
supporting corporate clients across a wide range of
industries in nearly 40 countries.

Based in Germany, Otto Group is one of the largest
retail and e-commerce groups in the world with
operations in 20 countries and more than 120
companies.

Established in 1938 in Izmir, Özsüt is one of the
leading food producers and café/patisserie chains in
Turkey. Özsüt has close to 200 stores in 45 cities of
Turkey, as well as in Northern Cyprus and Azerbaijan;
almost all of which is operated by its franchises.

Founded in 1984, Infinity Invest Holding is one of the
major groups in Turkey with investments in energy and
consumer sectors. The portfolio of Infinty Invest
Holding includes Delta Rubis (the largest independent
fuel storage facility in the Mediterranean) DB Tarımsal
Enerji (sole producer of biodiesel in Turkey), Delta
Akaryakıt and Antoil Akaryakıt (fuel distribution
companies). Infinity Invest Holding is the partner of
Caffè Nero in Turkey and the operator of its 50+
stores. Caffè Nero is a major coffe chain with over 600
stores
11
PRAGMA
Recent Transactions

RBS is the third largest bank in the United Kingdom with
total assets of £1.0 trillion in 2013. Headquartered in
Edinburgh, RBS operates in the United Kingdom,
Europe, the Middle East, the Americas and Asia,
serving over 24 million customers worldwide. During
late 2007, RBS successfully led the consortium bid for
ABN AMRO and commenced its current operations in
Turkey through this acquisition.

AE Arma-Elektropanc, with over 1,200 employees, is
one of the leading electrical, electronical, mechanical
services contracting companies in the region
surrounding Turkey, Middle East, Russia and various
former Soviet Republics. AE Arma-Elektropanc has
successfully completed electrical, electronical, HVAC
and mechanical works with a total area of 7 million
squaremeters.

RBS Finansal Kiralama, established in 1999, is a
leasing company in Turkey. RBS Finansal Kiralama
operates with its license obtained from Banking
Regulation and Supervision Agency.

Imtech is a leading European technical services
provider in the fields of electrical solutions, ICT
(information communication technology) and
mechanical solutions. Imtech has revenues of 7.2
billion Euros.

Delfin Holding is an investment company based in
Istanbul, Turkey.

Polat Enerji was founded by Mr. Adnan Polat in
1999. EDF Energies Nouvelles, the international
renewable energy company ("EDF EN"), acquired 50%
of Polat Enerji in 2008. Polat Enerji owns and operates
the largest wind energy power plant portfolio in Turkey
with its installed capacity of around 350 MW. Once the
power plants under construction are put into full
operation, Polat Enerji will reach 600 MW of installed
capacity with an annual generation of 2 billion kWh.

Established in 1991, Arlight is a leading manufacturer
of lighting fixtures and solutions in Turkey. The
company is a pioneer in the Turkish market with
regards to the development of LED based lighting
systems and already added a wide range of LED
products into its product portfolio. The company’s
headquarters and manufacturing facilities are located
in Ankara, and the company employs around 160
personnel.

PSP is one of Canada's largest pension investment
managers, with US$70 billion of assets under
management. The Investor manages investments in
private equity, real estate, infrastructure and renewable
resources.

Established in 1945 in Sweden, Fagerhult is one of
Europe’s leading lighting groups, with approximately
€350 million in revenues, 2,200 employees and
operations in approximately 20 countries.
12
PRAGMA
Recent Transactions

RBS, 2013 itibariyle sahip olduğu 1 trilyon £ toplam
varlıkları ile İngiltere’nin üçüncü büyük bankasıdır.
Merkezi Edinburgh, İskoçya’da bulunan RBS, Birleşik
Krallık, Avrupa, Ortadoğu, Kuzey ve Güney Amerika ve
Asya’da 24 milyonun üzerinde müşteriye hizmet
vermektedir. RBS Group, Türkiye’de kurumsal
bankacılık, işlem bankacılığı, yapılandırılmış finansman
ve hazine hizmetleri vermektedir.

1999 yılında kurulan RBS Finansal Kiralama AŞ sahip
olduğu Bankacılık Düzenleme ve Denetleme Kurumu
faaliyet lisansı ile Türkiye’de faaliyet gösteren bir
leasing şirketidir.

Delfin Holding, Türkiye’de kurulmuş bir yatırım şirketidir.

Established in 1915, Kemal Kükrer is a premium food
brand in Turkey. Kemal Kükrer’s product portfolio
includes vinegars, sour and hot sauces, pickled
products and fruit syrups. Kemal Kükrer’s products
reach more than 30,000 points of sale in the Turkish
market and more than 20 countries in the export
markets. Kemal Kükrer has 175 employees and
recorded net sales of TL 33 million in 2012.

Founded in 1909 in Japan, Ajinomoto is a global
manufacturer of high-quality seasonings, processed
foods, beverages, amino acids, pharmaceuticals and
specialty chemicals. Ajinomoto has operations in 130
countries, and had net sales of JPY 1,172 billion (USD
12 billion) in 2012.

Established in 1979, Mesan Kilit is engaged in
manufacture and sale of industrial locks and
components used in industrial locks and hinges
consisting of stainless steel products, handles and
accessories for electric-electronic, transportation,
railway, automotive and machinery industries. Mesan
Kilit offers more than 400 products in Turkey and more
than 60 countries. The company generated revenues
of approximately USD 23 million in year 2013.

Essentra plc is a FTSE 250 company and a leading
international supplier of speciality plastic, fibre, foam
and packaging products. Through its four principal
operating divisions, Essentra focuses on the light
manufacture and distribution of high volume, essential
components which serve customers in a wide variety
of end-markets and geographies.

Established in 1981, Rultrans is the leading distributor
of power transmission belts as well as a producer of
PVC and PU coated conveyor belts in Turkey. Rultrans
has over 100 employees in its production facility in
İzmir and offices in İstanbul, Bursa, Adana and Çorlu.
Rultrans serves a wide range of industries including
food, automotive, tobacco, logistics, textile and paper
& printing, and exports its products to more than 40
countries.

Established in 1957 in Italy, Megadyne is one of the
leading producers of polyurethane belts, rubber belts
and pulleys with consolidated revenues of over 200
million Euros and 1,400 employees. Megadyne has
production plants in Italy, France, Germany, USA,
Spain and China.
13
PRAGMA
Recent Transactions

Established in 1989, Mars is a leading logistics
company in Turkey providing services in international
land transportation, warehousing, air & sea forwarding,
etc. Mars has recently introduced multimodal solutions
further strengthening its coverage in Europe. Mars’
client portfolio of over 8,000 accounts includes but is
not limited to the leading multinational companies such
as Renault, Inditex, Mango, Bosch Siemens, Daikin,
L’Oreal and Atlas Copco.

HTS, a subsidiary of Hitachi, one of the World’s largest
holding companies, is a leading Japanese logistics
company. With consolidated revenues of over 5 billion
Euros, HTS carries out its operations through its 27
companies and 364 offices in Japan and 73 companies
and 343 offices outside of Japan.

Koç Group is the largest industrial conglomerate in
Turkey with operations in a wide range of sectors.
CallUs, owned by KoçSistem, IT services subsidiary of
Koç Group, is the fourth largest call center company in
Turkey with its two locations in Istanbul and Samsun
and serves to important clients such as Vodafone
Turkey and several leading companies within Koç
Group. CallUs continues its operations with its 1,850
seat capacity and over 1,400 employees.

Comdata is the leading Italian business process
outsourcing company with revenues of Eur 260 million
and over 9,000 employees. Comdata provides services
of contact center, help desk, back office, credit
management and document management and is
present in 12 operational hubs in Italy, Romania, Czech
Republic, Argentina and now 2 further hubs in Turkey
following its acquisition of CallUs.

Penkon is a leading fruit concentrate producer in
Turkish and export markets. The Company has a
facility in Çivril, Denizli which has a processing
capacity of 100,000 tons per year. The transaction will
involve, ADM Capital, a private equity fund investing in
Asia and Central and Eastern Europe with USD 1.6
billion in assets under management USD 450 million
invested in Turkey

Anadolu Etap, owned jointly by Anadolu Group, is part
of one of the largest conglomerates in Turkey,
Özgörkey Holding, active in the beverage industry as
well as printing and packaging, and the Cutrale Group,
one of the largest global fruit juice producers, which is
engaged in fruit plantation and production of fruit
purees and concentrates and is one of the leading
suppliers of the fruit juice sector in Turkey and
worldwide.

Evrencik Rüzgar Enerjisinden Elektrik Üretim Ltd. Şti.
owns 120 MW Evrencik Wind Energy Power Plant
Project (“WEPP”). Evrencik WEPP is located in
Kırklareli province in Marmara region. The project
obtained electricity generation license from EMRA on
February 9, 2012.

STFA Yatırım Holding A.Ş. is a leading conglomerate
based in Turkey with activities in construction, natural
gas distribution, construction equipment, construction
chemicals and real estate in 16 countries in MENA
region.

RES Group is a leading global renewable energy
group. RES has built over 6,000 MW of wind projects
globally.
14
PRAGMA
Recent Transactions

OYAK (Turkish Armed Forces Assistance and Pension
Fund) is a corporate entity subject entirely to the
provisions of private law and is financially and
administratively autonomous. OYAK acts as an
insurance company and also as a financial institution
that provides its members with the financial support in
the form of credit products.

Akdeniz Kimya, established in 1976, is the leading
producer of additives for the PVC industry in Turkey.
The product portfolio of the company includes calciumzinc and lead based heat stabilizers, acrylic impact
modifiers and processing aids. With more than 450
employees and revenues of around USD 190 million

Sigma is a leading software provider to the finance,
public and telco industries in Turkey. It provides various
customized solutions to its clients, such as Asset and
Spend Management, Lease and Asset Management
and Process and Content Management.

Asseco is a Poland based IT group. With revenues of
US$1.6 billion and over 8,000 employees, it is one of
the largest software vendors in Europe. It offers various
IT services to its clients in banking, healthcare,
insurance, public administration, telco and utilities
sectors in Europe, Israel, USA, Japan, and Canada.

Sibel RES is located within the borders of both İzmir
and Manisa provinces. The project is expected to
commence operations in the second half of 2014. Sibel
RES already obtained electricity generation license
from EMRA on November 23, 2011 which is valid for
49 years.

Boydak Enerji, one of the group companies of Boydak
Holding, has activities in renewable energy generation
since 2010. Total capacity of Boydak Enerji has
reached to 415 MW after the acquisition of Sibel RES
Elektrik Üretim A.Ş. Boydak Enerji targets to increase
its total size to 500 MW until 2015, and even further
increase to 1,000 MW until 2017.

Penti, with revenues of over US$150 million, is the
leading player in the Turkish hosiery, lingerie and
swimwear market. Penti also owns one of the largest
hosiery manufacturing plants in Europe. Penti has
grown to 155 stores in Turkey in the last 5 years. Penti
has a growing international network of 39 stores which
are located in 16 countries including the US, China,
Russia, Austria, Romania and Saudi Arabia.
Management has a well-established shared vision and
strategy in place to further grow the business in
Turkey; replicate its local success abroad; and create a
leading international specialty retail player.

Carlyle became the preferred partner of Penti at the
end of negotiations with a group of high caliber
financial investors out of more than 40 PE firms and
strategic players which have had shown interest in
Penti.
15
PRAGMA
Recent Transactions

Elsys is the leading independent SAP solution provider
in Turkey. Elsys provides various solutions such as
SAP ERP, mobility solutions, Netweaver / Portal
solutions, SAP HANA and SAP CRM to its customers.
In addition to Turkey, Elsys provides its services in
various countries in Europe, Asia, North America and
Africa. Intelart, which is also an SAP solution provider,
provides business intelligence and business analytics
solutions to its customers

With revenues of € 340 million, 2,400 employees and
over 4,000 customers, itelligence is one of the leading
SAP solution providers in the world. itelligence is owned
by NTT Data, which is a subsidiary of one of the world’s
largest telecommunication companies, NTT

AE Arma-Elektropanç, with over 1,200 employees and
90 million Euros turnover, is one of the leading
electrical, electronical, mechanical services contracting
companies in the region surrounding Turkey, Middle
East, Russia and various former Soviet Republics. AE
Arma-Elektropanç has successfully completed a total of
7 million sqm closed area electrical, electronical, HVAC,
mechanical works and has a backlog of 250 million US
Dollars as of January 2012

Imtech is a leading European technical services
provider in the fields of electrical solutions, ICT
(information
communication
technology)
and
mechanical solutions. With 28,600 employees,
revenues of 5.1 billion Euros, and a market
capitalisation of 2.2 billion Euros

Ekomak Group is the leading industrial screw
compressor manufacturer in Turkey with revenues of
around €23 million in 2011. Ekomak Group develops,
produces and sells stationary, oil-injected screw
compressors, including variable frequency drive
options.

Atlas Copco is a world leading industrial group
engaged in manufacturing and selling of compressors,
expanders and air treatment systems, construction and
mining equipment, power tools and assembly systems,
and related aftermarket and rental. Headquartered in
Sweden, Atlas Copco’s global reach spans more than
170 markets, with its own sales operations in about 80
countries. In 2011, Atlas Copco had around 37,500
employees and revenues of €9 billion.

The project will involve a health campus investment,
comprised of a general hospital and a maternity and
children’s hospital, with 838-bed capacity. The
investment period of the project is 3 years and
operation period will be 25 years. The consortium shall
provide the development of design, construction,
procurement of medical devices and other equipment
for the health campus, and furbish the facilities. The
consortium shall also undertake provision of several
services in the facilities

YDA is a prominent construction group with interests in
real estate, engineering, mining, energy and aviation

Inso is a leading contractor for carrying out design and
construction projects as well as supplying technologies
addressed to the Health, Industry and Tertiary Sector
16
PRAGMA
Recent Transactions

Started its operations in March 2009, Mikro Odeme is
the market leader in Turkish mobile payment sector
with 65% market share. Mikro Odeme enables users to
make payments via mobile phones, credit cards or prepaid game cards through its 3pay brand

Mediterra is a Turkey-focused mid-market private
equity fund, which held its first closing in May 2011 on
€100m and aims to reach a target of €250m by May
2012

RES is one of the world's leading renewable energy
developers with a portfolio of more than 5,000 MW
constructed and several thousand MW under
construction and in development. RES is also an
independent power producer owning a portfolio of
projects over 700 MW

Borusan EnBW was established in 2009 by Turkish
Borusan Holding and German EnBW AG. Borusan
Holding is one of the leading industrial and services
groups in Turkey which is active in power, steel,
distributorship and logistics fields with consolidated
revenues of US$ 3.5 billion in 2010. EnBW is the third
largest energy company in Germany with its 6 million
customers and more than € 17 billion revenues in 2010

Established in 1959, Bicakcilar is one of the leading
medical products companies, with annual revenues of
US$61 million, in Turkey. Bicakcilar is primarily
engaged in (i) manufacturing and sales of medical
disposables and equipment, and (ii) importing and
distribution of cardiovascular and neurosurgery
products of leading multinationals such as St. Jude
Medical, Sorin Group, Medtronics, Serres and CryoLife.
In the domestic market, Bicakcilar enjoys dominant
market position in most of its product groups. In
addition, Bicakcilar exports its products to more than 70
countries

Established in 1966, Volt is a leading manufacturer of
electric motors in Turkey. The Company’s product line
mainly includes asynchronous single phase motors,
asynchronous single phase centrifugal pump motors,
asynchronous single phase centrifugal pump motors
with run capacitors, asynchronous three phase motors,
asynchronous three phase centrifugal pump motors,
and special purpose motors. Operating with more than
200 employees in its 28,000 sqm state-of-the art
manufacturing plant in İzmir, the Company has an
estimated market share of ca. 30% in the small electric
motors segment.

GCML, alternative asset management arm of Global
Investment House, is a leading alternative asset
management firm in the MENA region. It continues its
operations with a team of more than 30 professionals
based in Kuwait, Dubai, Cairo and Istanbul offices

Saya Group was established in early 2006 by Sancak
family with a view to replicate the family's success in
the pharmaceuticals and cosmetics sectors within
Hedef Group
17
PRAGMA
Recent Transactions







Anadolu focuses on tourism healthcare and serves the
tourists visiting Antalya region, a major tourism region
accounting for nearly 30% of total tourist arrivals in
Turkey, and the local community

Ulusal Faktoring is one of the top ten independent
factoring companies in Turkey and is focused on
providing financing for fast growing small-and-mediumsized companies in Turkey

Anadolu acquired 100% of Alanya Can Hospitals
(“Can”), the leading private hospital group located in
Alanya. Established in 1991, Can operates 2 hospitals
in Alanya

With more than 800 employees in 32 countries,
PineBridge Investments manages US$70 billion in
assets for institutional and individual clients across an
extensive platform of listed equity, fixed income,
private equity and hedge fund strategies

Through the acquisition of Can, Anadolu expanded its
existing chain to 6 hospitals with 317 beds capacity,
more than 1,200 personnel and US$65 million annual
revenues, and strengthened its leading position in
Antalya region
18
PRAGMA
Recent Transactions

Established in 1993, Anadolu Hospitals Group
(“Anadolu”) is the leading private hospital chain in the
Mediterranean region. Anadolu has a chain of 6
hospitals in Antalya with 317 beds capacity, more than
1,200 personnel and US$65 million annual revenues

Founded in 1998, ADM Capital (“ADM”) has over 12
years of experience in investing in Emerging Markets
across 12 countries. With 48 people based in local
offices in Hong Kong, Mumbai, Beijing, Istanbul,
London, Kiev and Almaty. ADM’s assets under
management are around US$1.7 billion

Pragma advised Akres for €47.3 mn project financing
for its 45 MW wind farm in Akhisar, Manisa.
Construction already started and expected commercial
operation date is June 2011

For the Hermes Covered Facility, which was closed in
November 11, 2010; the Borrower is Akres, the Advisor
is Pragma and the Lender is Commerzbank

Akres project capacity is 45 MW based on 18 units
Nordex N90 2.5MW turbines. Expected annual energy
generation is 138 million kWh

Pragma provided advisory services to Akres for
structuring of the financing and tender process,
preparation of bank documents, financing model and
business plan, negotiations with the banks, coordination
of Hermes application process and loan agreement
negotiations

With total assets over US$10 billion and total staff of
over 36,000, China based HNA Group is engaged in
air transportation, tourism, airport management and
hotel management. The air transportation business,
the flagship business of the Company, involves Hainan
Airlines, which generated total flight hours of over 410
thousand hours and transported ca. 20 million
passengers in 2007

myTechnic is an aircraft maintenance, repair and
overhaul (MRO) center located in Sabiha Gökçen
Airport (SAW) on the Asian side of Istanbul.
myTechnic’s facility is situated on 60,000 sqm of land
and it contains 15,400 sqm of hangar bay, 24,800 sqm
of shops, office area and storage area and 6,000 sqm
of engine shops

Situated in Erzincan province with a total investment
budget of €300mn, Kemah HEPP will generate 572
million kWh of electricity per annum

Akenerji, a joint venture between Turkish Akenerji and
Czech CEZ, has 1 wind, 1 hydro and 3 natural gas
fired operational power plants with a total installed
capacity of 454MW. Targeting to reach a total installed
power of 3,000MW in 5 years, Akenerji has ongoing
investments which comprise of HEPPs with 292MW
total installed power and a 900MW natural gas fired
power plant. Akenerji also owns SEDAS, regional
electricity distributor supplying 8.6 billion kWh of
electricity to its 1.2 million subscribers
19
PRAGMA
Recent Transactions

Arena Bilgisayar is a leading distributor of information
technology products in Turkey with a turnover of
US$467 million for 2009 and is listed in the Istanbul
Stock Exchange

Redington (India) Ltd, a listed India based company, is
engaged in the business of vendor-authorized end-toend supply chain management of information
technology, hardware and software products in South
Asia, Middle East and Africa. With a large distribution
network and activities in 18 countries, Redington is
amongst the largest, supply chain solution providers to
over 75 leading manufacturers of Information
Technology, Telecom, Lifestyle and Consumer
Electronics Products, worldwide

Akenerji is a member of the Akkök Group with more
than 20 industrial and trade companies. The Akkök
Group’s energy flagship firm is the company Akenerji,
whose portfolio, and mainly its 12 gas power plants,
with total installed capacity of 541 MW produce heat
and electricity, and which, at the same time, develops
hydro and wind power plant projects aiming to enlarge
the production basis of the company to 960 MW

CEZ Power Group is a leading vertically integrated
European utility group with €6.3bn in revenues in 2007,
almost 7 million customers and a generation portfolio
with an installed capacity of 14,300 MW. The
company´s market capitalization exceeds 30bn EUR,
the company stocks are traded at the Prague and
Warsaw Stock Exchanges

Established in 1990, Ekol has a fleet of 1,100 vehicles,
16 warehouses in Turkey and 1 warehouse in
Germany. The company employs around 2,000
personnel

Invest AD, a subsidiary of Abu Dhabi Investment
Council, is engaged in private equity, real estate, asset
management, infrastructure and investment banking
segments

Erste acquired Lehman Brothers Menkul Değerler A.Ş.
in 2009

Erste, Austria-based banking group, offers a range of
banking and other financial services, such as saving,
asset management, including investment funds;
consumer credit and mortgage lending; investment
banking; securities and derivatives trading; portfolio
management; project finance; foreign trade financing;
corporate finance; capital market and money market
services; foreign exchange trading; leasing; factoring,
and insurance
20
PRAGMA
Recent Transactions

With 350 employees, a production plant of 37,000 sqm
closed area and a broad sales and franchise network,
BVS is a leading company in the Turkish crane sector.
The Company’s total turnover grew by 80% in the last
two years, reaching €28 million in 2008. The product
portfolio consists of hoists, cranes and steel
construction buildings, the latter of which is being
manufactured at the Company’s 100% owned
subsidiary BCES

With revenues of €2.8 billion, Fayat SA is the largest
steel construction group and the fourth largest
infrastructure contractor in France. With a network of 80
autonomous subsidiaries employing 11,000 employees,
the Group is active in civil engineering, steel
construction, electricity, electronics and IT sectors, as
well as hoisting, handling and road building equipments
manufacturing

The Akkök Group’s energy flagship firm is the company
Akenerji, whose portfolio, and mainly its 12 gas power
plants, with total installed capacity of
541
MW produce heat and electricity, and which, at the
same time, develops hydro and wind power plant
projects aiming to enlarge the production basis of the
company to 960 MW

CEZ Power Group is a leading vertically integrated
European utility group with €6.3bn in revenues in 2007,
almost 7 million customers and a generation portfolio
with an installed capacity of 14,300 MW. The
company´s market capitalization exceeds 30bn EUR,
and the company stocks are traded at the Prague and
Warsaw Stock Exchanges

Taftel is a leading contemporary tafting carpet
manufacturer in Turkey deploying in-house developed
automated hand-tufting technology. The company has
annual production capacity of 216,000 sqm. The
Company is the major and exclusive supplier of Step
Carpet

Swicorp Private Equity is a leading private equity firm
with a specific regional focus on the Middle East and
North Africa (MENA) region. Since 2005, Swicorp
raised nearly US$1.4 billion in private equity funds
from Middle East based investors

Sardunya is the third largest catering company in
Turkey with around 1,500 employees servicing over
120 local and international clients. The company is part
of Sardunya Group, which generated combined
revenues of US$130 million in 2007 from food and
food services

ISS is one of the world’s leading facility services
groups operating in 51 countries with 440,000
employees, serving over 125,000 clients. ISS
generated US$11.7 billion net sales in 2007 from its
core activities of cleaning, catering, office support,
property services and security. ISS Turkey services
over 1,000 clients with 14,500 employees
21
PRAGMA
Recent Transactions




PiLS is a private equity investor established in January
2006, specializing in the healthcare industry. The fund,
focused solely on healthcare, has invested in the
pharmaceutical sector through a number of
transactions, total value of which represented
approximately €220 million, within the first year of
operation

Arkem acquired 100% of Altintel Port in May 2008

Pragma advised Altintel

Altintel Port, located at Dilovasi, 60 km east of Istanbul,
covers an area of 115,000 sqm. The Port has a single
jetty, as well as 44 storage tanks with 45,000 cbm total
capacity. Currently, the company is in the process of
building 9 new tanks, which would increase the storage
capacity to over 60,000 cbm. The port has access to
highway and there is a railroad connection within 1,500
m distance

Arkem is a regional distributor of chemicals handling
more than 200 products

Bostik is one of the largest sealant and adhesive
companies in the world with a turnover of €1.5 billion.
Headquartered in France, Bostik is owned by Total, the
4th largest petroleum and gas company in the world

Tekbau’s product portfolio consists of mainly dry
mortar products including exterior and interior plasters,
surface hardeners, self-leveling compounds, mortars,
tile adhesives, joint sealers, grouts, repair mortars and
thermal & water insulation products
Betasan is the market leader company in Turkish
wound care market. Betasan’s product portfolio
consists of mainly first aid strips, plasters (surgical
tapes), capsicum plasters, elastic & gauze bandages
and wound dressings
Step is the leading contemporary carpet retailer in
Turkey. The Company realized CAGR of over 40% in
the last three years and is expected to realize a
turnover of over US$35 million in 2008. Step has an
extensive retail network in Turkey and is developing an
increasing presence in international markets through
its flagship store in King’s Road in London, its
franchisees in the Middle East and South Africa, and
corners at Harrods of London, Lutz of Austria, ABC of
USA, etc.
Swicorp Private Equity is a leading private equity firm
with a specific regional focus on the Middle East and
North Africa (MENA) region. Since 2005, Swicorp
raised nearly US$1.4 billion in private equity funds
from Middle East based investors
22
PRAGMA
Recent Transactions

Peyman , one of the leading snack food companies in
Turkey, with 2007 revenues of approximately US$40
million

Isbank supplied project finance and working capital
finance of of € 30 million in 2007 and further € 18.5
million in 2009 to Best

Established in 2000, Esas Holding is an investment
group that has invested in 11 companies in 5 main
sectors including health, food, aviation, electronics
retail and real estate

Pragma advised Best

Best is engaged in manufacturing and sale of power
and distribution transformers. The Company is the
largest Turkish transformer company. In addition, it is a
leading player in Middle East & Northern Africa, CIS
Region and Europe with exports accounting for around
59% of its turnover for year 2007

The Company generated €79 million revenue in 2007

Isbank is the largest private bank in Turkey

Established in 1958, Ray Sigorta holds a 3% market
share of the Turkish non-life insurance market, with
gross written premiums in 2006 of approximately US$
184 million.

Headquartered in the Netherlands, TBIH has
extensive non-life and life insurance operations in
Central and Eastern Europe and CIS countries and is
owned by Vienna Insurance Group, which is the
largest Austrian insurance company and Kardan
Group, an international investment holding

Established in 2000, CMC is one of the leading Turkish
call center service companies with 1,000 employees
servicing over 40 local and international clients

ISS is the world’s leading facility management
company operating in 50 countries with 410,000
employees and serving over 125,000 clients. ISS
Turkey services 900 clients with 12,000 employees
23
PRAGMA
Recent Transactions

Tüyap Exhibition Group acquired back its 51%
shareholding from the private equity investors İş
Venture Capital (“İş Venture”) and Netherlands
Development Finance Company (“FMO”) for a total
consideration of US$18.5 million

CRH has acquired 50% of Denizli Cement, an
integrated cement and ready-mixed concrete business,
from Eren Holdings, a privately-owned industrial group.
Eren Holdings and CRH will have joint management
control of the business

Tüyap is the leading fairs and exhibitions organizer in
Turkey. The company serves to more than 12,000
domestic and foreign exhibitors from 52 countries with
exhibitions on 60 different topics. The company hosts
on average 2 million visitors each year

Headquartered in Ireland, CRH operates in 27
countries and employs around 80,000 people. CRH
realized net sales of €18.7 billion in 2006

Denizli Cement is a modern cement facility with a
clinker capacity of 1.8 million tonnes and is the market
leader in its region. The company has limestone
reserves of more than 100 million tonnes and
produced 1.8 million tonnes of cement in 2006. Denizli
also operates a network of 13 ready-mixed concrete
plants in Denizli and the surrounding area, which
produced 1.3 million cubic meters of concrete in 2006

Tarmac, a subsidiary of Anglo American Industrial
Minerals acquired 100% of Koca Beton Agrega
Madencilik (“Koca Beton”)

With 2005 revenues of US$4 billion, Tarmac is a global
leader in the production of heavy building materials
with operations in UK, Germany, Spain, France,
Belgium, Poland, Czech Republic, Romania, China
and Middle East

Koca Beton is one of the leading suppliers of
aggregates and ready mixed concrete in the Istanbul
market. Koca Beton currently operates two limestone
quarries with total reserves of 208 million tons and four
concrete plants that have the capacity to produce
800,000 cubic meters of concrete per annum

Tüyap currently operates 115,000 sqm exhibition area
in Istanbul, Bursa, Konya and Adana

Zehnder Group, the leading premium
producer acquired 51% of Sanpan

Zehnder Group has a total of €390 million net sales in
2005 and 16 production facilities in Europe, US and
China. Zehnder Group strategy is to grow in the
Eastern European markets

radiator
Sanpan is the leading towel radiator producer in
Turkey in terms of its technology
24
PRAGMA
Recent Transactions


İş Venture Capital (“İş Venture”) and Netherlands
Development Finance Company (“FMO”) acquired
51% of Tüyap by providing US$12 million in equity.
FMO also extended a loan facility of US$7 million
Tüyap is the leading fairs and exhibitions organizer in
Turkey. The company serves to more than 12,000
domestic and foreign exhibitors from 52 countries with
exhibitions on 58 different topics. The company hosts
on average 2 million visitors each year

Tüyap currently operates 92,000 sqm exhibition area in
Istanbul, Bursa and Konya

DP World acquired green field coastal site at Yarimca,
Turkey, for US$105 million, and rights to construct new
container terminal

In 2005, the terminals operated by DP World will
handle an estimated 12.5 million TEU which include
ports on six continents from the Americas to Asia

The completed 48 hectare site, on the Sea of
Marmara, will enable DP World to build and operate a
1 million plus TEU terminal with a planned investment
over US$170 million in terminal infrastructure

Bostik acquired Cekomastik in October 2005

Cekomastik, one of the best known brands in its sector
in Turkey, manufactures sealant products for the
construction market

Bostik is one of the largest sealant & adhesive
companies in the world with a turnover of 1.1 billion
Euro. Bostik is owned by Total, the 4. largest
petroleum and gas company in the world

State owned steel company Erdemir acquired Yarımca
container terminal site for US$ 82 million from Evyap

Pragma advised Evyap
25
PRAGMA
© 2014 Pragma
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic,
mechanical, photocopying, recording, or otherwise, without the prior consent of Pragma.

Pragma Corporate Finance

Transcription

Similar documents

More at norfolktourism.ca/turkey

turkcell yds

Cajun Fried Turkey

Anna Vasquez - Study Abroad

here

Turkish leaders praise new Izmit Bay Bridge

turkey as a major supplier from mediterranean region 01/09/2015

343-438 Addiyar Building, Sheikh Zayed Road, Dubai / UAE +971 4

Untitled - HEVI-Shot

Beautiful Homes In The Sun Www

Recent Transactions