Carlyle to take stake in Turkish lingerie maker Penti
September 19, 2012 by admin
Filed under Latest Lingerie News
LONDON, Sept 19 |
LONDON, Sept 19 (Reuters) – Private equity firm Carlyle
is to take a minority stake in Penti, as Turkey’s largest
maker and retailer of lingerie and swim wear looks to expand
internationally.
The size of the stake and the value of the investment were
not disclosed, though some Turkish press reports have placed a
value of about $450 million on Penti.
The investment will be Carlyle’s seventh from its dedicated
Middle East and North Africa fund, a $500 million pool of
capital for minority investments and buyouts across the region.
Istanbul-based Penti has a 45 percent share of Turkey’s
hosiery market and is one of Europe’s largest makers of
underwear and swimwear.
The company, which has 155 stores across Turkey and 39
stores in 16 other countries, is looking to expand
internationally.
The deal is expected to close in early November, Carlyle
said in a statement on Wednesday.
The investment underlines Turkey’s attractiveness to private
equity investors, who are drawn by its large, youthful
population and growing wealth.
Carlyle beat rival private equity groups including
Bridgepoint, CVC and Global Investment House
to invest in Penti.
