Abraaj Capital, a Dubai-based private equity firm, has completed its second deal in Turkey. It has bought a 50% stake in Turkish yacht builder Numarine for an undisclosed sum.
The deal follows Abraaj’s purchase of a part of Acibadem, an Istanbul-listed healthcare provider, in 2007.
Abraaj has previously invested in the marine sector. It holds shares in Dubai-yacht distributor ART Marine and Gulf Marine Maintenance and Offshore Company, a provider of marine services to the oil and gas industry.
“We are delighted to partner with Omer and Numarine, and believe that the company is extremely well positioned to benefit from the growing demand for high quality, excellent value motor yachts,” Mustafa Abdel-Wadood, the managing director of Abraaj.
Private equity firms have developed quite a taste for yacht makers in recent years as they have looked to gain exposure to the recreational boating market which recorded annual growth of 11.4% between 2000 and 2006.
Candover and Permira together own Italian yacht producer Ferretti, and earlier this year Balmoral Capital purchased UK-yacht maker Oyster Marine. Additionally, Bank of Scotland Integrated Finance owns a minority stake in UK-based yacht builder Sunseeker.