Private equity firm Bridgepoint has acquired a controlling stake in Turkish vehicle inspection group TüvTurk from Akfen Holding, one of its three institutional shareholders, for an undisclosed sum.
Bridgepoint’s investment in TüvTurk will be made from the firms Bridepoint Europe IV fund which closed at €4.85bn in April of this year.
Established in 2005 TüvTurk operates 189 stations across the country. Existing banking facilities to TüvTurk remain in place for this transaction. Banks involved included, Bayerische Hypo – Und Vereinsbank, Garanti Bank, Finansbank and Vakifbank.
Advisors in the transaction for Bridgepoint include Goldman Sachs (corporate finance), Booz & Co (commercial), PWC (accounting), Hergüner Bilgen Özeke (legal – Turkey), Travers Smith (legal – international), ERM (environmental); for Akfen: Ata Invest (corporate finance), Pekin & Bayar (legal).