TPG Completes Distillery Buy

Texas Pacific GroupMey Icki completed its acquisition of Turkish alcoholic beverage distiller Stephen Peel , paying roughly $900 million for a 90% stake in the company. The business, which is Turkey’s No. 1 producer of raki, was at one time controlled by the Turkish government, and most recently was owned by an investor group known as the Nurol-Limak-Ozaltyn-Tutsab consortium.

The transaction is one of many to be inked in Eastern Europe this year, as private equity groups increasingly grow comfortable with the budding region. When TPG first announced the Mey Icki buyout in April, TPG Partner AIG Capital Partners completed its third investment in a Turkish company when it acquired convenience store chain For You Bakim Ürünleri Magazalar L.S. —K.M.