Turkven acquires Provus

Turkven, the Turkish private equity fund, has invested out of its second US$400m fund to lead the buy out of Provus Turkey and Provus Romania. The consideration has not been disclosed.

The Provus companies provide ATM, issuing, processing and card printing services to the banking, retail and telecom sectors. Provus claims to be the leading provider of such services in Turkey, exporting its services to four other countries.

Standard Unlu, in which South Africa’s Standard Bank has a 67% share, acted as financial advisor to Provus Turkey and Provus Romania.