The company may sell a stake to a foreign investor this year, said Ozkan Yavasal, partner at Daruma, the Istanbul-based adviser for mergers and acquisitions valued at $50 million and $150 million. Investors from the Persian Gulf, Asia and Europe are interested, he said in an interview yesterday.
Turkish assets have lured domestic and international investors as the country’s economy outpaced every member of the Group of 20 nations except for China in 2010. Turkey’s economy grew at an annual rate of 8.9 percent in the first three quarters, and it will expand 8 percent this year, the International Monetary Fund said. Turkish M&A will fall to around $20 billion this year from a record $29 billion in 2010, Deloitte Turkey said in a report.
“We are holding talks with potential foreign buyers for RodiMood,” said Yavasal. The company has annual sales of around $200 million, he said. RodiMood makes jeans and other casual clothing, according to its Website.
Daruma was hired by a Turkish crane-tower rental company that Yavasal declined to identify because of a confidentiality agreement. The company is “a leading one in the business and seeking a foreign partner,” he said.
Companies from food and non-food retail, logistics and energy industries have signed exclusive deals with Daruma to act as adviser to provide equity finance, non-recourse project finance and mezzanine finance, said Tulay Kaya, another partner at Daruma, in the same interview.
Daruma advises a Spanish energy company on its possible investments in Turkey, Kaya said. She declined to identify the company.
Daruma aims to complete three M&A deals in the next three months including a deal for Istanbul-based hospital chain Universal Saglik Yatirimlari Holding AS, and two structured-debt transactions, one for a real estate industry company and another for a wind-energy project of about 100 megawatts of power, Kaya said. She declined to say the value of the deals.
Daruma is advising the owners of Universal Saglik Yatirimlari Holding AS, a Turkish chain of 18 hospitals, on the sale of a minority stake, Yavasal said. The transaction may be announced “at the end of January or the start of February,” he said. He declined to comment on whether Asia Debt Management Capital of Hong Kong is in talks to buy the Universal Saglik stake, as reported by the Sabah daily on Dec. 30.
“The investor in Universal will bring in a new business plan to grow the group significantly in Turkey in two years,” Kaya said.
Turkey’s growing health-care industry has attracted investors including Abraaj Capital Ltd., the Middle East’s biggest private-equity firm, which bought 54 percent of hospital operator Acibadem Saglik Hizmetleri & Ticaret AS for about $606 million in 2007 and 2008. Carlyle Group, the world’s No.2 private-equity firm, bought 40 percent of hospital operator Medical Park Saglik Grubu AS for an undisclosed price in 2009.
Daruma advised for Medical Park in the transaction with Carlyle and for Argus Capital Partners and Qatar First Investment Bank in their purchase of a 40 percent stake in the Istanbul-based hospital chain Memorial Health Group.
Daruma aims to complete more M&A transactions this year than the about $500 million worth of deals they worked on in 2010, he said.
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