European middle market private equity firm Bridgeport has acquired Turkish dried fruit and nuts producer Peyman from its founders and Turkey’s Esas Holding. The deal was reportedly valued at roughly $110 million.
Established in 1995 and headquartered in Istanbul, Peyman is a leading FMCG player in the Turkish snacks market focusing on the highest growth sub-segment – dried fruits, nuts and seeds (DFNS) – an essential part of Turkish diet and culture.
Esas Holding acquired Peyman in 2008. Since then, the company increased its revenues five-fold, and became the second largest player in the Turkish market, Esas says.
Peyman has a well-established brand presence in independent convenience stores, Turkey’s traditional retail channel, and a growing presence in supermarket chains.
The company’s five well-known house brands are Bahçeden, Dorleo, Çitliyo, Nutzz and Peyman. Peyman also exports to more than 30 countries, primarily in the Middle East, Balkans and central Asia.
“Peyman is a rapidly growing market leader capable of transforming into a larger and broader snack brand,” said Bridgepoint’s partner Martin Dunn. “With fresh capital and additional consumer expertise from Bridgepoint, Peyman will be able to accelerate growth, both in its traditional convenience store marketplace and by developing new brands and innovative products.”
Turkey is amongst the largest producers and consumers of DFNS globally, with the segment estimated to be worth over €2 billion a year in Turkey alone. Turkey offers one of the most attractive FMCG markets globally due to the size of its economy, its growing population, positive drivers such as increasing disposable incomes and a growing middle class, and the growth of healthy snacking.
Bridgeport’s advisers involved in the transaction were OC&C (Commercial), PwC (FDD, Tax & structuring), Balcioglu Selcuk Akman Keki (legal), Stamford Partners (M&A), Terra Consulting (Supply Chain/Agribusiness), Bridge Consulting (Operations), ERM (ESG), and Marsh (Insurance).
Bridgeport is a leading European middle market private equity firm with over €20 billion of committed funds to date. The firm has completed €22.5 billion of transactions since 2000 from €8.8 billion invested. It focuses on six principal sectors: business services, consumer, financial services, healthcare, manufacturing & industrials and media & technology. Founded 25 years ago, the firm has a local presence in every major European private equity market, with a network of 8 European bases and a portfolio office in Shanghai.
Esas Holding is a leading Turkish family office making private-equity investments in Aviation, Retail, Entertainment & Leisure, Healthcare, Food, Real Estate and Logistics. The firm’s investments are funded primarily through its own balance-sheet, mainly in Turkey, but also abroad. The firm was founded in 2000 by its chairman Sevket Sabanci, and other first- and second-generation Sabanci family members.