DUBAI – Carlyle Group, the US private-equity firm in which Abu Dhabi’s Mubadala Development Company owns a 7.5 percent stake, has acquired a minority stake in Penti, a Turkish hosiery manufacturer and retailer of women’s hosiery, lingerie and swimwear.
The Istanbul-based hosiery firm has 155 stores in Turkey and 39 stores in 16 countries, including 11 stores in Saudi Arabia.
Equity for this investment will come from Carlyle MENA Partners, L.P., a $500 million growth capital and buyout fund focused on the Middle East and North Africa. Terms of the transaction, which is expected to close in early November, were not disclosed.
Established in 1950, Penti is the largest manufacturer of hosiery and a leading retailer of women’s hosiery, lingerie and swimwear in Turkey. Penti has hosiery production capacity of 68 million pairs at its plant – the largest in Turkey and 3rd largest in Europe.
The company has 155 stores in Turkey and 39 stores in 16 countries, including 11 stores in Saudi Arabia.
Sami Kariyo, Chairman of Penti, said “we are delighted to partner with Carlyle, which has a strong track record of value creation within the retail sector. Our partnership with Carlyle will help to strengthen the Penti brand both within Turkey and internationally.”
Can Deldag, Co-Head of Carlyle MENA and Head of Carlyle’s team in Turkey, said: “We are particularly excited to invest in a strong and growing company with great potential. In partnership with Penti’s talented management team, we plan to invest in the business, and enhance the resources and facilities for customers which are integral to its continued success.” – SG