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. Headquartered in Istanbul, the company employs 1,847 people and has a hosiery production capacity of 68m 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.
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.”
This is the MENA fund’s sixth investment. Previous transactions include:
Carlyle’s current and past consumer & retail investments include:
Starting its business under the brand name “Ögretmen Hosiery” in 1950, the brand changed its name to “Penti” in the 1980s. Designing and manufacturing women’s hosiery, children’s hosiery, men’s socks, homewear, lingerie, and bikini, bathing suit and beachwear under the brand name Penti, the company is the leading company in its business area.
The Carlyle Group is a global alternative asset manager with $156 billion of assets under management in 99 funds and 63 fund of fund vehicles as of June 30, 2012.
The Carlyle Group
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