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The Carlyle Group acquires 48% stake in Bahcesehir Koleji

The Carlyle Group has acquired a 48% stake in Bahcesehir Koleji, a private education provider in Turkey. The existing shareholders, the Yucel and Karatas groups, will remain as significant investors in Bahcesehir. Financial terms of the transaction, which closed on 27 Tuesday December, 2011 were not disclosed.

Established in 1994, Bahcesehir Koleji, part of Bahcesehir Education Group, has risen to become one of the largest providers in the nursery, primary and secondary school segments of Turkey’s emerging private education sector. In August 2011, Bahcesehir operated 20 primary schools and 11 secondary schools, serving approximately 12,000 students.
 
Enver Yucel, Chairman of Bahcesehir Koleji, says: "As Turkey’s education industry strives to meet global standards, it will greatly benefit from further investment and from collaborating with international organizations. We are therefore delighted to be partnering with Carlyle, which is one of the world’s most experienced investors in the education sector. Our aim is to provide greater access to high quality education in Turkey and to globalize our approach to learning whilst retaining traditional values. We remain committed to continually enhancing our principles and policies of education, and believe that this partnership will support the progression of education in Turkey.”
 
Walid Musallam (pictured), Carlyle Managing Director and Head of Carlyle MENA, says: "Demand for private education in Turkey is increasing, driven by a number of factors including a growing student population and higher incomes. Bahcesehir Koleji has developed a strong position in this sector and we are very excited to be investing in the business. The private school sector remains fragmented and penetration remains low in Turkey.  We look forward to working with Bahcesehir Koleji as it executes its ongoing growth strategy.”
 
Can Deldag, Managing Director responsible for Turkey investments within Carlyle MENA, says: “We are particularly excited to be investing in this strong growing company which, we believe, has great potential. In partnership with Bahcesehir’s talented management team, we plan to invest in the high standards of education that Bahcesehir Koleji is reputed for and to enhance the resources and facilities for students which will be integral to its continued success.”
 
Carlyle’s investment in Bahcesehir underscores the firm’s commitment to Turkey. Equity for this investment will come from Carlyle MENA Partners, a USD500 million growth capital and buyout fund established in March 2009.  Previous investments made by Carlyle MENA include: Alamar Foods, operator of Domino’s Pizza and Wendy’s restaurants throughout MENA and producer of food products for the casual dining industry, in December 2011; The General Lighting Company, Saudi Arabia’s largest lighting fixture manufacturer, in March 2010; and Medical Park, Turkey’s second largest healthcare group, in December 2009. 

 

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