Darby Private Equity’s Converging Europe Mezzanine Fund (DCEMF) has signed an agreement to exit its equity and mezzanine holdings in Sirma, a Turkish bottled water and beverage manufacturer, in connection with a sale of a majority interest in Sirma to Danone.
DCEMF’s exit is subject to the closing of the transaction with Danone. The transaction terms have not been disclosed.
DCEMF made a mezzanine investment in Sirma in 2010 to provide long-term funding for the growth of the company. DCEMF made a follow-on equity and mezzanine investment in 2011 to finance Sirma’s new factory.
Robert Graffam, Darby’s senior managing director for Europe, says: “We are the first and leading mezzanine and equity fund with a dedicated presence in Turkey. This transaction reinforces our track record in supporting middle-market companies with long-term growth capital in the region.”
The Darby Converging Europe Mezzanine Fund is focused on providing growth capital to middle-market companies in Central and Eastern Europe. Sirma will be the eighth exit for the fund.
