Funds advised by Syntaxis Capital, a provider of mezzanine finance in Central Europe, has completed the firm’s first Turkish investment, a recapitalisation and growth financing for Uğurlu Cam, a specialised glass products manufacturer.
Privately owned Uğurlu Cam was founded in 1971 in Denizli, Turkey, and quickly grew to become one of the largest manufacturers of car glass for the replacement market in Turkey, and also a key supplier to specialised OEMs for agricultural and construction vehicles. The EUR13.5 million mezzanine loan provided by Syntaxis funds will allow Uğurlu to augment the Company’s current credit facilities and provide flexible funding for further organic growth, as well as part–‐funding for prospective acquisitions.
Selim ĺskenderoğlu, responsible for Syntaxis’ local operations in Turkey, says: “From the first meeting, the owners and management impressed us with the professionalism of their organisation, the quality of their production and the vision for the Company’s further development. Uğurlu Cam competes in a very attractive market, underpinned by sound, double-digit growth prospects, and the flexibility of their production and the breadth of their product portfolio provides them with a clear competitive advantage over other suppliers.”
Thomas Spring, the Syntaxis Partner working with Selim on the investment, says: “The Company combines all of the elements we look for in investment opportunities, and provides an example of the kind of situations where our type of financing can provide a substantial difference to the business. We are proud of having completed the first of hopefully many investments in Turkey.”
Irfan Duman, the Co-Founder and CEO of Uğurlu Cam, says: “The partnership with Syntaxis is a major milestone in the development of Uğurlu. We believe that with fresh capital and Syntaxis’ experience in supporting ambitious companies, we are well positioned to make the Company a local champion.”
Syntaxis was advised by Macfarlanes in London and EY and White & Case in Turkey. Uğurlu was advised by Devrim & Cukur and Ark Consulting.
