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Carlyle Group acquires 50 per cent stake in Turkey’s TVK Shipyard

Private equity firm Carlyle Group has acquired a 50 percent stake in TVK Shipyard, a shipbuilder based in Izmit, Turkey that specialises in chemical tankers and other specialty vessels.

Private equity firm Carlyle Group has acquired a 50 percent stake in TVK Shipyard, a shipbuilder based in Izmit, Turkey that specialises in chemical tankers and other specialty vessels. Terms of the deal, Carlyle’s first investment in Turkey, were not disclosed.

‘We look forward to working with the TVK team to capture the growth in the global shipping industry,’ says Can Deldag, a managing director in Carlyle’s Middle East and North Africa team. ‘TVK’s new facilities, strong management team and distinct know-how enable the company to compete in the more specialised segments of the global market in terms of efficiency and premium quality.’

Established by entrepreneurs Can Topsakal and Naim Kocer together with Turgut Atagun, the former production manager of Turkey’s largest shipyard, TVK was established in 2005 in the Kocaeli Free Trade Zone to build specialised chemical tankers with cargo volume up to 30,000 dwt.

‘Partnering with Carlyle will enable TVK to expand capacity and enable the production of more sophisticated vessels at a faster rate than what we could have achieved alone,’ says Topsakal, the firm’s chief executive. ‘Through the addition of a second slipway already under construction, we anticipate doubling our production by the end of the year.’

Carlyle’s Middle East and North Africa team has offices in Cairo, Dubai and Istanbul, and draws on the firm’s global expertise in sectors including energy, financial services, health care, industrial, infrastructure, technology and transportation.

‘This growth capital investment in TVK is indicative of the opportunity we see in the MENA region,’ says Walid Musallam, a Carlyle managing director and head of the regional team. ‘Carlyle has the capital, industry expertise and global network that can help companies grow and revitalise.’

The Carlyle Group is a global private equity firm with USD82.7bn in assets under management committed to 60 funds at the end of March. The group invests in buyouts, venture and growth capital, real estate and leveraged finance worldwide, focusing on aerospace and defence, automotive and transportation, consumer and retail, energy and power, financial services, healthcare, industrial, infrastructure, technology and business services, and telecommunications and media.

Since 1987, the firm has invested USD46.3bn of equity in 802 transactions for an aggregate purchase price of USD216bn. The Carlyle Group employs more than 900 people in 21 countries, while its portfolio companies have more than USD109bn in revenues and employ more than 415,000 people worldwide.

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