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PineBridge Investments invests in Ulusal Faktoring

PineBridge Investments’ PineBridge Gateway Partners private equity team has signed an investment agreement to partner with Ulusal Faktoring AS (Ulusal), a non-bank financial services company in Turkey. PineBridge Gateway Partners invests across Turkey, Middle East, Africa, and Russia/Former Soviet Union.

Ulusal is focused on providing financing for the fast growing small-and-medium-sized companies market in Turkey. The company is headquartered in Istanbul and led by Chairman Kurt K. Jolker and CEO Izak Koenka. Ulusal is one of the ten largest independent factoring companies in Turkey. At closing, the investment will make PineBridge a significant minority shareholder in the company.

“We are excited about our investment in Ulusal and believe that the company has significant potential to grow and strengthen its position in the small-medium sized corporate financing market. We expect that the partnership will create one of the leading independent financial services companies in Turkey,” says Okan Altasli, an Istanbul-based Director on the PineBridge Gateway team.

“This is a key investment for PineBridge as it meets our strategic aim of participating in the economic growth of corporate Turkey, as well as in playing a key role as a partner for growing entrepreneurial Turkish companies. The timing of our investment in Ulusal is also meaningful as Istanbul is developing as a regional international financial centre,” says Serkan Elden (pictured), Managing Director on the PineBridge Gateway team, overseeing investments in Turkey and the Middle East.

Kurt K Jolker, Chairman of Ulusal, says: “We value PineBridge as a reputable partner to help us bring Ulusal to the next stage of growth.”

The finalisation of PineBridge’s investment in Ulusal Faktoring is subject to approvals, including the Turkish Banking Regulation and Supervision Agency’s and Competition Board’s regulatory clearance.

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