Betting on increased car ownership in Turkey, Bridgepoint Capital Group has made its first investment in the Eastern European country by acquiring a 33% stake in Tüvturk, a vehicle safety testing operation. London based Bridgepoint has established Test Tait, a newly formed company through which the all-cash deal will be facilitated.
The enterprise value of Tüvturk has been estimated between $500 million and $600 million. With government approval the acquisition is expected to be completed next month.
TÜVTURK (www.tuvturk.com.tr)
TÜVTURK was established after the Turkish government privatized the auto safety inspection industry in 2003. The company won a 2004 bid for a twenty year contract to install and operate inspections facilities all over Turkey.
As of Q2 2009 TÜVTURK had build 200 stations at a cost in excess of USD 300 million. The company employs more than 3,500 people.
Bridgepoint Capital Group (www.bridgepoint.eu)
Bridgepoint Capital is a London based private equity firm operating from offices throughout Western Europe. The company strategy is aimed at mid-market companies with a capitalization of € 20 million to € 400 million. Bridgepoint invests in a variety of sectors including health care, consumer services, and media with € 13 billion in total assets as of November 2008.
30/09/2009
Central & Eastern Europe, Investment, Private Equity News, Services, Turkey