Turkish clothing store retail chain Fabeks Diş Ticaret has managed to bag a sizable investment from Saudi bank-funded Eastgate Capital. The 49.8 percent equity stake that was sold to Eastgate was completed via the latter’s MENA Direct Equity Fund. The funding will be used to expand Fabeks’s presence in Turkey, as well as additional target markets. The Zamanpurs (Aysen and Bijen) will still hold the majority stake in the company after the equity transfer to Eastgate.
Eastgate Capital (www.eastgategroup.com)
Eastgate Capital’s investment commitment is focused on private equity funding in emerging markets and in real estate acquisition. In the former, their target companies fall within the geo-political sphere of the Middle East and North Africa (MENA). The company follows three primary guidelines when investing from their USD 600 mln committed fund pool: identifying value-add opportunities after the acquisition, a structured approach to sourcing new deals and a highly disciplined risk management policy.
Fabeks Diş Ticaret (www.fabeks.com)
Fabeks Diş Ticaret is one of Turkey’s leading clothing retailers with a chain of stores that currently numbers 141 outlets in over 20 countries; the figure also includes 25 stores that are owned and operated directly by Fabeks. The company was founded in 1992 and is a market leader in apparel made from Fabeks Diş Ticaret, translated into Silk and Cashmere.