The Rohatyn Group Completes Exit From Turkish Retailers Beymen and Boyner
Transaction completes landmark exit from two leading Turkish retail companies
22 June 2015
The Rohatyn Group (“TRG”), a leading emerging markets asset management firm, today announced that Fennella Sarl, controlled by TRG Growth Fund II, has completed its final exit from Beymen Mağazacılık A.Ş. (“Beymen”) and Boyner Büyük Mağazacılık A.Ş. (“Boyner”) to Boyner Perakende ve Tekstil Yatırımları A.Ş (“BRTI”), a company controlled by the Boyner Group. Both retail companies had been portfolio companies of Citi Venture Capital International (“CVCI”), which TRG acquired from Citigroup Inc. in 2013.
Beymen, headquartered in Istanbul, Turkey, is the leading luxury retailer in the country. The Company, which opened up its first store in 1971, currently has 81 stores representing a range of retail concepts with an aggregate net selling space of 44,196 m2. Since its inception, Beymen has been ranked among the top players in the Turkish fashion industry and global luxury retail. Today, Beymen offers customers over 600 world brands and the Company’s store collections are considered to be among the best in their category worldwide.
Boyner, also headquartered in Istanbul, Turkey, was established in 1981 and is the leading department store chain in the country. Following the acquisition of Yeni Karamürsel Giyim ve İhtiyaç Maddeleri Ticaret Sanayi A.Ş. and Yeni Karamürsel Giyim ve İhtiyaç Maddeleri Pazarlama A.Ş. in 2012, Boyner operates under the Boyner, YKM and Çarşı brands. As of the end of 2014, Boyner operated 141 stores in 37 Turkish provinces with a total selling space of 290,050 m2 and welcomes approximately 100 million visitors annually.
A deferred sale agreement was originally signed on May 31, 2013 for the sale of TRG Growth Fund II’s indirect 50% shareholding in Beymen and its 30.05% shareholding in Boyner to BRTI. Prior to this, the parties were equal shareholders in both Beymen and Boyner, with the remaining Boyner shares publicly held on the Istanbul stock exchange.
Cem Boyner, Chairman and CEO of Boyner Group, stated: “CVCI and now TRG has been a great partner for us. Our partnership spanned a global financial crisis, the rapid growth of both businesses and the transformative acquisition of YKM by Boyner in 2012. We are very thankful for their institutional and Colin Clark’s personal contribution and support over this critical period for our business. The culmination of this transaction returned full ownership in both companies to BRTI and we are continuing to rapidly grow both companies fully integrated under BRTI.”
Colin Clark, Managing Director and Head of Central & Eastern Europe, Middle East & Africa Private Equity at TRG, stated: “We are very proud of our successful investment in Beymen and Boyner. These are two world-class businesses and the growth that the companies have achieved during our investment period is a testament to our strong partnership with Cem Boyner and the Boyner family as well as the tireless work by the first class management teams at both companies. We would like to take this opportunity to thank them all for their ingenuity, hard work and support that was involved in making Beymen and Boyner the strong companies that they are today, and are confident that both companies are positioned for success in the years ahead. We wish them all the very best of luck for the future.”
BRTI was established in 1952 by the Boyner family under its original name Altınyıldız Mensucat ve Konfeksiyon Fabrikaları A.Ş.. Now with 5 companies, 394 stores and more than 10,000 employees, BRTI is the leading non-food and non-electronics retail group in Turkey. With a vision to provide ‘unconditional customer happiness’, BRTI provides innovative products and services leading Turkey’s retail sector. As of the end of 2014, BRTI’s consolidated revenues were TRY 3.16 billion. BRTI is listed on the Istanbul Stock Exchange.