Carlyle group acquieres 50 pct of Turkey's TVK

This acquisition is a first investment for the company in Turkey.

Walid Musallam, Carlyle's managing director and head of the Middle East North Africa (MENA) team, said at a news conference that the group operated in the MENA region through its offices in Cairo, Dubai and Istanbul. "Turkey is becoming a very powerful country in the Middle East with its sound growth rates."

"This growth capital investment in TVK is indicative of the opportunity we see in the MENA region. Carlyle has the capital, industry expertise and global network that can help companies grow and revitalize," Musallam also said.

Can Deldag, managing director on Carlyle's MENA team, said, "We look forward to working with the TVK team to capture the growth in the global shipping industry. TVK's new facilities, strong management team and distinct know-how enable the company to compete in the more specialized segments of the global market in terms of efficiency and premium quality."

"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 achieve alone. Through the addition of a second slipway already under construction, we anticipate doubling our production by the end of the year," Can Topsakal, founder and CEO of TVK, said.

TVK was incorporated in 2005 in the Kocaeli Free Trade Zone. The company was created to build specialized chemical tankers with cargo volume up to 30,000 deadweight tonnage.

The Carlyle Group is a global private equity firm with $82.7 billion of assets under management committed to 60 funds as of March 31, 2008.

Photo: Osman Orsal