Pragma Corporate · PDF fileAmerican private equity ... Leading European chemical product...
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Harman Sokak • Harmancı Giz Plaza Kat: 6 – 10 A No:20 • 34410 • Levent • Istanbul • TURKEY Tel: +90.212.324.6060 • Fax: +90.212.324.5959 www.pragma.com.tr Confidential PRAGMA Pragma Corporate Finance
Transcript of Pragma Corporate · PDF fileAmerican private equity ... Leading European chemical product...
Harman Sokak • Harmancı Giz Plaza Kat: 6 – 10 A No:20 • 34410 • Levent • Istanbul • TURKEY
Tel: +90.212.324.6060 • Fax: +90.212.324.5959
www.pragma.com.tr
Confidential
PRAGMA
Pragma Corporate Finance
Harman Sokak • Harmancı Giz Plaza Kat: 6 – 10 A No:20 • 34410 • Levent • Istanbul • TURKEY
Tel: +90.212.324.6060 • Fax: +90.212.324.5959
www.pragma.com.tr
Confidential
PRAGMA
Section 1
Pragma Overview
PRAGMA
Pragma
Section 1: Pragma Overview
54 completed transactions since 2005 with total
deal size close to US$4.0bn
Leading M&A advisor in Turkey with 41 completed
M&A and 3 project finance transactions since
January 2008
Advised leading Turkish groups such as Akkök,
Borusan, Boyner, Doğan, Koç, Ülker and Yaşar
Advised leading international companies such as
AngloAmerican, Banque Populaire, Bostik, CRH,
DP World, Erste, Mars, Mondi, Vienna Insurance
Group, SGS and Thyssen Krupp
Completed and on-going transactions with leading
regional private equity funds
Pragma is an investment banking firm specialized in mergers & acquisitions and privatizations advising
multinational and Turkish clients
Source: mergermarket
Note: Excludes advisory to sister company clients within the same group
M&A Transactions
2008 - 2013 (number of deals)
41
38
33 32
22
Pragma #2 #3 #4 #5
PRAGMA
Turkish Transaction Record of Pragma
Section 1: Pragma Overview
acquired 100%
stake in
2012
Advisor to Buyer
acquired 50% of
Evrencik WEPP
Project (120 MW)
from
Group
2013
Advisor to Seller
Acquired 51% of
2013 Advisor to the Seller
Acquired 100% of
2013 Advisor to the Seller
Sold 100% of to
2013 Advisor to the Seller
Acquired 100% of
2013 Advisor to the Seller
Acquired 50% of*
2013 Advisor to the Seller
*Closing is subject to the approval of Competition Board
acquired 100% of*
2013 Advisor to the Seller
*Closing is subject to the approval of Competition Board
Acquired 100% of
2014 Advisor to the Seller
American private equity
Acquired 50% of
Turkish branch hospital chain
2013
Advisor to the Seller
PRAGMA
Turkish Transaction Record of Pragma
Section 1: Pragma Overview
acquired 80% of
2011
Advisor to Seller
acquired
50 MW Balabanlı Wind
Energy Power Plant
Project
from
Group
2011
Advisor to Buyer
won the PPP tender for
Konya Karatay Integrated Health Campus*
2012
Advisor to Buyer * Deal is not closed
acquired
majority stake of
2012
Advisor to Seller
acquired 80% stake in
AE Arma-Elektropanç
2012
Advisor to Seller
acquired
2012
Advisor to Seller
acquired 60% stake in
2012
Advisor to Seller
acquired minority
stake in
2012
Advisor to Seller
acquired 99%
stake in
advisor to the Sellers
2012
Advisor to Seller
acquired 100%
stake in
Sibel RES (80MW)
2012
Advisor to Seller
PRAGMA
Turkish Transaction Record of Pragma
Section 1: Pragma Overview
raised project finance
€ 47.3 million
2010
Advisor to the Company
acquired
Enerji (163MW Kemah HEPP)
2010
Advisor to Buyer
acquired
majority stake of
2010
Advisor to Seller
acquired 49.4% of
US$ 42.4 million
2010
Advisor to Seller
provided equity and debt financing to
2011
Advisor to Seller
acquired 47% of
2011
Advisor to Seller
acquired 100% of
2011
Advisor to Buyer
won the PPP tender for
Manisa Training and Research Hospital*
2011
Advisor to Buyer * Deal is not closed
won the PPP tender for
Kayseri Integrated Health Campus
2011
Advisor to Buyer
acquired
2011
Advisor to Seller
PRAGMA
Turkish Transaction Record of Pragma
Section 1: Pragma Overview
acquired
US$ 44 million
2008 Advisor to Seller
acquired 30% of
2008 Advisor to Seller
Münir Şahin owned by
acquired 100% of Betasan
2008
Advisor to Seller
acquired 46% of
2008 Advisor to Seller
acquired 94.3% of
from Dogan Holding and
public shareholders
US$ 147.4 million
2007 – 2011 Advisor to Buyer
Elektromekanik
raised Debt Finance
€ 18.5 million
2009
Advisor to Company
acquired 46% of
2009
Advisor to Seller
acquired 60% of
2009
Advisor to Seller
acquired a stake of
€50 million
2009
Advisor to Seller
acquired
Sakarya Electricity Distribution Co.
US$ 600 million
2009
Advisor to Buyer
acquired %37.4 of
US$ 303 million
2009
Advisor to Seller
acquired
Menkul Değerler A.Ş.
2009
Advisor to Buyer
PRAGMA
Turkish Transaction Record of Pragma
Section 1: Pragma Overview
subsidiary
acquired
2006 Advisor to Buyer
acquired
2006
Advisor to Buyer
sanpan
acquired
Yarımca Porselen from
US$ 82 million
2005 Advisor to Seller
acquired
2005 Advisor to Seller
acquired 51% of its shares from
2005 Advisor to Seller
acquired 51% of its shares from
US$ 18 million
2007
Advisor to Buyer
Elektromekanik
raised Debt Finance
€ 30 million
2007 Advisor to Company
acquired
Yarımca Port
US$ 105.0 million
2005
Advisor to Buyer
acquired 100% of
2007 Advisor to Seller
acquired 50% of
US$ 270 million*
2007 Advisor to Buyer
acquired 100% of
2008
Advisor to Buyer
acquired
2008 Advisor to Seller
PRAGMA
Selected Multinational Clients of Pragma
Leading Czech energy company with revenues
of €7bn
Leading Austrian insurance group in Central and
Eastern Europe with gross written premiums of €8.2bn
Leading electricity distribution and
infrastructure services company with US$9bn
revenues and 7 million customers
Leading European chemical product distribution
company with €1bn revenues
RWE Innogy: RWE’s renewables arm, 2.1
GW operational projects and 20GW project
pipeline
European materials services & distribution company
with €6bn revenues
Germany’s 3rd largest energy company with its
6 million customers and more than €17bn
revenues
Leading European financial group with €13bn book
value
Leading energy and chemicals company with
€131bn revenues
One of the largest Far Eastern financial services
company with US$13bn book value
Leading European construction materials producers with revenues of US$16bn
Worldwide known food comapny with revenues of
US$30bn
Global mining conglomerate with revenues of
US$32bn
Leading packaging company in Central Europe with
€2bn sales
One of the world’s largest container port
terminal operators with a global capacity of
more than 50mn TEU
Leading integrated packaging and paper company
with revenues of €5.3bn
Third largest commercial bank in France with
total assets of US$300bn
Leading European cable company with revenues of
€1.6 bn
Section 1: Pragma Overview
PRAGMA
Buy – Side Privatization Credentials of Pragma
Leading Turkish energy
company 2008
Akenerji is the winner of Sedas
tender (Size: US$600 mn)
World’s 3rd largest port operator 2005 Privatization of Mersin port
(Size: US$750 mn)
The 11th largest steel company
in the world 2005
Joint advisor in the privatization of
Erdemir (Size: US$2.77 bn)
Leading inspection company in
the world 2004
Privatization of vehicle inspection
services (Size: US$613 mn)
Client Description Date Transaction
Section 1: Pragma Overview
PRAGMA
Selected Clients
Section 1: Pragma Overview
Harman Sokak • Harmancı Giz Plaza Kat: 6 – 10 A No:20 • 34410 • Levent • Istanbul • TURKEY
Tel: +90.212.324.6060 • Fax: +90.212.324.5959
www.pragma.com.tr
Confidential
PRAGMA
Annex
Recent Transactions Completed by Pragma
PRAGMA
Arlight Aydınlatma A.Ş. ("Arlight") shareholder Arlı family has signed a sale and purchase agreement to sell its
100% stake in Arlight to AB Fagerhult ("Fagerhult").
Established in 1991, Arlight is a leading manufacturer of lighting fixtures and solutions in Turkey. The company
is a pioneer in the Turkish market with regards to the development of LED based lighting systems and already
added a wide range of LED products into its product portfolio. Example application areas include commercial
offices, educational buildings, hospitals, shopping malls and airports. The company’s headquarters and
manufacturing facilities are located in Ankara, and the company employs around 160 personnel. Around 20%
of Arlight’s turnover is comprised of exports.
Established in 1945 in Sweden, Fagerhult is one of Europe’s leading lighting groups, with approximately €350
million in revenues, 2,200 employees and operations in approximately 20 countries. The group owns strong
lighting brands such as Fagerhult, LTS Licht & Leuchten, Atelje Lyktan, Eagle Lighting, Designplan Lighting and
Whitecroft Lighting. Fagerhult is listed on the Nasdaq OMX Nordic Exchange in Stockholm and the majority of
the shares of the company is owned by Swedish investment group Investment AB Latour.
Pragma acted as the exclusive financial advisor to Arlight and Arlı family in this transaction.
acquired 100% of*
2013
Advisor to the Seller
*Closing is subject to the approval of Competition Board
PR A G M A
Annex: Recent Transactions Completed by Pragma
Essentra acquired 100% stake in Mesan Kilit on 30 December 2013. Pragma acted as the exclusive financial
advisor of Mesan Kilit shareholders in this transaction.
Established in 1979, Mesan Kilit is engaged in manufacture and sale of industrial locks and components used
in industrial locks and hinges consisting of stainless steel products, handles and accessories for electric-
electronic, transportation, railway, automotive and machinery industries. Mesan Kilit offers more than 400
products in Turkey and more than 60 countries. The company generated revenues of approximately USD 23
million in year 2013.
Essentra plc is a FTSE 250 company and a leading international supplier of speciality plastic, fibre, foam and
packaging products. Through its four principal operating divisions, Essentra focuses on the light manufacture
and distribution of high volume, essential components which serve customers in a wide variety of end-markets
and geographies. Headquartered in the United Kingdom, Essentra's global network extends to 29 countries and
includes c. 5,500 employees, 42 principal manufacturing facilities, 64 sales & distribution operations and 5
research & development centers. The company generated revenues of approximately USD 1.05 billion in year
2012.
Acquired 100% of
2013 Advisor to the Seller
Recent Transactions
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
Rultrans Transmisyon (“Rultrans”) shareholder Çukurel family, have signed a sale and purchase agreement to
sell their 100% stake in Rultrans to Megadyne SpA (“Megadyne”).
Pragma acted as the exclusive financial advisor of Çukurel family in this transaction.
Established in 1981, Rultrans is the leading distributor of power transmission belts as well as a producer of
PVC and PU coated conveyor belts in Turkey. Rultrans has over 100 employees in its production facility in
İzmir and offices in İstanbul, Bursa, Adana and Çorlu. Rultrans serves a wide range of industries including
food, automotive, tobacco, logistics, textile and paper & printing, and exports its products to more than 40
countries.
Established in 1957 in Italy, Megadyne is one of the leading producers of polyurethane belts, rubber belts and
pulleys with consolidated revenues of over 200 million Euros and 1,400 employees. Megadyne has production
plants in Italy, France, Germany, USA, Spain and China. Megadyne is majority owned by the founding
Tadolini family and partly invested by Fondo Italiano d'Investimento, a private equity fund.
As part of the transaction, Çukurel family has acquired a minority stake in Megadyne.
Acquired 100% of
2013
Advisor to the Seller
PR A G M A
Kemal Kükrer shareholders Gülel family and Ajinomoto have signed a share purchase and shareholders
agreement regarding 50% share partnership in Kemal Kükrer for approx. TL 60 million.
Pragma acted as the exclusive financial advisor of Kemal Kükrer in this transaction.
Established in 1915, Kemal Kükrer is a premium food brand in Turkey. Kemal Kükrer’s product portfolio
includes vinegars, sour and hot sauces, pickled products and fruit syrups. Kemal Kükrer’s products reach
more than 30,000 points of sale in the Turkish market and more than 20 countries in the export markets.
Kemal Kükrer has 175 employees and recorded net sales of TL 33 million in 2012.
Founded in 1909 in Japan, Ajinomoto is a global manufacturer of high-quality seasonings, processed foods,
beverages, amino acids, pharmaceuticals and specialty chemicals. Ajinomoto has operations in 130
countries, and had net sales of JPY 1,172 billion (USD 12 billion) in 2012.
Acquired 50% share in*
2013
Advisor to the Seller
*Closing is subject to the approval of Competition Board
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
Acquired 51% of
2013
Advisor to the Seller
PR A G M A
Mars Logistics Group (“Mars”) shareholders and Hitachi Transport System (“HTS”) have signed a share
purchase and shareholders agreement regarding 51% share sale in Mars.
Pragma acted as the exclusive financial advisor of Mars in this transaction
Established in 1989, Mars is a leading logistics company in Turkey providing services in international land
transportation, warehousing, air & sea forwarding, etc. Mars has recently introduced multimodal solutions
further strengthening its coverage in Europe. Mars’ client portfolio of over 8,000 accounts includes but is not
limited to the leading multinational companies such as Renault, Inditex, Mango, Bosch Siemens, Daikin,
L’Oreal and Atlas Copco.
HTS, a subsidiary of Hitachi, one of the World’s largest holding companies, is a leading Japanese logistics
company. With consolidated revenues of over 5 billion Euros, HTS carries out its operations through its 27
companies and 364 offices in Japan and 73 companies and 343 offices outside of Japan. As of the end of
March 2013, total consolidated asset size of HTS was around 3.1 billion Euros.
ADM Capital, Gençoğlu Holding and Penguen have signed a sale and purchase agreement to sell their 100%
stake in Penkon for an enterprise value Euro 36.5 million.
Pragma acted as the exclusive financial advisor of the sellers in this transaction.
Penkon is a leading fruit concentrate producer in Turkish and export markets. The Company has a facility in
Çivril, Denizli which has a processing capacity of 100,000 tons per year. The transaction will involve, ADM
Capital, a private equity fund investing in Asia and Central and Eastern Europe with USD 1.6 billion in assets
under management USD 450 million invested in Turkey, Penguen, the leading frozen and canned food
producer in Turkey and Gençoğlu Holding, the major shareholder of Penguen transferring their shares to
Anadolu Etap.
Anadolu Etap, owned jointly by Anadolu Group, is part of one of the largest conglomerates in Turkey,
Özgörkey Holding, active in the beverage industry as well as printing and packaging, and the Cutrale Group,
one of the largest global fruit juice producers, which is engaged in fruit plantation and production of fruit
purees and concentrates and is one of the leading suppliers of the fruit juice sector in Turkey and worldwide.
Acquired 100% of
2013
Advisor to the Seller
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
acquired 50% of
Evrencik WEPP
Project (120 MW)
from
2013
Advisor to the Seller
PR A G M A
STFA acquired 50% of Evrencik Rüzgar Enerjisinden Elektrik Üretim Ltd. owned by RES Group. Pragma
acted as sell-side financial advisor to RES Group in this transaction.
Evrencik Rüzgar Enerjisinden Elektrik Üretim Ltd. Şti. owns 120 MW Evrencik Wind Energy Power Plant
Project (“WEPP”). Evrencik WEPP is located in Kırklareli province in Marmara region. The project obtained
electricity generation license from EMRA on February 9, 2012.
STFA Yatırım Holding A.Ş. is a leading conglomerate based in Turkey with activities in construction, natural
gas distribution, construction equipment, construction chemicals and real estate in 16 countries in MENA
region.
RES Group is a leading global renewable energy group. RES has built over 6,000 MW of wind projects
globally.
KoçSistem, the leading IT services company owned by Koç Group, has sold its 100% equity stake in its call
center subsidiary, CallUs.
Pragma acted as the exclusive financial advisor of KoçSistem in this transaction.
Koç Group is the largest industrial conglomerate in Turkey with operations in a wide range of sectors. CallUs,
owned by KoçSistem, IT services subsidiary of Koç Group, is the fourth largest call center company in Turkey
with its two locations in Istanbul and Samsun and serves to important clients such as Vodafone Turkey and
several leading companies within Koç Group. CallUs continues its operations with its 1,850 seat capacity and
over 1,400 employees.
Comdata is the leading Italian business process outsourcing company with revenues of Eur 260 million and
over 9,000 employees. Comdata provides services of contact center, help desk, back office, credit
management and document management and is present in 12 operational hubs in Italy, Romania, Czech
Republic, Argentina and now 2 further hubs in Turkey following its acquisition of CallUs.
Sold 100% of
to
2013
Advisor to the Seller
PR A G M A
PRAGMA
Recent Transactions
acquired 100%
stake in
Sibel RES (80MW)
2012
Advisor to the Seller
PR A G M A
Pragma acted as the sell side advisor for 100% sale of shares in Sibel RES Elektrik Üretim A.Ş. Sibel RES
Elektrik Üretim A.Ş. owns 80 MW Sibel RES wind energy power plant project.
Sibel RES is located within the borders of both İzmir and Manisa provinces. The project is expected to
commence operations in the second half of 2014. Sibel RES already obtained electricity generation license
from EMRA on November 23, 2011 which is valid for 49 years.
Boydak Enerji, one of the group companies of Boydak Holding, has activities in renewable energy generation
since 2010. Total capacity of Boydak Enerji has reached to 415 MW after the acquisition of Sibel RES Elektrik
Üretim A.Ş. Boydak Enerji targets to increase its total size to 500 MW until 2015, and even further increase to
1,000 MW until 2017.
Annex: Recent Transactions Completed by Pragma
acquired 100%
stake in
2012
Advisor to the Buyer
PR A G M A
OYAK, Turkey’s largest privately-owned pension fund, acquired 100% equity stake in Akdeniz Kimya, leading
producer of PVC additives & specialty chemicals in Turkey.
OYAK (Turkish Armed Forces Assistance and Pension Fund) is a corporate entity subject entirely to the
provisions of private law and is financially and administratively autonomous. OYAK acts as an insurance
company and also as a financial institution that provides its members with the financial support in the form of
credit products. As of 2011, OYAK had close to 270,000 members and an equity base of more than USD 7.3
billion. The group has more than 60 subsidiaries in various sectors including steel production, cement,
logistics, automotive, defense, construction and services.
Akdeniz Kimya, established in 1976, is the leading producer of additives for the PVC industry in Turkey. The
product portfolio of the company includes calcium-zinc and lead based heat stabilizers, acrylic impact
modifiers and processing aids. With more than 450 employees and revenues of around USD 190 million in
2011 according to Istanbul Chamber of Industry, the company is the market leader in Turkey and holds
significant market share in high growth countries in regions including CIS, Middle East and Africa. The head
office and the integrated production facilities of the company are based in Izmir.
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
acquired minority
stake in
advisor to the Selling Shareholders of Penti
2012
PR A G M A
Carlyle, one of the world’s largest private equity funds, signed an agreement with the shareholders of Penti to
acquire a minority stake in the company
Penti, with revenues of over US$150 million, is the leading player in the Turkish hosiery, lingerie and
swimwear market. Penti also owns one of the largest hosiery manufacturing plants in Europe. Penti has grown
to 155 stores in Turkey in the last 5 years. Penti has a growing international network of 39 stores which are
located in 16 countries including the US, China, Russia, Austria, Romania and Saudi Arabia. Management
has a well-established shared vision and strategy in place to further grow the business in Turkey; replicate its
local success abroad; and create a leading international specialty retail player.
Carlyle became the preferred partner of Penti at the end of negotiations with a group of high caliber financial
investors out of more than 40 PE firms and strategic players which have had shown interest in Penti.
Carlyle has US$156 billion in assets under management, and over 1,300 professionals operating in 32 offices
throughout the world and is one of the world's largest private equity funds. Some of Carlyle’s other
investments in Turkey include Medical Park, a leading hospital chain, and the education group Bahcesehir
Kolejleri.
acquired 99%
stake in
advisor to the Sellers
2012
PR A G M A
Asseco, one of Europe's largest software vendors, signed an agreement with the shareholders of Sigma to
acquire a 99% stake in the company.
Sigma is a leading software provider to the finance, public and telco industries in Turkey. It provides various
customized solutions to its clients, such as Asset and Spend Management, Lease and Asset Management
and Process and Content Management.
Asseco is a Poland based IT group. With revenues of US$1.6 billion and over 8,000 employees, it is one of
the largest software vendors in Europe. It offers various IT services to its clients in banking, healthcare,
insurance, public administration, telco and utilities sectors in Europe, Israel, USA, Japan, and Canada.
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
Atlas Copco, a leading industrial group, signed an agreement with the shareholders of Ekomak Group to acquire
100% of their equity stake.
Ekomak Group is the leading industrial screw compressor manufacturer in Turkey with revenues of around €23
million in 2011. Ekomak Group develops, produces and sells stationary, oil-injected screw compressors, including
variable frequency drive options. Ekomak Group has its own sales and service companies in Russia and Germany
and a broad distributor network in Europe, Middle East, North Africa and Asia.
Atlas Copco is a world leading industrial group engaged in manufacturing and selling of compressors, expanders
and air treatment systems, construction and mining equipment, power tools and assembly systems, and related
aftermarket and rental. Headquartered in Sweden, Atlas Copco’s global reach spans more than 170 markets, with
its own sales operations in about 80 countries. In 2011, Atlas Copco had around 37,500 employees and revenues
of €9 billion.
Pragma acted as the financial advisor of Ekomak Group and its shareholders in this transaction.
acquired
2012
Advisor to the Seller
PR A G M A
acquired 60% of
2012
Advisor to the Seller
PR A G M A
itelligence, the world’s leading SAP solution provider, acquired 60% of Elsys, the leading SAP solution
provider in Turkey, and Intelart, a business intelligence company.
Elsys is the leading independent SAP solution provider in Turkey. Elsys provides various solutions such as
SAP ERP, mobility solutions, Netweaver / Portal solutions, SAP HANA and SAP CRM to its customers. In
addition to Turkey, Elsys provides its services in various countries in Europe, Asia, North America and Africa.
Intelart, which is also an SAP solution provider, provides business intelligence and business analytics
solutions to its customers
With revenues of € 340 million, 2,400 employees and over 4,000 customers, itelligence is one of the leading
SAP solution providers in the world. itelligence is owned by NTT Data, which is a subsidiary of one of the
world’s largest telecommunication companies, NTT
Pragma acted as the financial advisor for Elsys and Intelart and their shareholders in this transaction.
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
Imtech, one of the largest technical services providers globally, signed an agreement with the shareholders of AE
Arma-Elektropanç to acquire 80% of their equity stake with the remaining shares to be acquired in the future
AE Arma-Elektropanç, with over 1,200 employees and 90 million Euros turnover, is one of the leading electrical,
electronical, mechanical services contracting companies in the region surrounding Turkey, Middle East, Russia
and various former Soviet Republics. AE Arma-Elektropanç has successfully completed a total of 7 million sqm
closed area electrical, electronical, HVAC, mechanical works and has a backlog of 250 million US Dollars as of
January 2012
Imtech is a leading European technical services provider in the fields of electrical solutions, ICT (information
communication technology) and mechanical solutions. With 28,600 employees, revenues of 5.1 billion Euros, and a
market capitalisation of 2.2 billion Euros, Imtech holds strong positions in the buildings and industry markets in the
Netherlands, Belgium, Luxembourg, Germany, Austria, Eastern Europe, Sweden, Norway, Finland, the UK, Ireland
and Spain; the European markets of ICT and Traffic; as well as in the global marine market
Pragma acted as the financial advisor of AE Arma-Elektropanç and its shareholders in this transaction
acquired 80% stake in
AE Arma-Elektropanç
2012
Advisor to the Seller
PR A G M A
YDA Insaat (“YDA”) and Inso Sistemi (“Inso”) consortium won the tender for Konya Karatay Integrated Health
Campus. Pragma provided financial advisory services to the YDA – Inso consortium
The project will involve a health campus investment, comprised of a general hospital and a maternity and children’s
hospital, with 838-bed capacity. The investment period of the project is 3 years and operation period will be 25
years
The consortium shall provide the development of design, construction, procurement of medical devices and other
equipment for the health campus, and furbish the facilities. The consortium shall also undertake provision of
several services in the facilities
YDA is a prominent construction group with interests in real estate, engineering, mining, energy and aviation
Inso is a leading contractor for carrying out design and construction projects as well as supplying technologies
addressed to the Health, Industry and Tertiary Sector
won the PPP tender for
Konya Karatay Integrated
Health Campus*
2012
Advisor to the Buyer
*Deal is not closed
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
Mediterra, the Turkey based private equity firm, acquired a majority stake in Turkey’s leading mobile payment
company, Mikro Odeme
Started its operations in March 2009, Mikro Odeme is the market leader in Turkish mobile payment sector with
65% market share. Mikro Odeme enables users to make payments via mobile phones, credit cards or pre-paid
game cards through its 3pay brand
Mediterra is a Turkey-focused mid-market private equity fund, which held its first closing in May 2011 on €100m
and aims to reach a target of €250m by May 2012
Pragma acted as the financial advisor of Mikro Odeme and its shareholders in this transaction
acquired
majority stake of
2012
Advisor to the Seller
PR A G M A
Pragma advised Borusan EnBW for the acquisition of 50 MW Balabanlı Wind Energy Power Plant (“WEPP”)
project from RES
Balabanlı WEPP is located 16 km northeast of Tekirdağ. Balabanlı WEPP is expected to have average annual
generation of 152 GWh with 28 turbines with a capacity utilization ratio of 35%. The project obtained EMRA
generation license on 31 March 2011 which is valid for 49 years
RES is one of the world's leading renewable energy developers with a portfolio of more than 5,000 MW constructed
and several thousand MW under construction and in development. RES is also an independent power producer
owning a portfolio of projects over 700 MW
Borusan EnBW was established in 2009 by Turkish Borusan Holding and German EnBW AG. Borusan Holding is
one of the leading industrial and services groups in Turkey which is active in power, steel, distributorship and
logistics fields with consolidated revenues of US$ 3.5 billion in 2010. EnBW is the third largest energy company in
Germany with its 6 million customers and more than € 17 billion revenues in 2010
Acquired
50 MW Balabanlı Wind Energy
Power Plant Project
from
Group
2011
Advisor to the Buyer
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
Saya Group acquired 100% of Volt, the leading manufacturer of small-sized asynchronous electric motors in
Turkey
Established in 1966, Volt is a leading manufacturer of electric motors in Turkey. The Company’s product line
mainly includes asynchronous single phase motors, asynchronous single phase centrifugal pump motors,
asynchronous single phase centrifugal pump motors with run capacitors, asynchronous three phase motors,
asynchronous three phase centrifugal pump motors, and special purpose motors. Operating with more than 200
employees in its 28,000 sqm state-of-the art manufacturing plant in İzmir, the Company has an estimated market
share of ca. 30% in the small electric motors segment.
Saya Group was established in early 2006 by Sancak family with a view to replicate the family's success in the
pharmaceuticals and cosmetics sectors within Hedef Group
Pragma provided investment banking and financial advisory services to Volt
acquired
2011
Advisor to the Seller
PR A G M A
Global Capital Management LTD (“GCML”), acquired 80% of Bicakcilar Group (“Bicakcilar”), the leading
manufacturer of medical disposable and equipment, and distributor of cardiovascular and neurosurgery products in
Turkey
Established in 1959, Bicakcilar is one of the leading medical products companies, with annual revenues of US$61
million, in Turkey. Bicakcilar is primarily engaged in (i) manufacturing and sales of medical disposables and
equipment, and (ii) importing and distribution of cardiovascular and neurosurgery products of leading multinationals
such as St. Jude Medical, Sorin Group, Medtronics, Serres and CryoLife. In the domestic market, Bicakcilar enjoys
dominant market position in most of its product groups. In addition, Bicakcilar exports its products to more than 70
countries
GCML, alternative asset management arm of Global Investment House, is a leading alternative asset management
firm in the MENA region. It continues its operations with a team of more than 30 professionals based in Kuwait,
Dubai, Cairo and Istanbul offices
Pragma acted as the financial advisor of Bicakcilar
acquired 80% of
2011
Advisor to the Seller
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
YDA Insaat (“YDA”) and Inso Sistemi (“Inso”) consortium won the tender for Kayseri Integrated Health Campus.
The project is the first Public Private Partnership (“PPP”) project in Turkey. Pragma provided financial advisory
services to the YDA – Inso consortium
The project will involve a health campus investment with 1,583-bed capacity, allocated to general treatment,
physical therapy and rehabilitation, psychiatry, and high-security forensic psychiatry
The consortium shall provide the financing, development of design, construction, procurement of medical devices
and other equipment for the health campus, and furbish the facilities. The consortium shall also undertake the
provision of support services in the facilities including imaging, laboratory and other medical support and
outsourcing services
YDA is a prominent construction group with interests in real estate, engineering, mining, energy and aviation
Inso is a leading contractor for carrying out design and construction projects as well as supplying technologies
addressed to the Health, Industry and Tertiary Sector
won the PPP tender for
Kayseri Integrated Health Campus
2011
Advisor to the Buyer
PR A G M A
YDA Insaat (“YDA”) and Inso Sistemi (“Inso”) consortium won the tender for Manisa Training and Research
Hospital. Pragma provided financial advisory services to the YDA – Inso consortium
Manisa Training and Research Hospital project will be a Public Private Partnership model and involve a hospital
investment with 558-bed capacity. The investment period of the project is 2 years and operation period will be 25
years
The consortium shall provide development of design, construction, procurement of medical devices and other
equipment for the hospital, and furbish the facilities. The consortium shall also undertake provision of several
services in the facilities
YDA is a prominent construction group with interests in real estate, engineering, mining, energy and aviation.
Inso is a leading contractor for carrying out design and construction projects as well as supplying technologies
addressed to the Health, Industry and Tertiary Sector
won the PPP tender for
Manisa Training and
Research Hospital*
2011
Advisor to the Buyer
*Deal is not closed
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
Established in 1993, Anadolu Hospitals Group (“Anadolu”) is the leading private hospital chain in the
Mediterranean region of Turkey. It provides extensive healthcare services through a network of hospitals located in
the city centers of Antalya, Side, Belek and Kemer
Anadolu focuses on tourism healthcare and serves the tourists visiting Antalya region, a major tourism region
accounting for nearly 30% of total tourist arrivals in Turkey, and the local community
Anadolu acquired 100% of Alanya Can Hospitals (“Can”), the leading private hospital group located in Alanya.
Established in 1991, Can operates 2 hospitals in Alanya
Through the acquisition of Can, Anadolu expanded its existing chain to 6 hospitals with 317 beds capacity, more
than 1,200 personnel and US$65 million annual revenues, and strengthened its leading position in Antalya region
Pragma acted as the financial advisor of Anadolu
acquired 100% stake of
2011
Advisor to the Buyer
PR A G M A
PineBridge Eurasia Financial Investments S.a.r.l, an investment company managed by PineBridge Investments
acquired 47% equity stake in Ulusal Faktoring A.S. (Turkey)
Ulusal Faktoring is one of the top ten independent factoring companies in Turkey and is focused on providing
financing for fast growing small-and-medium-sized companies in Turkey
With more than 800 employees in 32 countries, PineBridge Investments manages US$70 billion in assets for
institutional and individual clients across an extensive platform of listed equity, fixed income, private equity and
hedge fund strategies
Pragma acted as the financial advisor of Ulusal Faktoring in this transaction
acquired 47% of
2011
Advisor to the Seller
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
provided equity and debt
financing to
2011
Advisor to the Buyer
PR A G M A
Established in 1993, Anadolu Hospitals Group (“Anadolu”) is the leading private hospital chain in the
Mediterranean region. Anadolu has a chain of 6 hospitals in Antalya with 317 beds capacity, more than 1,200
personnel and US$65 million annual revenues
Founded in 1998, ADM Capital (“ADM”) has over 12 years of experience in investing in Emerging Markets across
12 countries. With 48 people based in local offices in Hong Kong, Mumbai, Beijing, Istanbul, London, Kiev and
Almaty. ADM’s assets under management are around US$1.7 billion
ADM provided equity and debt financing to Anadolu in connection with its acquistion of Alanya Can Hospitals
Pragma provided sell-side and debt finance advisory services to Anadolu
HNA Group of China and Bravia Capital Partners signed a share purchase agreement to acquire majority stake in
myTechnic
With total assets over US$10 billion and total staff of over 36,000, China based HNA Group is engaged in air
transportation, tourism, airport management and hotel management. The air transportation business, the flagship
business of the Company, involves Hainan Airlines, which generated total flight hours of over 410 thousand hours
and transported ca. 20 million passengers in 2007
myTechnic is an aircraft maintenance, repair and overhaul (MRO) center located in Sabiha Gökçen Airport (SAW)
on the Asian side of Istanbul. myTechnic’s facility is situated on 60,000 sqm of land and it contains 15,400 sqm of
hangar bay, 24,800 sqm of shops, office area and storage area and 6,000 sqm of engine shops
Pragma acted as the financial advisor of MyTechnic
acquired majority stake of
2010
Advisor to the Seller
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
Pragma advised Akres for €47.3 mn project financing for its 45 MW wind farm in Akhisar, Manisa. Construction
already started and expected commercial operation date is June 2011
For the Hermes Covered Facility, which was closed in November 11, 2010; the Borrower is Akres, the Advisor is
Pragma and the Lender is Commerzbank
Akres project capacity is 45 MW based on 18 units Nordex N90 2.5MW turbines. Expected annual energy
generation is 138 million kWh
Pragma provided advisory services to Akres for structuring of the financing and tender process, preparation of
bank documents, financing model and business plan, negotiations with the banks, coordination of Hermes
application process and loan agreement negotiations
Total debt package covers financing of 85% of turnkey contract, 100% of Hermes risk insurance premium and
100% of interest during construction with 16.5 years term
Akres is owned by Karesi Enerji, which is a Yırcalı Group company. Yırcalı Group is a reputable Turkish group,
which has operations in transformer manufacturing, electricity generation, animal feed production and synthetic
weaving
raised project finance
€47.3 million
2010
Advisor to the Company
PR A G M A
Akenerji has acquired Ickale Enerji, which owns 163MW Kemah Hydroelectric Power Plant (HEPP) project
Situated in Erzincan province with a total investment budget of €300mn, Kemah HEPP will generate 572 million
kWh of electricity per annum
Akenerji, a joint venture between Turkish Akenerji and Czech CEZ, has 1 wind, 1 hydro and 3 natural gas fired
operational power plants with a total installed capacity of 454MW. Targeting to reach a total installed power of
3,000MW in 5 years, Akenerji has ongoing investments which comprise of HEPPs with 292MW total installed
power and a 900MW natural gas fired power plant. Akenerji also owns SEDAS, regional electricity distributor
supplying 8.6 billion kWh of electricity to its 1.2 million subscribers
Pragma acted as the financial advisor of Akenerji
acquired
Enerji
(163MW Kemah HEPP)
2010
Advisor to the Buyer
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
Redington acquired 49.4% of Arena Bilgisayar for US$42.484 million
Arena Bilgisayar is a leading distributor of information technology products in Turkey with a turnover of US$467
million for 2009 and is listed in the Istanbul Stock Exchange
Redington (India) Ltd, a listed India based company, is engaged in the business of vendor-authorized end-to-end
supply chain management of information technology, hardware and software products in South Asia, Middle East
and Africa. With a large distribution network and activities in 18 countries, Redington is amongst the largest,
supply chain solution providers to over 75 leading manufacturers of Information Technology, Telecom, Lifestyle
and Consumer Electronics Products, worldwide
Pragma acted as the financial advisor of Arena Bilgisayar
acquired 49.4% of
US$ 42.4 million
2010
Advisor to the Seller
PR A G M A
Invest AD, based in Abu Dhabi, acquired a minority stake in Ekol Lojistik, one of the leading logistics companies in
Turkey
Established in 1990, Ekol has a fleet of 1,100 vehicles, 16 warehouses in Turkey and 1 warehouse in Germany.
The company employs around 2,000 personnel
Invest AD, a subsidiary of Abu Dhabi Investment Council, is engaged in private equity, real estate, asset
management, infrastructure and investment banking segments
Pragma acted as the financial advisor of Ekol Lojistik
acquired a minority stake of
€50 million
2009
Advisor to the Buyer
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
AkCez OGG acquired Sedas, a regional power distribution company
Pragma advised AkCez
Akenerji is a member of the Akkök Group with more than 20 industrial and trade companies. The Akkök Group’s
energy flagship firm is the company Akenerji, whose portfolio, and mainly its 12 gas power plants, with total
installed capacity of 541 MW produce heat and electricity, and which, at the same time, develops hydro and wind
power plant projects aiming to enlarge the production basis of the company to 960 MW
CEZ Power Group is a leading vertically integrated European utility group with €6.3bn in revenues in 2007, almost
7 million customers and a generation portfolio with an installed capacity of 14,300 MW. The company´s market
capitalization exceeds 30bn EUR, the company stocks are traded at the Prague and Warsaw Stock Exchanges
Sedas supplies 1.5 million customers with nearly 5.3 billion kWh of electricity to the region of Sakarya, while 53%
of the customers are industrial consumers
acquired
Sedas Electricity Distribution
US$ 600 million
2009
Advisor to Buyer
PR A G M A
Erste acquired Lehman Brothers Menkul Değerler A.Ş. in 2009
Erste, Austria-based banking group, offers a range of banking and other financial services, such as saving, asset
management, including investment funds; consumer credit and mortgage lending; investment banking; securities
and derivatives trading; portfolio management; project finance; foreign trade financing; corporate finance; capital
market and money market services; foreign exchange trading; leasing; factoring, and insurance
Erste has around 16,500 employees and serves with more than 1000 branches. Erste operates in Austria,
Slovakia, the Czech Republic, Croatia, Serbia, Romania, Hungary and Ukraine through its subsidiaries
Pragma acted as the financial advisor of Erste
acquired
Menkul Değerler A.Ş.
2009
Advisor to the Buyer
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
Fayat SA acquired 60% of BVS, a leading Turkish crane supplier, and BCES, a leading Turkish steel construction
company
Pragma advised BVS and BCES
With 350 employees, a production plant of 37,000 sqm closed area and a broad sales and franchise network, BVS
is a leading company in the Turkish crane sector. The Company’s total turnover grew by 80% in the last two years,
reaching €28 million in 2008. The product portfolio consists of hoists, cranes and steel construction buildings, the
latter of which is being manufactured at the Company’s 100% owned subsidiary BCES, which was also included as
part of the transaction
With revenues of €2.8 billion, Fayat SA is the largest steel construction group and the fourth largest infrastructure
contractor in France. With a network of 80 autonomous subsidiaries employing 11,000 employees, the Group is
active in civil engineering, steel construction, electricity, electronics and IT sectors, as well as hoisting, handling
and road building equipments manufacturing
acquired 60% of
2009
Advisor to the Seller
PR A G M A
Swicorp Private Equity acquired 46% of Taftel Carpet, a leading contemporary carpet manufacturer in Turkey,
following its acquisition of Step in 2008
Pragma advised Taftel
Taftel is a leading contemporary tafting carpet manufacturer in Turkey deploying in-house developed automated
hand-tufting technology. The company has annual production capacity of 216,000 sqm. The Company is the major
and exclusive supplier of Step Carpet
Swicorp Private Equity is a leading private equity firm with a specific regional focus on the Middle East and North
Africa (MENA) region. Since 2005, Swicorp raised nearly US$1.4 billion in private equity funds from Middle East
based investors
acquired 46% of
2009
Advisor to the Seller
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
CEZ Group acquired 37.4% of Akenerji for US$302.6 million, valuing the entire share capital for US$810 million
Pragma advised Akenerji
The Akkök Group’s energy flagship firm is the company Akenerji, whose portfolio, and mainly its 12 gas power
plants, with total installed capacity of 541 MW produce heat and electricity, and which, at the same time,
develops hydro and wind power plant projects aiming to enlarge the production basis of the company to 960 MW
CEZ Power Group is a leading vertically integrated European utility group with €6.3bn in revenues in 2007, almost
7 million customers and a generation portfolio with an installed capacity of 14,300 MW. The company´s market
capitalization exceeds 30bn EUR, and the company stocks are traded at the Prague and Warsaw Stock
Exchanges
acquired %37.4 of
US$302.6 million
2008
Advisor to the Seller
PR A G M A
ISS acquired Sardunya Hazır Yemek, the contract catering arm of Sardunya Group
Pragma advised Sardunya
Sardunya is the third largest catering company in Turkey with around 1,500 employees servicing over 120 local
and international clients. The company is part of Sardunya Group, which generated combined revenues of US$130
million in 2007 from food and food services
ISS is one of the world’s leading facility services groups operating in 51 countries with 440,000 employees, serving
over 125,000 clients. ISS generated US$11.7 billion net sales in 2007 from its core activities of cleaning, catering,
office support, property services and security. ISS Turkey services over 1,000 clients with 14,500 employees
acquired
2008
Advisor to the Seller
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
Münir Şahin İlaç, a portfolio company of Partners in Life Sciences (PiLS), acquired 100% of Betasan Bant Sanayi
PiLS is a private equity investor established in January 2006, specializing in the healthcare industry. The fund,
focused solely on healthcare, has invested in the pharmaceutical sector through a number of transactions, total
value of which represented approximately €220 million, within the first year of operation
Betasan is the market leader company in Turkish wound care market. Betasan’s product portfolio consists of
mainly first aid strips, plasters (surgical tapes), capsicum plasters, elastic & gauze bandages and wound dressings
Pragma provided investment banking and financial advisory services to Betasan
Münir Şahin İlaç owned by
acquired 100% of Betasan
2008
Advisor to the Seller
PR A G M A
Arkem acquired 100% of Altintel Port in May 2008
Pragma advised Altintel
Altintel Port, located at Dilovasi, 60 km east of Istanbul, covers an area of 115,000 sqm. The Port has a single
jetty, as well as 44 storage tanks with 45,000 cbm total capacity. Currently, the company is in the process of
building 9 new tanks, which would increase the storage capacity to over 60,000 cbm. The port has access to
highway and there is a railroad connection within 1,500 m distance
Arkem is a regional distributor of chemicals handling more than 200 products
acquired
Altıntel Port
2008
Advisor to the Seller
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
Swicorp Private Equity acquired 46% of Step Carpet, the leading contemporary carpet retailer in Turkey
Pragma advised Step
Step is the leading contemporary carpet retailer in Turkey. The Company realized CAGR of over 40% in the last
three years and is expected to realize a turnover of over US$35 million in 2008. Step has an extensive retail
network in Turkey and is developing an increasing presence in international markets through its flagship store in
King’s Road in London, its franchisees in the Middle East and South Africa, and corners at Harrods of London, Lutz
of Austria, ABC of USA, etc.
Swicorp Private Equity is a leading private equity firm with a specific regional focus on the Middle East and North
Africa (MENA) region. Since 2005, Swicorp raised nearly US$1.4 billion in private equity funds from Middle East
based investors
acquired 46% of
tarafından
2008
Advisor to the Seller
PR A G M A
Bostik acquired 100% of Tekbau, a leading construction chemical company in Turkey
Pragma provided buy-side investment banking and financial advisory services to Bostik for the initiation,
negotiations and closing of the deal
Bostik is one of the largest sealant and adhesive companies in the world with a turnover of €1.5 billion.
Headquartered in France, Bostik is owned by Total, the 4th largest petroleum and gas company in the world
Tekbau’s product portfolio consists of mainly dry mortar products including exterior and interior plasters, surface
hardeners, self-leveling compounds, mortars, tile adhesives, joint sealers, grouts, repair mortars and thermal &
water insulation products
Prior to the transaction, Tekbau was a financial investment of Viem Yatırım and ANG Yatirim Holding, one of the
founder shareholders of Tekfen Holding
acquired 100% of
2008
Advisor to the Buyer
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
Esas Holding acquired 30% of Peyman in March 2008
Pragma advised Peyman
Peyman , one of the leading snack food companies in Turkey, with 2007 revenues of approximately US$40 million
Established in 2000, Esas Holding is an investment group that has invested in 11 companies in 5 main sectors
including health, food, aviation, electronics retail and real estate
acquired 30% of
2008
Advisor to the Seller
PR A G M A
Isbank supplied project finance and working capital finance of of € 30 million in 2007 and further € 18.5 million in
2009 to Best
Pragma advised Best
Best is engaged in manufacturing and sale of power and distribution transformers. The Company is the largest
Turkish transformer company. In addition, it is a leading player in Middle East & Northern Africa, CIS Region and
Europe with exports accounting for around 59% of its turnover for year 2007
The Company generated €79 million revenue in 2007
Isbank is the largest private bank in Turkey
€48.5 million debt facility
for capacity increase
2007-2009
Advisor to the Borrower
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
TBIH Financial Services Group, one of the leading insurance companies in Central and Eastern Europe has
acquired 74.26% of Ray Sigorta in 2007, one of the leading non-life insurance companies in Turkey, from Dogan
Holding, a publicly traded conglomerate involved in media, energy, financial services and tourism and public
shareholders.
In 2009 and 2011, TBIH, together with its mother company, Vienna Insurance Group acquired further 20% shares
in Ray Sigorta from Dogan Holding
Pragma advised TBIH
Established in 1958, Ray Sigorta holds a 3% market share of the Turkish non-life insurance market, with gross
written premiums in 2006 of approximately US$ 184 million.
Headquartered in the Netherlands, TBIH has extensive non-life and life insurance operations in Central and
Eastern Europe and CIS countries and is owned by Vienna Insurance Group, which is the largest Austrian
insurance company and Kardan Group, an international investment holding
acquired 94.26% of
Dogan Holding’s subsidiary
US$ 147.4 million
2007-2011
Advisor to the Buyer
PR A G M A
ISS acquired 100% of CMC Customer Management Services in July 2007
Pragma advised CMC
Established in 2000, CMC is one of the leading Turkish call center service companies with 1,000 employees
servicing over 40 local and international clients
ISS is the world’s leading facility management company operating in 50 countries with 410,000 employees and
serving over 125,000 clients. ISS Turkey services 900 clients with 12,000 employees
acquired 100% of
2007
Advisor to the Seller
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
Tüyap Exhibition Group acquired back its 51% shareholding from the private equity investors İş Venture Capital (“İş
Venture”) and Netherlands Development Finance Company (“FMO”) for a total consideration of US$18.5 million
Pragma advised Tüyap
As a background, in a separate deal, which took place in 2005, Pragma advised Tüyap Exhibition Group for selling
51% of its equity to the same private equity groups
Tüyap is the leading fairs and exhibitions organizer in Turkey. The company serves to more than 12,000 domestic
and foreign exhibitors from 52 countries with exhibitions on 60 different topics. The company hosts on average 2
million visitors each year
Tüyap currently operates 115,000 sqm exhibition area in Istanbul, Bursa, Konya and Adana
Tüyap Fair & Exhibition Group
acquired 51% of its shares from
US$18.5 million
2007
Advisor to the Buyer
PR A G M A
CRH has acquired 50% of Denizli Cement, an integrated cement and ready-mixed concrete business, from Eren
Holdings, a privately-owned industrial group. Eren Holdings and CRH will have joint management control of the
business
Pragma advised CRH
Headquartered in Ireland, CRH operates in 27 countries and employs around 80,000 people. CRH realized net
sales of €18.7 billion in 2006
Denizli Cement is a modern cement facility with a clinker capacity of 1.8 million tonnes and is the market leader in
its region. The company has limestone reserves of more than 100 million tonnes and produced 1.8 million tonnes
of cement in 2006. Denizli also operates a network of 13 ready-mixed concrete plants in Denizli and the
surrounding area, which produced 1.3 million cubic meters of concrete in 2006
acquired 50% of
2007
Advisor to the Buyer
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
Zehnder Group, the leading premium radiator producer acquired 51% of Sanpan
Pragma advised Zehnder Group
Zehnder Group has a total of €390 million net sales in 2005 and 16 production facilities in Europe, US and China.
Zehnder Group strategy is to grow in the Eastern European markets
Sanpan is the leading towel radiator producer in Turkey in terms of its technology
acquired 51% of
sanpan
2006
Advisor to the Buyer
PR A G M A
Tarmac, a subsidiary of Anglo American Industrial Minerals acquired 100% of Koca Beton Agrega Madencilik
(“Koca Beton”)
Pragma advised Tarmac
With 2005 revenues of US$4 billion, Tarmac is a global leader in the production of heavy building materials with
operations in UK, Germany, Spain, France, Belgium, Poland, Czech Republic, Romania, China and Middle East
Koca Beton is one of the leading suppliers of aggregates and ready mixed concrete in the Istanbul market. Koca
Beton currently operates two limestone quarries with total reserves of 208 million tons and four concrete plants that
have the capacity to produce 800,000 cubic meters of concrete per annum
a subsidiary of
acquired
Koca Beton Agrega Madencilik
2006
Advisor to the Buyer
PR A G M A
PRAGMA
Recent Transactions
Annex: Recent Transactions Completed by Pragma
İş Venture Capital (“İş Venture”) and Netherlands Development Finance Company (“FMO”) acquired 51% of Tüyap
by providing US$12 million in equity. FMO also extended a loan facility of US$7 million
Pragma advised Tüyap
Tüyap is the leading fairs and exhibitions organizer in Turkey. The company serves to more than 12,000 domestic
and foreign exhibitors from 52 countries with exhibitions on 58 different topics. The company hosts on average 2
million visitors each year
Tüyap currently operates 92,000 sqm exhibition area in Istanbul, Bursa and Konya
acquired 51% of
Tüyap Fair & Exhibition Group
Equity of US$12 million
Loan of US$7 million
2005
Advisor to the Seller
PR A G M A
Bostik acquired Cekomastik in October 2005
Pragma advised Cekomastik
Cekomastik, one of the best known brands in its sector in Turkey, manufactures sealant products for the
construction market
Bostik is one of the largest sealant & adhesive companies in the world with a turnover of 1.1 billion Euro. Bostik is
owned by Total, the 4. largest petroleum and gas company in the world
acquired 100% of
2005
Advisor to the Seller
PR A G M A
PRAGMA
Recent Transactions
DP World acquired green field coastal site at Yarimca, Turkey, for US$105 million, and rights to construct new
container terminal
Pragma advised DP World
In 2005, the terminals operated by DP World will handle an estimated 12.5 million TEU which include ports on six
continents from the Americas to Asia
The completed 48 hectare site, on the Sea of Marmara, will enable DP World to build and operate a 1 million plus
TEU terminal with a planned investment over US$170 million in terminal infrastructure
acquired Yarımca A.S.
owned by
US$105 million
2005
Advisor to the Buyer
PR A G M A
Annex: Recent Transactions Completed by Pragma
acquired Yarımca A.S. owned by
US$82 million
2004
Advisor to the Buyer
PR A G M A
State owned steel company Erdemir acquired Yarımca container terminal site for US$ 82 million from Evyap
Pragma advised Evyap
PRAGMA
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