The Bebeto model can also be offered in UK following 2017 deal
Turkish confectionery firm Kervan Gida, which accomplished a US$60m IPO in December, has used among the proceeds to accumulate a majority stake in a peer in Poland – ZPC Otmuchów.
The deal by the Istanbul-based proprietor of the Bebeto sweets model additionally features a minority holding within the ZPC Otmuchów subsidiary PWC Odra.
Kervan Gida stated it used 55% of the IPO proceeds to spend money on the 2 companies by way of its personal subsidiary Kervan Worldwide, buying the stakes from private-equity agency Warsaw Fairness Administration and different, unnamed minority shareholders.
Warsaw-listed ZPC Otmuchów had a turnover within the yr ended 31 December 2020 of EUR50.4m (US$61.2m), whereas PWC Odra generated EUR49.9m, with that determine from 2019, in line with a press release saying the deal. The businesses have 4 manufacturing vegetation between them using 600 staff, and each provide branded merchandise to retailers similar to delicate sweets, chocolate, marshmallows, fruit bars and savoury snacks, in addition to for own-label prospects.
Kervan Gida’s CFO, Adem Demir, stated the stake in ZPC Otmuchów quantities to between 64.36% and 65.29%, equating to EUR23.5m. It’s paying EUR3.8m for a 26.95% holding in PWC Odra. The transaction is anticipated to shut by the top of the present quarter.
Oguz Ay, Kervan Gida’s head of gross sales and advertising, stated: “We intention to create important regional synergies in producing and promoting delicate sweet merchandise by means of ZPC Otmuchów and its subsidiary PWC Odra’s manufacturing capacities, distribution channels and current buyer base.”
In 2017, Kervan Gida purchased UK sweets maker Dexters Confectionery, based mostly in Chichester, south-west England. The unit distributes its namesake model, and the Bebeto line, to greater than 12,000 retailers within the nation.
Stuart Johnston, the managing director of the UK unit, added: “We’re delighted with the latest information of the corporate’s newest acquisition. Our UK enterprise has grown by 25% alone previously 12 months; we strongly imagine that funding within the European market might be extraordinarily fruitful and that it’s going to go an extended solution to strengthen our model worth.”
Kervan Gida has a manufacturing plant in Istanbul and one other in Akhisar, a city in Manisa province in west Turkey. It additionally has services within the US, Germany and Russia, and exports to 85 international locations.