Investcorp buys 30 pct in Turkish retailer Orka Group
Investcorp, a Bahrain-based investment firm, said on Tuesday its private equity fund bought a 30 percent stake in Turkish menswear retailer, Orka Group, tapping into growth opportunities in the fast-growing country.
Turkey's organised luxury menswear market is estimated to be worth $7.4 billion, Investcorp said, adding the investment will help Orka accelerate its growth in Turkey and expand to other global markets.
Investcorp, which once owned luxury brands Gucci and Tiffany & Co, did not disclose any financial details of the transaction. Investcorp's Gulf Opportunity Fund inked the deal, the fund's sixth investment.
In June, Investcorp signed up to a $504 million-equivalent loan aimed at refinancing debt due in 2013.
Growth capital and buyout funds from the wealthy Gulf Arab region are being drawn towards Turkey's stable and growing economy at the expense of countries like Egypt and Bahrain, still prey to the violence of the Arab Spring popular revolts.
With 8 percent economic growth last year, a stable socio-political environment and a mostly youthful population, Turkey has attracted the top Gulf private equity funds.
This article is copyrighted by Reuters