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Carlyle acquires 50% in TVK Yard

Carlyle acquires 50% in TVK Yard
The Carlyle Group, leading global private equity firm, has acquired a 50 percent stake in TVK Shipyard (TVK), a Turkish shipbuilder specializing in chemical tankers and other specialty vessels.

Carlyle acquires 50% in TVK Shipyard

The Carlyle Group, leading global private equity firm, has acquired a 50 percent stake in TVK Shipyard (TVK), a Turkish shipbuilder specializing in chemical tankers and other specialty vessels.

It is the Carlyle's first investment 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.

Musallam said that Turkey was 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 added.

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."

Can Topsakal, founder and CEO of TVK, said, "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."

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 USD of assets under management committed to 60 funds as of March 31, 2008.

Source: Maritime News Agency

The Carlyle Group Acquires 50% Stake in Turkish Company ? TVK Shipyard; First Investment by Carlyle in Turkey

Global private equity firm The Carlyle Group today announced that it has acquired a 50 percent stake in TVK Shipyard (TVK), a Turkish shipbuilder specializing in chemical tankers and other specialty vessels. This is Carlyle"s first investment in Turkey. The transaction closed yesterday and financial terms were not disclosed.

?We look forward to working with the TVK team to capture the growth in the global shipping industry,? said Can Delda?, Managing Director on Carlyle"s Middle East North Africa (MENA) team. He added, ?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.?

Established by entrepreneurs Can Topsakal, Naim Kocer and former production manager of Turkey"s largest shipyard, Turgut Atagun, 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 dwt (deadweight tonnage).

?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 have achieved alone,? said Can Topsakal, Founder and Chief Executive Officer of TVK. ?Through the addition of a second slipway already under construction, we anticipate doubling our production by the end of the year.?

Carlyle"s MENA team invests primarily in healthy, growing companies. From offices in Cairo, Dubai and Istanbul, the team leverages Carlyle"s expertise in various sectors, including energy, financial services, healthcare, industrial, infrastructure, technology and transportation.

?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,? said Walid Musallam, Carlyle Managing Director and Head of the MENA team.

Source: Carlyle Group

www.TurkishMaritime.Com.tr

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