Carlyle to take stake in Turkish lingerie maker Penti
LONDON (Reuters) - Private equity firm Carlyle (CG.O) is to take a minority stake in Penti, as Turkey's largest maker and retailer of lingerie and swim wear looks to expand internationally.
The size of the stake and the value of the investment were not disclosed, though some Turkish press reports have placed a value of about $450 million on Penti.
The investment will be Carlyle's seventh from its dedicated Middle East and North Africa fund, a $500 million pool of capital for minority investments and buyouts across the region.
Istanbul-based Penti has a 45 percent share of Turkey's hosiery market and is one of Europe's largest makers of underwear and swimwear.
The company, which has 155 stores across Turkey and 39 stores in 16 other countries, is looking to expand internationally.
The deal is expected to close in early November, Carlyle said in a statement on Wednesday.
The investment underlines Turkey's attractiveness to private equity investors, who are drawn by its large, youthful population and growing wealth.
Carlyle beat rival private equity groups including Bridgepoint BRDG.UL, CVC CVC.UL and Global Investment House to invest in Penti.