Firm backs pet food company’s growth.
Mid-market private equity firm Riverside has completed its first deal in Turkey after buying pet food manufacturer Tropikal.
The financial details of the agreement have not been disclosed, but it was funded through the US-based firm’s Riverside Europe Fund IV.
The founders will hold a minority shareholding in the business following the deal, while İzzet Saban remains chief executive.
Riverside vice president Adam Pietruszkiewicz adds that the Turkish pet food market is young but growing and that with the firm’s help Tropikal will expand its product offering.
The vendors were advised Standard Ünlü Corporate Finance, while Riverside was represented by law firm Paksoy and financial adviser PricewaterhouseCoopers.
Istanbul-based Tropikal was one of the first pet food companies in Turkey when it was founded in 1999. It names Goody and Champion among its brands.
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