Egyptian company becomes partner of Turkish TVK

Can Topsakal, founder and CEO of TVK, said, "partnering with Carlyle will enable TVK to expand capacity and the production of more sophisticated vessels at a faster rate than what we could achieve alone."

Egyptian company becomes partner of Turkish TVK

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.

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Last Mod: 17 Temmuz 2008, 15:34
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