turkish mid market m&a 2016

TurkishMid-MarketM&AReview

2016

2016witnessedmonumentallocalandinternationalchanges.Andallthisunforeseendevelopmentsandtheirconsequencesdominatedthesocialandeconomicagendaforthewholeyear.

AchaoticyearwithBrexit,USApresidentialelections,warinSyria,liftingofAmericansanctionstoIran,immigrantcrisis,regretfulterroristattacksinEuropeandinTurkey,coupattempt,followingstateofemergencydeclarationand20%devaluationofTL,waspassedby.

DealmakingintheSMEmarkethasseenanotabledeclinethisyearaftertheM&Aboomin2015duetoon-goinguncertaintyandinsecuritycrises.Totalmid-marketM&Adealnumberin2016was173,downto2014figures.While,thedealvolumemanagedtoremainflat,withamoderatedeclineof9%,totaldealvalueshrunkby32%.ThemainabsencewasfeltinEuropeaninvestors.Angelinvestorsandventurecapitals(VC)numerousdealsavoidthepossiblesharpdecline.Hence,M&AmarketofSMEsperformedarelativelybitbetterasthetotalmarketdealvalueshrunkby%53.TheglobalM&Amarkethasalsoseenadeclinein2016.Eventhemegadealsinnon-tech,couldnotlifttheglobaldealvalueandvolume.

Theverybestnewsoftheyearisthepositivedeviationofentrepreneurecosystem.ThemaindriversofthispositiveforcearetheacceleratingactivitiesofangelinvestorsandVCsandnewestablishments/enlargementsincorporateVCsofseveraltopholdingcompanies.Onthefinancialmotivationside,PrivateEquities(PE)alsoaccreditedtheirlongtermperceptionandtrustonthemarketwithseveralinvestmentandexitdeals.

Onthestrategicinvestorside,despitealluncertainties,M&Astillprovidingtobethebeststrategytoleadgrowth.WeforeseethatcompanieswilladoptmoreM&Astoachievegrowthincomingloweconomicexpansionperiods.

HavingdeepexperienceandlonglastingrelationsasanadvisoryfirmintheSMEsegmentwekeptourfullconfidenceontheirentrepreneurandchallengingnatureaswellasfastadaptationandlearningabilities.However,astheresolutionofpoliticalandeconomicuncertaintiesandsecurityproblemswilltaketime,weforeseenastagnantmid-marketM&Aintheshortrun.

Thisannualreportaimstopresentbrighterperspectiveonmid-marketM&Atransactionsviaexcludingprivatizations,asset/licensesales,intercompanytransactionsandlargecapdeals,togetherwithanalysesandcomparisons.WearedelightedtopresentthefifthTurkishmid-marketM&Areportbecomingareferencesourcetoallstakeholders.

ÖzgeGermeyanoğluManagingPartnerSBBCAPITALPARTNERSwww.sbbcapitalturkey.com

‘Organicgrowthisveryhardtocomebyinsuchastagnatingeconomy.M&Aisprovingtobethebeststrategytoleadgrowth.’

www.sbbcapitalturkey.com 3

Adversesociapoliticeventsinlocalandinternationalmarkets,economicrecessioninQ3andvolatileTLdiminishedthedealappetiteofallinvestors.

Despitethechaoticatmospherein2016,mid-marketM&Adealsmaintaineditsvolumeintermsofdealnumberwith173deals,only9%belowpreviousyear.Abundanceofventurecapitalandangelinvestordealsavoidedanysevereshrinkage.However,astheseweresmallscaleddeals,thetotaldealvaluefallby32%(totalmid-marketM&Avalueisestimatedtobe603millionUSD,includingtheestimatevalueofdealswithundisclosedfigures).

ThereportanalysestransactionsofSMEswhosedeclaredorestimatedequityvalueislessthan50millionUSD.Theaveragedealsizedecreaseddownto5.1millionUSD,correspondingto19%shrinkage.Besides,rapidlyrisingventurecapitalandangelinvestoracquisitionsincreasedthenumberoftransactionsinexpenseoffallintheaveragedeal

size.Abundantentrystageinvestmentsdisturbedalmostallmarketdynamics.

ITandinternetwerebyfartheleadingsectorintermsofdealnumberbackedbyVCsandangelinvestors.Withtheabsenceofforeigninvestors,thedealsintheirprimarytargetsector,manufacturingreducedby50%(14dealsin2016,30dealsin2015).

2016 2015 2014 2013 2012

Deal # 173 190 152 97 98

Average deal size – million USD 5.1 6.3 12 8 11.6

Foreign investor share # / volume 40% / 62% 52% / 72% 53% / 57% 40% / 54% 46% / 53%

Financial investors share # 49% 36% 16% 30% 30%

Over 50% share purchase ratio 54% 66% 81% 72% 76%

Inthechaotic2016,mid-marketM&Adealnumbermanagedtoremainflat,whiletotaldealvalueshrunkby32%.


FinancialinvestorsmaintainedtheirinterestonSMEacquisitions.Successfulexitsalsoenhancedtheinvestmentappetiteinthesegment.However,reducedconfidenceofforeigninvestorsanddecreasingdealsizesseedsrisksonthefutureexits.PEshadadiversifiedsectorpreferenceinmanufacturing,foodandenergy,whereasVCsweremorefocusedonITandinternet.KeenPEandVCactivityandachieveddiscussionsdirectlywiththecompaniesupgradedtheempathyandincreasetheawarenessofthemarketdynamicsforbothsides.

Strategicinvestorsdealingwithhigherbudgetsstilldominateddeal-makingmarketby72%.Whereas,theirmid-marketM&ApenetrationondealnumberswasloosenedagainstexpansionofVCsandangelinvestors.Theshareofstrategicinvestmentsreduceddowntoall-timelowestlevelof51%(Itwas64%in2015)ofthetotaldealnumber.Ontheotherhand,popularVCandangelinvestordealsof45millionUSDrepresentedonly7%ofthetotaldealvalueyet.

Thetransferredstakeratioofmid-marketdealshasalsonotablychanged.54%oftheacquirers(66%in2015)hadthefullormajoritystakeinthetransactions.Theratiowasupto75%amongstrategicinvestorsand72%amongforeigninvestors.ForeigncompaniestargetingminimumriskandfasterdeploymentstillpreferanacquisitionorpartnershipwithmajorityshareforTurkishmarketentry.44of111deals,whosetransferredshareratiowasdeclared,were100%acquisitions.

Unit!

Stratejic

VentureCapital

AngelInvestor

PrivateEquity

Volume!

Stratejic

VentureCapital

AngelInvestor

PrivateEquity

‘PopularVCandangelinvestordealsof45millionUSDrepresentedonly7%ofthetotaldealvalueyet.’


SectorDetails

InternetandIT,whichtransformedthesocialandbusinesslife,werealsothepremierM&Atargets.Theinvestorsofthesesectorswereintensivelyfinancialandlocalwith82%and72%sharerespectively.Listingofstart-upshavingsecondandthirdstageinvestmentroundsduringtheyears,increasedthemarketactivation.

Manufacturingisthethirdrunnerwith15deals(halfof2015volumeduetoabsenceofforeigninvestors).Financialservicesweretheforth,whereinevitableconsolidationtakesplacesduetotoughcompetitionandcapitalrequirement.

Havinganorganicallysharedfieldofstudy,IT,Internetande-commercetargetsweredominantwith44%ofthetotaldealnumber.Theactivityatfood&beverage,services,e-commerceandenergyremainedatmodestlevels.

ThereisahealthygrowthinfinancialandprivateinvestorsappetiteforagriculturalinvestmentsanditappearstobeastrongcandidateforhighM&Aactivityforthecomingyears.

Distribution,retail,chemicalsandadvertisingarethestablesectorsinwhichinvestorsregularlyseekforinorganicgrowthalternativesinTurkishmarket.Therewerespecificsectorsinwhichpredominantlystrategicinvestorsarekeentoexploitopportunities.Over80%ofhealthcare,chemicals,financialservices,advertising,media,foodanddistributioninvestorswerestrategic.Thesameratioappliesforfinancialinvestorsininternetande-commercetransactions.

‘Over1/3ofthetransactionswereinITandinternetsectors.’

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Manufacture

Finance

Health

Technology

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Chemicals

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2016

2015


InvestorProfile

In2016,foreigninvestorswereextremelycautiousinmakingnewinvestments.Asunfavourableoccasionshappenedinthecountryandinvestmentnotesweredowngraded,on-goingnegotiationsweretendedtobesuspendedorwithdrawn.Uncertaintiesintheglobalmarketsalsoboostedthehesitationmanner.RemarkableabsencewasontheinvestorsfromEuropeanregion,withwhomthetradevolumeishighest.

Intermsofsectorfocus,amongforeignandlocalinvestors,theformerstoodoutininternetandmanufacturingwhereasthelatterdominatedIT,financialservicesandinternetsectors.Europeaninvestorswerestillthemostactiveforeignacquirerswith29dealsdespitenotablesharedecreaseindealnumbers(17%in2016,29%in2015).FrenchinvestorsweretheleadinginvestorgroupamongEuropeanacquirerswith8dealsfollowedbyGermanyandUKwith6and5transactionsrespectively.

USAistheleadingcountryamongforeignacquirersin2016with12deals.ThebiggestM&AmarketUSAorigininvestorscontinuedtheirinterestintheTurkishSMEmarket.Besides,despiteitsgeographicaldistancetothecountry,Japanprovedtobeastableinvestor.Japaneseinvestorsmainlyprefertoacquiretheirformerbusinesspartners(distributors,suppliersetc).

MiddleEastwasstillfarbelowthanEuropeancountriesinmid-marketinvestments.Similarly,RussiadespitecloseeconomicrelationsandChinathebiggestsecond

economyintheworldhavingmassiveabroaddirectinvestmentsweretakingminimumplaceintheTurkishmidmarketM&Alistings.

Israel,GreeceandSouthAfricawerethenewcomersofforeignmid-marketacquirerslistin2016.

Foreigninvestorsappetitedecreasedbothinstrategicandfinancialprofiles.Therewere15financialinvestorsoutof59uniqueforeignacquirers(theuniqueforeignacquirersin2015were89).Strategiclocalacquirersalsodiminishedin2016,whereastotallocalacquirersexpandedfrom76to82,backedbyhighlyactivefinancialinvestorsofVCsandangelinvestors.

‘Recessionwasmainlyontheforeigninvestorappetite.’

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2017Prospects

InvestmentpotentialofTurkeyishinderedbyproblemsinsecurity,socialconsensusandlegalsystemperception.Theeconomicgrowthbackedbyeasyfinanceandfastconsumptionwasover.Theonesthatcandifferentiateitsservice/product,utilizingR&Dperception,hedginganyforeignexchangerisk,professionallypreparedtopotentialtransactions,tosumup,havingitsownallurestorycanbeonthescopeoftheinvestors.

EUandUSAinvestorsarethesignificantplayersinmid-markettransactions.Parliamentaryelectionsinthesecountries,expectedinterestrateincreasebyFED,withholdingofEUentrancediscussions,regionalpoliticalcrisesandsecurityproblemswillcreatestressonforeigninvestmentfield.

Privateequity,venturecapitalandangelinvestorswillbekeytokeepingmomentuminthemidmarketM&Atransactionsin2017viatheirexitstories,newinvestments(despitenotbeingthemajorplayerbasedontransactionvalue)andecosystemsupports.Whereasinthelongrun,pensionfundswillbeonthesceneasanewinvestorprofile.

FollowingthenotabledevaluationofTL,thepropositionof“thepricingofTurkishcompaniesbecameattractive”willnotbeaprecisecommentwhenthereisnoforecastofvaluationofTLback.Acquirersofforeignexchangemeasurethereturnontheirinvestmentonagainforeignexchange.

Onanothernote,thelatesttaxamnestyclearingmajorrisksoftheapplicantcompany,willeasethetaxduediligenceprocessanddiminishanypotentialriskcalculationforanytransaction.

AstheSMEownersputmoreemphasison“exit”and“partnership”strategiesandtransformationofstart-upstomidsizedcompanieswiththehelpofgainedgrowthcapitaltakeplace,therewillbeahealthygrowthinon-the-markettargetcompanies.Itisexcitingtohavesuchapotentialcomingaheadinmidterm.

Lookingaheadto2017,weforeseeastablemid-marketM&Aactivitytobelargelyinfluencedbypoliticalagenda.IT,internet,financialservices,manufacturingandoutsourcingservicesaremajorcandidatestobethemostM&Aactivesectors.

‘Hereafter,itisnotthecountrypotential,butthedifferentiatingstoryofthetargetitselfwillacquired.’


Formoreinformation:SBBCapitalPartnersFloraResidansD:1806Ataşehir-İ[email protected]:+902163625276F:+902163726634

WaiverNotice ThisReporthasbeenpreparedforinformationpurposesrelatingtoM&AactivitiesinSMEsector.ThisReportdoesnotpurposetobeall-inclusivenortocontainalltheinformationthataprospectiveinvestormayrequireindecidingwhetherornottoinvestinSMEsector.EachofSBBCapitalTurkeyanditsrespectivesubsidiariesandassociatedcompaniesanditsrespectiveofficers,employeesandagentsexpresslydisclaimsanyandallliabilitywhichmaybebasedonthisReportorsuchinformation,andanyerrorsthereinoromissionstherefrom.

Transactionsdatapresentedinthisreportarebasedoninformationthatisreadilyavailableinthepublicdomain.SBBCapitalhasnotconductedanyresearchontheaccuracyofthegiveninformation.Therefore,SBBCapitalTurkeydoesnotacceptanyresponsibilityastotheaccuracyorcompletenessofthedata.Thisreportdoesnotcovercapitalmarkettransactions,IPOs,license/assetsales,realestatesales,intra-groupsharetransfersandtransactionsofPEinstitutionswithintheframeworkofdebtrestructuring.

RecipientsofthisreportarenottoconstruethecontentsofthisReportaslegal,business,taxorotheradvice.AnyrecipientorprospectiveinvestorshouldnotrelyuponthisReportinmakinganydecision,investmentorotherwiseandisrecommendedtoperformtheirowninvestigationandseektheirownindependentadvice.


DealList*

# Target Sector Acquirer Origin Profile Stake

1 3Öğün Food Mresco Kuwait Strategic -

2 ACLTeslim InternetRevoCapital,İstanbulStartupAngels Turkey Financial -

3 AcronIT IT EOHHoldings SouthAfrica Strategic -

4 Adoçim Manufacture TitanCement Greece Strategic 50%

5 AESMining Mining ÇiftayConstruction Turkey Strategic 100%

6 AmbeentWireless Telco ACTVenturePartners Turkey Financial -

7 AnaFood Food Bunge USA Strategic 100%

8 AndaDağıtımDistribution/Wholesales TevaPharmaceutical Israel Strategic 100%

9 Anneysen.com Internet Dügün.com Turkey Strategic 100%

10 Apsiyon Service Earlybird Germany Financial -

11 ArdicArgeBilgi IT ACTVenturePartners Turkey Financial -

12 ArkelElektrikElectronics Electronics MediterraCapital Turkey Financial 70%

13 Armut.com InternetAddVenture,HummingbirdVentures Russia,Belgium Financial -

14 ArtımITDistribution/Wholesales IndeksBilgisayar Turkey Strategic 49%

15 AsisElectronics ManufactureEsYönetimDanışmanlığı,PrivateInvestor Turkey Strategic 50%

16 AssetMedikal Health PeraCapital Turkey Financial 45%

17 AsyaEmeklilik Finance AgricultureKrediKooperatifleri Turkey Strategic 98%

18 AtaElektrik Energy VerusaHolding Turkey Financial 26%

19 AtlasVarlıkYönetimi Finance TürkassetVarlıkYönetimi Turkey Strategic 100%

20 BCSTechnology Electronics Hitachi Japan Strategic 51%

21 BigChefs Retail TaximCapital Turkey Financial 40%

22 BiSu Internet Sankonline,500İstanbul Turkey Financial 17%

23 Bome Health Tricitron India Strategic 60%

24 BostanTarım Agriculture Vanet Turkey Strategic 48%

25 Botego IT PrivateInvestor Turkey Financial 15%

26BoyracıYapıConstruction Construction EvershineGroup HongKong Strategic 30%

27 BursaPazarıDistribution/Wholesales Bunzl UnitedKingdom Strategic 80%

28 Carbon IT 500Startups USA Financial -

29ChinashippingAcenteliği Logistics CoscoEurpoe China Strategic 80%

30 ClearChannelTurkey Advertising PrivateInvestor Turkey Strategic 100%

31 ÇözümeviDanışmanlık IT EOHHoldings SouthAfrica Strategic -

32 ÇukorovaKimya ChemicalsKMYKimyaGirişimDanışmanlığı Turkey Strategic 100%

33 Damargüçplastik Manufacture PrivateInvestor Turkey Strategic 100%

34 DemirHayatSigorta Finance EMFCapital UnitedKingdom Financial 100%



35 DestekVarlıkYönetimi FinanceLiderfaktöring,Merkezfaktöring,PrivateInvestor Turkey Strategic 100%

36DiaverumDiyalizServisleri Health D.medMedicalServices USA Strategic 100%

37 Digiform IT RevoCapital Turkey Financial -

38 Digitouch Advertising PublicisGroupe France Strategic 100%

39 DinçOyunUygulama Internet GedikGirişim Turkey Financial 12%

40 Dolap Internet Earlybird Germany Financial -

41 DryTaxi Internet PrivateInvestor Turkey Financial 44%

42 EBXMining Mining BaharMining Turkey Strategic 100%

43 EffectHalklaİlişkiler Advertising WPP USA Strategic Majority

44Egeli&CoYatırımHolding Finance PrivateInvestor Turkey Financial 10%

45 EkoFaktoring Finance PrivateInvestor Turkey Strategic 10%

46 ElkonElektrik Manufacture VeraCapital Turkey Financial -

47 EndaEnergy Energy VerusaHolding Turkey Financial 33%

48 EnglishNinjas Internet PrivateInvestor Turkey Financial -

49 ENVYEnergy Energy AssystemSA France Strategic 51%

50 EpisomeBiotech IT DiffusionCapital Turkey Financial -

51 Erensan Manufacture AtlanticGroup France Strategic -

52 ErgoEmeklilik Finance FibaEmeklilik Turkey Strategic 100%

53 ErgoPortföyYönetimi Finance Qınvest Katar Strategic 100%

54 ErişimFaktoring Finance MerkezFaktoring Turkey Strategic 100%

55 EVDEnergyYönetimi Service AtalianGroup France Strategic -

56 Evtiko Internet

btovpartners,TAventures,RocketInternet,GlobalFounders,PrivateInvestor Miscellaneous Financial -

57 Farmamak Manufacture KlöcknerPentaplast Germany Strategic 100%

58FazElektrikMotorMakina Manufacture DCMManufacturing USA Strategic 100%

59 FererDistribution/Wholesales Ferro USA Strategic 100%

60 FezaKimya Chemicals IMCD Netherlands Strategic 100%

61FlapKongreToplantıServiceleri Service PrivateInvestor Turkey Financial 8%

62 FlightRecorder Internet ClickTale Israel Strategic 100%

63 Footbalium Internet StartersHub Turkey Financial -

64 Garajyeri Internet Hummingbird,PrivateInvestor Miscellaneous Financial -

65 GeenBiyoTechnology Technology StringVentures Turkey Financial -

66 GNCTurkey Retail InfinityHolding Turkey Financial 100%

67 Habita Service PrivateInvestor Turkey Financial -

68 HakBoğaziçi Logistics NBSShip Bulgaria Strategic 100%

69 HakanPlastik Manufacture GeorgFischer Switzerland Strategic 10%

70 HasatBNO Food AvodFood Turkey Strategic 45%



71 Hiref Retail Demsa Turkey Strategic 51%

72 HititBilgisayar IT Pegasus Turkey Strategic 10%

73 HMFAsansör Manufacture HyundaiElevator SouthKorea Strategic 51%

74 HobimBilgiİşlem IT ÇukurovaHolding Turkey Strategic 24%

75 HomeSweetHome Retail KervanMobilya Turkey Strategic 100%

76 Iamnotbasic e-commerce PrivateInvestor Turkey Financial 10%

77 Idetek Service AtalianGroup France Strategic 100%

78 Ininal Internet Multinet Turkey Strategic 50,1%

79 Insider Internet212,WamdaCapital,ÖncüGSYO,PrivateInvestor Miscellaneous Financial -

80 Interplast Chemicals Safic-Alcan France Strategic 49%

81 Inventram Technology Mitsui&Co Japan Strategic 30%

82 IVEN IT NetaşWesleyTechnologyFonu Turkey Financial -

83 İklimyaElektrik Energy VerusaHolding Turkey Financial 69%

84 İpara InternetEdgepayHoldings,RhythmVentures,PrivateInvestor Miscellaneous Financial 49,9%

85 İyiSahne Internet GBA,Egiad,PrivateInvestor Turkey Financial -

86 İyziPayments TechnologyIFC,VostokEmergingFinance,212ltd

USA,Sweden,Turkey Financial 30%

87 İzopoliYapıElemanları Manufacture KingspanGroup Ireland Strategic -

88 KapGel InternetWamdaCapital,AddVenture,PrivateInvestor Miscellaneous Financial -

89 Katıhal IT PrivateInvestor Turkey Financial -

90 KolayRandevu Internet Miscellaneous Miscellaneous Financial -

91 KolayIK InternetGBA,YTVenturePartners,EgiadMelekleri,PrivateInvestor Turkey Financial -

92 KullanAtMarket Internet Bunzl UnitedKingdom Strategic 80%

93 KurtveKurtA.Ş Electronics Hitachi Japan Strategic 75%

94 Lala Internet BICAngels Turkey Financial -

95 LinkPlus IT Redington India Financial 10%

96 LokmanHekimA.Ş Health ÖzelAkayHastanesi Turkey Strategic 100%

97 Mas-Deha Electronics Canon Japan Strategic 100%

98 MavilabYazılım Technology DiffusionCapital Turkey Financial -

99 MeeApps IT GedikGirişim Turkey Financial 20%

100 MerkezFaktoring Finance TellzaCommunications USA Strategic 10%

101 Mobilotoservis Internet PrivateInvestor Turkey Financial -

102 Modanisa InternetWambaCapital,PrivateInvestor Miscellaneous Financial 11%

103 MolekülerGörüntüleme Health VarinakOnkolojiSistemler Turkey Strategic 100%

104 MonopoliSigorta Finance EMFCapital UnitedKingdom Financial -

105 Mutlubiev Internet PrivateInvestor Turkey Financial -

106 N'oluyo Internet PrivateInvestor Turkey Financial -

107 NatekIT IT MAYInvestment Turkey Financial -



108 NavigaTekstil Manufacture AtlantisYatırımHolding Turkey Financial 50%

109 Nerdeicek Internet PrivateInvestor Turkey Financial 20%

110 NetCadYazılımA.Ş IT TaximCapital Turkey Financial 55%

111NizipÖzelMedinasHastanesi Health Adnangrup Turkey Strategic 100%

112 NSKArmatür Manufacture RocaSanitario Spain Strategic 100%

113 OasisMedikal Health WellspectHealthCare Sweden Strategic 100%

114 OfenEnergy Energy BakanlarMedia Turkey Strategic 100%

115 OkenosFood Food MMCSanayi Turkey Strategic 50%

116 Olev Internet 500İstanbul Turkey Financial -

117 OTSDijitalBaskıDistribution/Wholesalessatış Spandex Switzerland Strategic 40%

118 ÖzelAkayHastanesi Health LokmanHekimEngurusah Turkey Strategic 100%

119 P1M1 IT EsorInvestments Germany Financial -

120 PanaromaITDistribution/Wholesalessatış Verifone USA Strategic 100%

121 Papara Internet IlkerDiker Turkey Financial -

122 Paraşüt ITRevoCapital,DiffusionCapital,500Startups Turkey Financial -

123 Paypad Internet PrivateInvestor Turkey Financial -

124 PekerYüzeyTasarımları Manufacture DarbyOverseasInvestments USA Financial -

125 Peoplise IT RevoCapital Turkey Financial -

126 PlanetTV Media SonyPicturesTelevision USA Strategic 51%

127 PolenFood Food MartinBraunGruppe Germany Strategic 55%

128 PoliteknikMetalSanayi Chemicals Coventya France Strategic 80%

129 Polizom Technology StringVentures Turkey Financial -

130 PositiveEnergy IT ŞirketOrtağım Turkey Financial -

131 PrestijBrokerlık Finance SedesBrokerlık Turkey Strategic 100%

132 PublicisYorum Advertising PublicisGroupe France Strategic 49%

133 PulsaHolding Finance EuroYatırımHolding Turkey Strategic 100%

134 RanTarımsal Agriculture EuroFood Turkey Strategic Majority

135 ReicholdTurkey Chemicals VolantisKimya Turkey Strategic -

136 RekmobITTeknolojileri IT RSInternet Turkey Strategic 100%

137 RemÖrme Manufacture MenbaHolding Turkey Strategic 20%

138 REPGEnergySistemleri Energy TRAngels Turkey Financial -

139 Reztoran Internet PrivateInvestor Turkey Financial -

140 RitoTohumculuk Agriculture TakiiSeed Japan Strategic 100%

141 RockFM Media GitassiMedia Turkey Strategic 100%

142 RotopasAmbalaj Manufacture GözdeGişirim Turkey Financial 48%

143 SBSBilimselBio Chemicals DiffusionCapital Turkey Financial -

144 Scorp Internet PrivateInvestor Germany Strategic -



145 Segmentify InternetACTVenturePartners,StartersHub Turkey Financial -

146 Semanticum Advertising RelatedGroup Turkey Strategic -

147 SiirtAkkökEnergy Energy DCElektriküretim Turkey Strategic 100%

148 Silenceofthebees e-commerce PrivateInvestor Turkey Financial 10%

149 Sinemia InternetIstanbulStartupangels,PrivateInvestor Turkey Financial -

150 SmartModeration IT StartersHub Turkey Financial -

151 SmartiksBilgiTeknolojisi IT Verusaturk Turkey Financial 40%

152 Snapbuy Technology ŞirketOrtağım Turkey Financial -

153 SOR'UN Internet PrivateInvestor Turkey Financial 20%

154 Stajim.net Internet ŞirketOrtağım Turkey Financial -

155 ŞişecamÇevreSistemleri Manufacture EBRD UnitedKingdom Financial 10%

156 TabaoğuSuürünleri Agriculture SagunGrup Turkey Strategic 100%

157 TacirlerYatırımHolding Finance SmartInvest Turkey Strategic 87%

158 Tapu.com Internet Earlybird,PrivateInvestor Miscellaneous Financial -

159 TeknoTasarımHolding Technology TranstürkHolding Turkey Strategic 30%

160 Temizlikyolda Internet PrivateInvestor Turkey Financial -

161 TGExpo Service Expotim Turkey Strategic 50%

162 ThemisDanışmanlık Service AbraajCapital UAE Financial 100%

163 Tisho.com e-commerce PrivateInvestor Turkey Financial 100%

164 TolonGlobalMakina Manufacture JensenGroup Belgium Strategic 30%

165 TurinsSigorta Finance GulfInsuranceGroup Kuwait Strategic 90%

166 Twentify Internet PrivateInvestor Turkey Financial -

167 V-count Technology RevoCapital Turkey Financial -

168 Visionteractive IT StartersHub Turkey Financial 10%

169 Vispera Internet PrivateInvestor Turkey Financial -

170 VitaminSimit Food MunifAlnahdiGroup UAE Financial 45%

171 VoyajClub Tourism JoinUp Ukraine Strategic 50%

172 WinBilgiİletişim IT Comdata USA Strategic 100%

173 Yedi70 Internet StartersHub Turkey Financial -

*İşlemlerdefirmadeğeri50milyonUSD’danazolanyadaolduğutahminedilenhedeffirmalarınişlemlerilistelenmiştir.

**Firmalaralfabetikolaraklistelenmiştir.

turkish mid market m&a 2016

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