NEW YORK & ISTANBUL--(BUSINESS WIRE)--Cartesian Capital Group, a leading global private equity firm, announced today it has closed an equity investment in Turkey’s leading multi-brand food service company, TAB Gıda.
Existing shareholders, the Kurdoğlu family and the Üründül family have sold a small minority stake to Cartesian.
TAB Gıda serves as the master franchisee for Burger King, Popeyes, Sbarro and Arby’s and operates more than 500 restaurants in Turkey, including 350 Burger King restaurants. With more than twice as many restaurants as its nearest quick-serve competitor, TAB Gıda is present in 53 of Turkey’s 81 cities. TAB Gıda has been awarded many accolades, including franchisee of the year and numerous awards for food quality.
“The Kurdoglu family, with their partners the Urundul family, have built a world-class business in one of the world’s most compelling markets. We are privileged and delighted to be partners with this unique market-leading company,” said Peter Yu, Managing Partner of Cartesian. “We will work closely with the company to further strengthen its leadership position in Turkey and in the region. This investment is a prime example of our strategy of partnering with outstanding management teams to build true global leaders.”
Erhan Kurdoglu, Vice-Chairman of TAB Gıda, noted “We have known Peter Yu and Cartesian for more than a decade and are happy to have formalized our partnership. Cartesian brings strategic knowledge and perspective that will help TAB Gıda grow even more rapidly and successfully – particularly into international markets.”
Commenting on the investment, Burger King EMEA President José Cil said: “As Burger King Corporation’s largest franchisee globally, TAB Gıda is a very important partner for our organization. I welcome Cartesian as a disciplined international partner that will help TAB Gıda continue to invest in the Burger King® brand, bringing our world famous flame-grilled favorites to our guests.”
TAB Gıda with its franchise restaurants are expected to generate around $600 million in revenue in 2011, making it one of the largest quick-serve food service groups in the EMEA region.
TAB Gıda was advised exclusively by Ata Invest, Istanbul.
About Cartesian Capital Group
Cartesian Capital Group LLC (www.cartesiangroup.com), manages $1.1 billion in private equity investments on a global and opportunistic basis. Cartesian, founded in 2006 by Peter Yu, has offices in New York, Shanghai, São Paolo, Vienna, Warsaw, and Istanbul.