Private equity firm Bridgepoint has acquired Peyman, a Turkish producer of dried fruit, nuts and seeds, for an undisclosed sum.
The firm sees the acquisition as an opportunity to reach a Turkish consumer base that is growing in size and wealth, and a trend towards branded packaged dried fruits, nuts and seeds, rather than more traditional unpackaged bulk sales.
Bridgepoint estimates the Turkish dried fruits, nuts and seeds market to be worth more than €2 billion.
Peyman also exports to more than 30 countries, most of which are in the Middle East, Balkans and central Asia. The company will use the funding to expand its sales presence and develop new products.
“Peyman is a rapidly growing market leader capable of transforming into a larger and broader snack brand. With fresh capital and additional consumer expertise from Bridgepoint, Peyman will be able to accelerate growth, both in its traditional convenience store marketplace and by developing new brands and innovative products,” said Bridgepoint partner Martin Dunn.
Bridgepoint is a private equity firm specialising in buyout, growth equity, consolidation, and public-to-private transactions. The firm focuses on investing into the business services, consumer products, financial services, healthcare, industrial, manufacturing, media, and technology sectors. It typically makes investments of €75 to €400 million in companies, depending on the nature of the transaction, according to PEI Research & Analytics.
The firm is nearing a final close on its latest fund, Bridgepoint Development Capital III, having already reached its £600 million ($867 million; €773 million) hard-cap, according to PEI data. The fund launched with a target of £500 million in February 2016.