Bridgepoint-backed Peyman secures €32m EBRD loan

The Turkish dried fruits and nuts company will use the cash infusion to build a new production facility in Eskişehir.

Peyman, a Turkish dried fruit and nuts producer, has secured a €32 million loan from the European Bank for Reconstruction and Development, which it will use to build a new 59,000 square metre production facility in the industrial zone of Eskişehir, a city in the northwestern part of the country.

Under the terms of the agreement, the loan will also finance Peyman’s day-to-day operations, including buying part of its raw materials directly from farmers.

In addition, and with the support of the EBRD, Peyman will train 300 farmers on growing techniques, sustainable agriculture principles and systems to determine the origin of produce. The training program, which will be carried out in cooperation with Turkish universities and vocational schools, will be certified by the Turkish ministries of agriculture and education.

The new plant will become operational in the first half of 2018 with a view to doubling its production capacity to 45,000 tons by 2023.

“Peyman has successfully transformed itself from a small regional player into an internationally recognized brand,” said Arvid Tuerkner, EBRD managing director for Turkey. “We applaud the company’s commitment to working more closely with Turkish farmers and helping them increase their productivity and incomes.”

Payday for Peyman 

Founded in 1995 by three Turkish families, Turkish investment firm Esas Holding acquired a stake in the company in 2008. In 2016, Peyman was acquired by European mid-market specialist Bridgepoint. The London-based buyout firm did not disclose financial details of the deal at the time, but according to reports, the transaction was valued at $110 million.

Turkey is among the largest producers and consumers of dried fruits, nuts and seeds – a market segment Bridgepoint estimates is worth €2 billion a year. Peyman is considered a leading producer in Turkey’s DFNS sub-sector, having established an extensive sales network domestically as well as exporting to more than 40 countries, including the US, Russia, the Middle East, China and Australia.

Bridgepoint specializes in buyout, growth equity, consolidation and public-to-private transactions. In addition to consumer goods, it invests in the business services, financial services, healthcare, industrial, manufacturing, media, and technology sectors. It typically makes investments of between €75 million and €400 million in companies, depending on the nature of the transaction, according to PEI data.

Bridgepoint’s investor base includes public and private pension funds, asset managers, family offices, sovereign authorities and insurance companies. The firm says it has raised more than €20 billion since inception.