TPG in Partnership With Owners of Turkey’s Leading Spirits Producer
April 13, 2006
Cleary Gottlieb represented Texas Pacific Group in its US$900 million acquisition of Mey Alcoholic Beverages, the leading spirits producer in Turkey. The acquisition was financed through equity contributions and US$550 million of debt facilities. Following this transaction, TPG holds 90% of the shares in Mey Icki Sanayi, with the Turkish consortium of Nurol, Limak, Özaltin and Tutsab retaining a 10% stake in the company.
TPG is one of the world’s largest private equity firms, managing over US$15 billion in assets. The Nurol-Limak-Özaltin-Tutsab consortium bought Mey Icki, the alcoholic drinks arm of the Turkish state alcohol and tobacco company Tekel in February 2004 in a privatization tender. This is TPG’s first completed deal in Turkey.