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Sell-side advisory to Penti’s shareholders in selling 30% stake in Penti to Carlyle

Penti, with ca. 1,847 employees and revenues of over $150 million, is the leading player in the Turkish hosiery, lingerie and swimwear market.  Penti also owns one of the largest hosiery manufacturing plants in Europe.  Penti, with a hosiery market share of 45% – which is more than 3 times larger than its closest competitor – has grown from 15 to 155 stores in Turkey over the last 5 years.  Penti has a growing international network of 39 stores which are located in 16 countries including the US, China, Russia, Austria, Romania and Saudi

Global alternative asset manager The Carlyle Group (NASDAQ: CG) announced the acquisition of a significant minority stake in Penti, a hosiery manufacturer and retailer of women’s hosiery, lingerie and swimwear in Turkey. Equity for this investment will come from Carlyle MENA Partners, L.P., a $500 million growth capital and buyout fund focused on the Middle East and North Africa. Terms of the transaction, which is expected to close in early November, were not disclosed. Established in 1950, Penti is the largest manufacturer of hosiery and a leading retailer of women’s hosiery, lingerie and swimwear in Turkey.  Headquartered in Istanbul, the company employs 1,847 people and has a hosiery production capacity of 68m pairs at its plant – the largest in Turkey and 3rd largest in Europe.  The company has 155 stores in Turkey and 39 stores in 16 countries.

Kerim Kotan, who had spearheaded the transaction said “Penti Management has a well-established shared vision and strategy in place to further grow the business in Turkey; replicate its local success abroad; and create a leading international specialty retail player. Carlyle became the preferred partner of Penti at the end of negotiations with a group of high caliber financial investors out of more than 40 private equity firms and strategic players which have had shown interest in Penti. Although there was solid interest from some of the largest strategic players globally and more than 40 Private Equity funds, this has had been a truly exclusive opportunity for financial sponsors. We have had thought long and hard as whom to invite. There was not even a Teaser at the time. This was just not an opportunity at which every potentially interested party would have been able to look.”

 The Carlyle Group acquire significant minority stake in Penti.