Abraaj Capital, the Middle East’s largest private equity firm, has bought a stake in the Turkish mattress maker BRN Sleep Products with the European Bank for Reconstruction and Development , the company said.
Abraaj said it would work with BRN Sleep Products to increase production capacity, expand exports to new markets and increase sales locally through the opening of new retail stores.
Abraaj did not disclose the size of the stake or its value.
The stake in the Turkish firm is Abraaj’s first investment from its Anatolia Growth Capital Fund. The fund targets 43 cities in Turkey with per capita incomes below 75 per cent of the national average.
Abraaj, which has assets of US$7.5 billion, owns stakes in a number of firms, including the low-cost carrier Air Arabia and the supermarket chain Spinneys.
dalsaadi@thenational.ae
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