The Carlyle Group has acquired a 50% stake in TVK Shipyard (TVK), a Turkish shipbuilder specialising in chemical tankers and other specialty vessels. This is Carlyle’s first investment in Turkey. Financial terms of the transaction were not disclosed.
“We look forward to working with the TVK team to capture the growth in the global shipping industry,” says Can Delda, managing director on Carlyle’s Middle East North Africa (MENA) team. “TVK’s new facilities, strong management team and distinct know-how enable the company to compete in the more specialised segments of the global market in terms of efficiency and premium quality.”
Established by entrepreneurs Can Topsakal, Naim Kocer and former production manager of Turkey’s largest shipyard, Turgut Atagun, TVK was incorporated in 2005 in the Kocaeli Free Trade Zone. The company was created to build specialised chemical tankers with cargo volume up to 30,000 dwt (dead weight tonnage).
“Partnering with Carlyle will enable TVK to expand capacity and enable the production of more sophisticated vessels at a faster rate than what we could have achieved alone,” says Can Topsakal, founder and CEO of TVK. “Through the addition of a second slipway already under construction, we anticipate doubling our production by the end of the year.”
Carlyle’s MENA team invests primarily in healthy, growing companies. From offices in Cairo, Dubai and Istanbul, the team leverages Carlyle’s expertise in various sectors, including energy, financial services, healthcare, industrial, infrastructure, technology and transportation.
“This growth capital investment in TVK is indicative of the opportunity we see in the MENA region,” says Walid Musallam, managing director and head of the MENA team, Carlyle. “Carlyle has the capital, industry expertise and global network that can help companies grow and revitalise.”