Turkey: Baker & Mckenzie Advises Olgar Group, Owners Of The Popular SPX Sportswear Shops, On Stake Sale To Global Investment House
Last Updated: 19 March 2015

Istanbul/Amsterdam, Turkey/The Netherlands, 19 March 2015 – Olgar Group, Turkey's leading retailer of sports clothing and equipment, and Kuwait-based private equity investor Global Investment House agree to a partnership through share sale.

"Turkey has seen a significant increase in M&As in its retail sector, particularly with the Ziylan stake sale, Carlyle's acquisition of shares in Penti, NBK Capital's acquisition of Yatsan, and of course, Abraaj's recent acquisition of shares in BRN Sleep Products. Olgar's sale to Global Investment House is the latest in a growing trend of private equity investments in Turkey's booming retail market," said Duygu Turgut.

"It was a pleasure to work with a cross-border team on this dynamic transaction in which a private equity invested in a leading Turkish family-owned business," added Kuif Klein Wassink.

A team of lawyers from Esin Attorney Partnership, a member firm of Baker & McKenzie International, and Baker & McKenzie's Amsterdam office advised Orkun Olgar, Ozhun Olgar and Bekir Guven Olgar, shareholders of Olgarlar Spor Malzemeleri Turizm Ilan Reklam Ajansligi Yayincilik ve Ticaret Anonim Sirketi (Olgar Group), on the sale of 70% of their shares in Olgar Group to Global Capital Management LTD, the alternative asset management arm of Global Investment House. The deal was signed January 30, 2015 and closed March 17, 2015.

Global's investment will support the introduction of new brands in the Turkish market and expansion of stores - including Quiksilver stores - at a time when Turkey is seeing an increased interest in sports activities due to rising household incomes and changing demographics.

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