Owners of Turkey’s Betek Boya consider equity sale

Owners of Turkish paint manufacturer Betek Boya are looking to sell up to 100 percent of the company and have mandated financial services firm Unlu & Co to advise on a potential transaction, two people familiar with the matter said.

Companies from the United States, Europe and Asia have expressed interest, one of the sources said. Betek Boya, well known in Turkey for its “Filli Boya” brand of paint, is expected to see sales of 1.6 billion lira ($303 million) this year, the sources said.

“Sale options of up to 100 percent of the company could be evaluated. There are companies in the United States, Europe and Asia that are interested,” one of the sources said. Both of the sources declined to be identified because the information is not yet public.

Betek Boya General Manager Tayfun Kucukoglu said the company was looking for opportunities to cooperate that would help it expand its paint business in Turkey and the wider region within the next ten years.

“We are open to evaluating cooperation that will make possible the development of market opportunities,” he told Reuters, without elaborating.

Germany firm DAW holds nearly 25 percent of Betek’s shares, while the majority stakeholder is the Akpinar family of Turkey, according to Turkish regulatory filings. A representative for DAW did not immediately respond to a request for comment.

Unlu & Co declined to comment. (RTRS)