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|| Dubai investors of Abraaj acquired stake in Turkish mattress maker

abraaj brnDubai-based investment firm Abraaj Group has acquired stake in Turkish mattress maker BRN Sleep Products

Established in 2006, BRN Sleep Products exports to over 50 countries. In its domestic market it has 11 company-owned retail stores in Turkey. Dubai's Abraaj Group currently manages $7.5 billion, investing in the growth markets of Africa, Latin America, the Middle East, South Asia, South East Asia, Turkey and Central Asia.

Abraaj Group is listed in the Middle East Investors Directory with the code OR01.

More details follows:

The Abraaj Group (‘Abraaj’ or ‘The Group’), a leading investor operating in global growth markets, today announced the acquisition, through its Fund, of a stake in BRN Yatak Baza Ev Tekstili İnşaat Sanayi Ticaret Anonim Şirketi (‘BRN Sleep Products’ or ‘the Company’), a leading Turkish mattress and sleep products manufacturer, exporter and retailer, in partnership with EBRD. Abraaj has invested in the Company through its Anatolia Growth Capital Fund.

Established by Ms. Berna İlter and Mr. Mustafa İlter in 2006 in Kayseri, BRN Sleep Products began its operations with a focus on export markets and has since grown to become Turkey’s leading mattress and sleep products exporter, with exports to over 50 countries. BRN Sleep Products has been expanding in the domestic market since 2011 and currently has 11 company-owned retail stores in Turkey.

Abraaj’s Anatolia Growth Capital Fund invests in high growth companies focusing on the developing provinces and regions of Anatolia. The Fund targets 43 cities in Turkey with per capita incomes below 75 per cent of the national average, offering substantial convergence opportunities and growth potential. The investment in BRN Sleep Products marks the Anatolia Growth Capital Fund’s first investment.

With Abraaj and EBRD’s support, BRN Sleep Products is planning to increase the production capacity of its Kayseri manufacturing facility, enhance its export footprint by further penetrating existing markets as well as entering new markets, and expand in the domestic market by opening new retail stores.

Selçuk Yorgancıoğlu, Partner and Regional Head of Turkey and Central Asia at The Abraaj Group, said: “Our investment in BRN Sleep Products is aligned with the Anatolia Growth Capital Fund’s strategy of seeking strong, growth-oriented and well-managed companies in the developing provinces and regions of Anatolia. With exports to over 50 countries and expansion in the domestic market, we see an exciting opportunity to drive BRN Sleep Products’ growth in Turkey, regionally and beyond. We look forward to working closely with Ms. Berna İlter and Mr. Mustafa İlter, providing our financial and operational support to the business, and partnering once again with EBRD on investment opportunities in Turkey.”

Berna İlter, General Manager of BRN Sleep Products, said: “We have experienced strong growth since our inception nine years ago. In order for us to reach the next stage of our growth trajectory, we felt it would be beneficial to bring on board experienced investors such as Abraaj and EBRD, who have solid track records in expanding businesses and creating further operational value. We look forward to working with them over the coming months and years.”

Mike Davey, Director at EBRD, added: “The EBRD is pleased to partner with The Abraaj Group to support yet another successful Turkish company. Established and grown in Anatolia, BRN Sleep Products is a great example of how fast-growing family-run SMEs can boost economic development in the regions of Turkey. Supporting such companies is at the heart of the EBRD’s strategy in Turkey.”

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