Boyner Holding buys 63 pct stake in retailer

ANKARA - Hürriyet Daily News

Boyner Holding has acquired a 63 percent stake in Turkish department store chain YKM. for approximately 190 million Turkish Lira, according to Boyner’s statement to the Istanbul Stock Exchange. With this purchase, Boyner expects to increase its consolidated net sales and net sales by 70 percent, according to Boyner’s press release.

The chain retailer had also been eyed by several investment funds, including Carlyle, Actera, Bridgepoint, Colony Capital and Turkven.

“We are 22 people in the fourth generation. After us, there will be a lot of new partners and this will make it more difficult to make decisions,” YKM Executive Board Member Nuşin Oral told daily Haberturk, explaining why YKM decided to sell its 63 percent stake on the company’s 60th anniversary.

With this acquisition, Boyner is now partners with YKM, which has 57 stores in 33 provinces across Turkey.