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Paksoy, Akol Ozok Namli, Gide, and Ismen Advise on Coventya Add-On Deals in Turkey

Paksoy, Gide, and Ismen Advise on Coventya Add-On Deal in Turkey

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Paksoy has advised Coventya — a Fund II portfolio company of European private equity firm Silverfleet Capital — on its acquisition of an 80.6% interest in Borsa Istanbul-listed Politeknik Metal Sanayi ve Ticaret A.S from private individuals Atila Yaman, Mesut Akkaya, Nilgun Yaman, Melisa Bahar Akkaya, and Filiz Akkaya. The Ismen Law Firm advised the sellers. Coventya has announced that it will also launch a mandatory tender offer for the remaining 19.4% of the company’s shares in compliance with the principles and procedure of the Capital Markets Board of Turkey.

In a second deal, Gide Loyrette Nouel reportedly advised Coventya on its acquisition of Telbis, Coventya’s exclusive distributor of chemicals to the general metal finishing market in Turkey. The Akol Ozok Namli Attorney Partnership advised the sellers, whose identity they were not able to disclose.

The aggregate deal size will be approximately 18 million, with Silverfleet funds investing slightly over EUR 4 million of additional equity depending on the outcome of the mandatory tender office, which is expected to commence shortly.

Coventya, headquartered in Villeneuve-la-Garenne, near Paris, is a specialty chemicals group focused on surface treatment to the automotive, construction, luxury and consumer goods, data storage, and oil & gas industries.

Politeknik is a Turkish manufacturer of aluminum surface treatment (“AST”) chemicals and engineering services for the corresponding application equipment with revenues of over EUR 9 million. Politeknik, which has a manufacturing facility in Tuzla, Istanbul, also has an affiliated company in the USA, based in Atlanta, and currently exports 20% of its chemical sales. 

Thomas Costa, CEO, and Torsten Becker, CFO of Coventya, commented: “We are delighted that these two acquisitions will both reinforce our expertise in aluminium surface treatment and further develop our international footprint in GMF by creating a direct presence in Turkey.”

Jean Chatillon, Principal at Silverfleet Capital, said: “In a still fragmented sector, these two transactions are Coventya’s next steps in a Buy & Build plan to further develop Coventya’s range of technologies and its international presence.”The Paksoy team consisted of Partners Elvan Aziz and Omer Collak, Senior Associate Nazli Bezirci and Okkes Sahan, and Associate Yasemin Ozman.

The Akol Ozok Namli Partnership team on the Telbis transaction was led by Counsel Askin Karaduman.

Neither Tolga Ismen nor Gide replied to our inquiry on the matter.

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