Schoenherr has advised the Mondi Group (consisting of Mondi Limited and Mondi plc) on the acquisition of 90% of the outstanding share capital in Turkish Kalenobel for a consideration of around EUR 90 million on a debt-and-cash-free basis from ARGUS capital, a CEE focused private equity group, and M. Olcay Hephiz, one of the company's founders. Kolcuoglu Demirkan Kocakli advised the sellers on the deal, which closed on July 12, 2016 following competition clearance and other customary closing conditions.
The Mondi Group is an international packaging and paper company, employing around 25,000 people across more than 30 countries. Kalenobel is a Turkish consumer packaging company that manufactures flexible consumer packaging for ice cream and other applications as well as aseptic cartons. The Istanbul-based company serves both international FMCG companies and regional food and beverage producers.
"With its dynamic economy and large consumer base Turkey is a high growth market with international companies not shying away from investing here,” said Schoenherr Partner Levent Celepci, who co-led the transaction. "Foreign investors are set to gain from tapping into the Turkish market and its favorable geographical position.” Celepci and fellow co-lead Partner Alexander Popp were supported by attorneys Burke Serbetci and Murat Kutlug and Associate Alara Baki.
The Kolcuoglu Demirkan Kocakli team advising ARGUS Capital and M. Olcay Hephiz consisted of Partner Umut Kolcuoglu, supported by Senior Associate Begum Incecam and Associate Asli Tamer.