Successful buy-out of the Birgi Mefar group of companies

NBGI Private Equity and Ethemba Capital (together the “Consortium”), have acquired a significant controlling stake in Turkish pharmaceuticals contract manufacturer and services provider the Birgi Mefar Group for an undisclosed sum.

Founded in 1963 by Adnan Birgi and based in Istanbul, the Birgi Mefar Group is one of the leading pharmaceuticals contract manufacturers in Turkey, servicing many of the major domestic and international pharmaceutical companies. The Group’s primary focus is on the injectable products segment, where it is the number one player in the Turkish market.

The Consortium has acquired its stake from Dr. Ing. Mustafa Sevket Birgi, Mustafa Mehmet Birgi, Ayse Emine Birgi and Maya Holding.

The Group’s Chief Executive, Ustun Baharoglu, participated in the buy-out with the Consortium and retains both his position and a significant minority interest in the Group. “I am very pleased with this outcome and expect the buy-out to enable the Group to expand into new areas of commercial activity both in Turkey and internationally.”

Yannis Voyatzis, who oversees NBGI Private Equity’s investment activity in South Eastern Europe (“SEE”), said: “We are delighted to have completed our second investment in Turkey. This is the seventh investment in SEE by our current team and our third transaction in healthcare related sectors”. Mete Ikiz, NBGI Private Equity’s senior team member in Istanbul, also added: “The case for investing in Turkey is compelling, particularly in the healthcare market which has seen significant growth in recent years on the back of high economic growth and significant healthcare reform.”

Adam Teeger, Ethemba Capital’s lead partner on the transaction said: “The Birgi Mefar Group, with its leading market position, highly specialised production know-how and impressive management team, is an exciting business with excellent prospects for further growth. We are confident we can play an active role in supporting management’s plans to build on the company’s position in the fast-growing injectables market, primarily pre-filled syringes, ampoules and vials, and in ancillary areas.”

The Consortium was advised on the transaction by CMS Cameron McKenna LLP, Pekin & Bayar Law Firm, PwC and Baker & McKenzie.