Kilic controls nearly 75 per cent of the country’s fish production and had an export volume worth USD 42 million in 2010. (Photo: Kilic Deniz/FIS)
NBK Capital invests in top fish farming company
Tuesday, January 04, 2011, 23:50 (GMT + 9)
NBK Capital has announced that it acquired a 20 per cent equity stake in the aquaculture company Kilic Deniz.
NBK Capital made the investment via its flagship regional private equity fund - NBK Capital Equity Partners Fund - which focuses on offering growth capital to enterprises in the Middle East and North Africa as well as Turkey, according to NBK Capital CEO Salah Al-Fulaij. The fund is worth USD 250 million.
Kilic is Turkey’s top aquaculture firm. In 2010, it enjoyed revenues of more than USD 140 million; the company works with both sea and fresh water fish species and sells its products both domestically and abroad.
Further, Kilic is the country’s only vertically integrated company that can successfully carry out all phases of the aquaculture process – from incubation through distribution, reports Arab Times.
|Fish process. (Photo: Kilic Deniz)
“Our equity investment in Kilic illustrates our continued confidence in the company’s business model and growth potential,” stated Amjad Ahmad, Senior Managing Director at NBK Capital. “We will continue to execute on Kilic’s proven strategy and provide the necessary support to solidify its position as a regional leader.”
Kilic Chairman and CEO Orhan Kilic said the investment capital will go toward increasing capacity and working capital funding.
“We are very excited to expand our partnership with one of the most respected private equity firms in the region. Our association with NBK Capital will enable Kilic to continue to successfully grow and execute its long-term goals,” commented Kilic.
The Fund focuses on giving an active investment approach to growth capital to develop long-term sustainable value through improvements in financial, strategic, operating and corporate governance.
NBK Capital was founded in 2005 as a subsidiary of the National Bank of Kuwait (NBK), one of the oldest and most reputable financial institutions in the region. NBK Capital concentrates on Alternative Investments, Asset Management, Brokerage & Research and Investment Banking.
It runs offices in Kuwait, Dubai, Turkey and Cairo with a team of more than 170 employees.
Orhan Kilic established his company in 1993. The business focuses on sea bream and sea bass as well as fresh water trout. Its operations mainly run out of Bodrum and Maras.
The company controls nearly 75 per cent of the country’s fish production and had an export volume worth USD 42 million in 2010, reports Hürriyet Daily News.
By Natalia Real