Fennella Sarl, controlled by Rohatyn Group (TRG) Growth Fund II, has exited from two Turkish retailers Beymen Magazac and Boyner Büyük Magazac.
TRG Growth Fund II sold its indirect 50% stake in Beymen and 30.05% stake in Boyner to Boyner Perakende ve Tekstil Yat r mlar (BRTI), under a deferred sale agreement signed in May 2013.
With the completion of this deal, BRTI holds complete ownership in both the retailers.
Beymen is a luxury retailer with 81 stores representing a range of retail concepts. Its stores sell over 600 world brands.
While, Boyner is a department store chain and operated 141 stores under the Boyner, YKM and Çars brands across 37 Turkish provinces.
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TRG Private Equity Central & Eastern Europe, Middle East & Africa head and managing director Colin Clark said: "We are very proud of our successful investment in Beymen and Boyner. These are two world-class businesses and the growth that the companies have achieved during our investment period is a testament to our strong partnership with Cem Boyner and the Boyner family as well as the tireless work by the first class management teams at both companies.
"We would like to take this opportunity to thank them all for their ingenuity, hard work and support that was involved in making Beymen and Boyner the strong companies that they are today, and are confident that both companies are positioned for success in the years ahead. We wish them all the very best of luck for the future."
