UAE-based E20 acquires 70% stake in Turkish fish farmer Lucky Fish from Mediterra

By Akin Nazli in Belgrade November 22, 2023

UAE-based E20 Investments has acquired a 70% stake in Lucky Fish, or Ugurlu Balik, from Turkey-focused private equity firm Mediterra Capital Partners, according to statements from the parties.

Istanbul-based Dora Capital advised Mediterra on the deal, while Ardent Advisory advised E20. Kolcuoglu Demirkan Kocakli Avukatlik Burosu and KP Law acted as legal advisers.

Izmir-based fish farmer Lucky Fish, launched in 1986, produces sea bream and sea bass. Exports account for a 97% share of the company’s turnover. Its exports go to the EU and UK.

In 2013, Mediterra acquired a 100% stake in the company.

Mediterra, launched in 2011, has two funds under management with combined capital of $330mn.

The European Bank for Reconstruction and Development (EBRD) is among the investors in Mediterra’s two outstanding funds, along with

Mediterra Fund I currently has €164mn worth of stakes in fast food restaurant chain Tavuk Dunyasi and Lucky Fish. It has invested in a total of eight companies and exited from six of them, in addition to the Lucky Fish stake disposal.

The fund invested in payment services provider Mikro Odeme in 2012 and sold the company to Wirecard Turkey (Wirecard Odeme). In 2021, Finch Capital acquired Wirecard Turkey via its Ireland-based NomuPay unit.

The fund has also exited fleet management software developer Mobiliz, Logo Yazilim (LOGO), Arzum Elektrikli Ev Aletleri (ARZUM), insurance brokerage company ACP Sigorta Brokerligi and flour producer Soke Degirmencilik (SOKE, Soke Un).

Some €166mn worth of Mediterra Fund II investments are in eight companies, including elevator control components manufacturer Arkel Elektrik Elektronik, IT infrastructure provider Glasshouse, fast food restaurant chain operator Terra Pizza, fast food restaurant chain operator Pidem, fast food restaurant chain operator Durumle, Izmir-based Zero Density (launched in 2014, it develops artificial intelligence (AI)-powered software for augmented reality studios) and adhesive tapes producer Elba Bant.

The fund has exited payment services providers Paycore and Yazara. Istanbul-based Paycore, launched in 2001, provides POS terminals. Yazara provides SoftPOS services.

In July, the EBRD invested €25mn in the Mediterra Capital Partners III fund, which plans to reach €165mn in capital.

 

Major M&As, exits and fundraisings by Mediterra
Date Sold Stake Price Buyer Seller
Oct-23 Lucky Fish (Ugurlu Balik) 70% - E20 (UAE) Mediterra (Netherlands)
Aug-23 Paycore full - Param Mediterra (Netherlands)
Jul-23 Mediterra Capital Partners III (Netherlands) 15% €25mn EBRD LAUNCH
Apr-22 Zero Density - - Mediterra (UK) -
Mar-22 Elba Bant 100% - Mediterra (Netherlands), EBRD -
Jan-22 Soke Un (SOKE) 100% €12mn Ulusoy Un (ULUUN) Mediterra (Netherlands)
Oct-21 Yazara - - Revo,Paycore,Mediterra -
Feb-21 Paycore (MTS Teknoloji) 100% $50mn Mediterra/Netherlands Sancak
Feb-21 Kartek Holding 76% - Mediterra/Netherlands -
Jan-21 Durumle - - Mediterra/Netherlands -
Dec-20 Arzum (ARZUM) 47.51% TRY548mn IPO Mediterra (Netherlands)
Dec-20 Pidem minority - Mediterra/Netherlands Founders
Oct-20 Paycore majority - Mediterra/Netherlands -

 

Table: Major M&As by Mediterra. See current portfolio here.

 

 

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