A Dubai-based private equity company, the Abraaj Group, which has so far invested in Turkey's logistics, finance and e-commerce sectors, has acquired fast food chain Kentucky Fried Chicken (KFC) Turkey from American fast food company Yum! Brands, according to a report by Turkish daily Dünya.
After acquiring Turkey-based logistics company Netlog Lojistik in July for an undisclosed amount, the Abraaj Group is reported to have recently signed an agreement to buy KFC Turkey with its 104 restaurants across Turkey from Yum! Brands. Abraaj Group Turkey and Central Asia Regional Head Selçuk Yorgancıoğlu did not comment on the news.
Operating in 115 countries with more than 19,000 restaurants, KFC came to Turkey in 1989 and started operations under Turkent A.Ş., a subsidiary of the Süzer Group. The group sold KFC Turkey to the American fast food firm Yum! Brands in 2013. Last December, Yum! Brands announced its plans to sell its KFC Turkey operations and that the brand would continue to expand through franchising.
Meanwhile, Yorgancıoğlu told Reuters yesterday that the Abraaj Group will finalize at least one acquisition in Turkey in the first half of next year, as it looks to deploy the remainder of its $500 million Turkey fund. Abraaj told Reuters in July that it was looking to invest in midsize companies in Turkey and plans on spending between $30 million and $100 million on individual deals, citing interests in health care. The Abraaj Group is a private equity firm operating in the growing markets of Africa, Latin America, the Middle East and Asia. Founded in 2002 by Chief Executive Arif Naqvi, the group manages $11 billion in assets to date.
