Private Equity Firm Acquires Tropikal
The Riverside Co., a private equity firm based in New York City, has acquired Turkish pet food company Tropikal A.S. Financial terms of the deal were not disclosed.
Tropikal, which is based in Istanbul, Turkey, manufactures Goody, Champion, JFD and JFC pet food and distributes international pet food brands, including Sportmix, Pro Pac and Beaphar. This marks the first Turkish investment for Riverside.
“The Turkish pet food market is relatively young but growing at an exciting pace,” said Adam Pietruszkiewicz, Riverside’s vice president. “We’re delighted to keep contributing to Tropikal’s growth and development, reinforcing its market leadership position and expanding its product offering and further brand development in the years ahead.”
Tropikal’s founders will continue as minority investors in the business together with Riverside, while CEO Izzet Saban and other top management will remain with the company.
“Our R&D capabilities and control of the manufacturing process allow us to deliver high-quality products that successfully compete with strong international brands,” Saban said. “We look forward to partnering with Riverside to expand organically and further increase the strength of our brands.” <HOME>
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