Temsa sold to Swiss venture capital group
Temsa, the Turkish bus and coach manufacturer, has been sold to venture capital group True Value Capital Partners, a Swiss-based investment fund.
Owned by giant Turkish conglomerate Hacı Ömer Sabancı Holding (SA), the Temsa Transportation Vehicles group was nominally valued at 825m Turkish Lira (£111m). The sale was made based on a value of 375m TL after adjusting for debt and cash holdings, and includes the 49% stake owned by Sabancı Holdings and the other 51% owned by shareholders including the Sabancı family, which owns the holding company.
The official notification (translated from Turkish) says: ‘10.230.821.634 units of Temsa Transportation Vehicles Industry and Trade Inc., with a nominal value of 102.3m TL in the Company’s portfolio. All of the shares of the Company have been sold to True Value Capital Partner’s on 30th May 2019 for a consideration of 182.7m TL. The sale transaction has been completed and the sale price has been fully collected.’
According to one industry pundit, Temsa has been touted for sale by Sabancı Holding before. In the last two years, it has faced challenging conditions in its domestic market, with demand down together with currency fluctuations, and the production plant in Adana is currently operating at below its capacity. It is anticipated that export sales and arrangements are unlikely to be affected.