Gulf Capital exits long-held Turkish internet provider Turknet after over 150% EBITDA growth


Gulf Capital has sealed the exit of Turkish internet provider Turknet Iletisim Hizmetleri after seeing its subscriber numbers and EBITDA soar during its ownership.

Turknet more than doubled its subscriber base and increased EBITDA by over 150% during its almost eight-year investment in the businesses, having invested $15m in the company in 2013.

The buyers of Gulf’s 70% stake include the incumbent Celebiler Family and Re-Pie Portfoy Yonetimi.

Gulf Capital CEO Karim El Solh said, “Our investment in Turknet was part of Gulf Capital’s strategy to back talented management teams that lead promising companies in high growth sectors, especially those that support the global digitalisation trend.

“Gulf Capital has been one of the most active investors in the technology, broadband connectivity and fintech sectors.

“Turknet is a good example of a high-quality technology company whose growth trajectory has accelerated, especially post pandemic.

“After a seven-year holding period, we believe it is the right time for us to exit and realise value for our investors, while at the same time paving the way for the company’s next-stage growth.”

Gulf invests across private equity, private debt, growth capital and real estate, and is especially interested in sectors including tech, fintech, healthcare, business services and sustainability.

The firm currently manages over $2.5bn in assets across seven funds and investment vehicles.

Gulf recently hired Eaton Partners senior exec Kaiser Jasrai as managing director of fundraising and investor relations.

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