ADM Capital, Yıldız Holding may partner for frozen food acquisition
ISTANBUL- Hürriyet Daily News
Dardanel owner Niyazi Önen gestures at a press meeting in this file photo.
Hong Kong-based ADM Capital and Turkey’s Yıldız Holding have partnered to acquire frozen food producer Dardanel, according to daily Radikal.
Asia Debt Management (ADM) Capital is interested in acquiring the 51.82 percent shares held by Dardanel’s owner Niyazi Önen.
Turkey’s Ülker, owned by Yıldız Holding, has been distributing Dardanel’s products, and Radikal claimed ADM Capital is looking to partner with Ülker to benefit from the company’s know-how both in the food industry and in the distribution business. Ülker also owns Super Fresh, which is Dardanel’s biggest rival in frozen foods.
If the sale takes place, ADM Capital will hold the majority of Dardanel’s shares and Yıldız Holding will be a passive investor, according to Radikal. There were no interested buyers in the first sale that took place Nov. 25.
The second sale, scheduled for Dec. 5, could be complicated by the fact that Dardanel is in debt to at least 10 different banks, Radikal reported. ADM Capital and Yıldız Holding would have to negotiate with the creditor banks to seal the deal.
ADM Capital would not confirm in a telephone interview with Hürriyet Daily News whether it was interested in acquiring Dardanel.