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AIG Global Investment Group Invests In Turkish Retailer For You Bakim Urunleri Magazalar L.S.
NEW YORK, May 19 /PRNewswire/ -- AIG Capital Partners, Inc. (AIGCP), a member company of AIG Global Investment Group, announced today it has indirectly acquired a substantial position in For You Bakim Urunleri Magazalar L.S. The investment, which also included participation by Eastern Retail Holding N.V., represented the largest investment led by the Group in
Turkey to date.
Founded in 2002, For You is a fast growing hard discount retailer in Turkey, with over 55 retail outlets as of May 2006. The company, which is headquartered in Istanbul, focuses its product offering on personal care and health products, both of which are rapidly expanding categories in the
Turkish retail market. Proceeds from this round of financing will allow For You to continue to expand its retail presence throughout Turkey.
Aziz Zapsu, the Chief Executive Officer of For You, stated, "We are excited about partnering with the investor consortium led by AIG Capital Partners to continue to grow For You while delivering increasing value to Turkish consumers. We look forward to working closely with our investors to
leverage their considerable resources."
David Yeung, President and CEO of AIG Capital Partners, noted that the firm will actively collaborate with management to create value at For You through a role on the Board of Directors, noting that, "We are thrilled to partner with a top notch management team of such depth and experience."
Paolo Zapparoli, a Managing Director with AIG Capital Partners, stated, "For You is a very attractive company whose strategy effectively marries a hard discount retailing concept for personal care products with the demand of value conscious Turkish consumers. The company is well positioned thanks to Aziz Zapsu and his team, who have been pioneers driving the rapid
development of the Turkish retail landscape."
AIG Capital Partners has been an active investor in Turkey since 1999 and has financed companies in the media, entertainment, and financial services sectors. As a member company of AIG Global Investment Group, it is a leading private equity investor in emerging markets. With 100 investment
professionals located in 19 offices worldwide, as of March 31, 2006, AIG Capital Partners and its affiliates manage over $8.0 billion in emerging market private equity funds, based on original capital commitments.
AIG Global Investment Group
AIG Global Investment Group (AIGGIG) comprises a group of international companies which provide investment advice and market asset management products and services to clients around the world. AIGGIG is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, hedge funds, private equity, and real estate. AIGGIG manages approximately US $532.9 billion in assets, and employs more than 1,600 professionals in 44 offices around the world as of March 31, 2006. Total assets under management include approximately US $449.6 billion of AIG affiliated assets, including those managed by joint ventures, but do not include assets sub-advised to third party managers. The member companies of AIGGIG are subsidiaries of American International Group, Inc. (NYSE: AIG).
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