DUBAI, July 17 Investcorp, a
Bahrain-based investment firm, said on Tuesday its private
equity fund bought a 30 percent stake in Turkish menswear
retailer, Orka Group, tapping into growth opportunities in the
Turkey's organised luxury menswear market is estimated to be
worth $7.4 billion, Investcorp said, adding the investment will
help Orka accelerate its growth in Turkey and expand to other
Investcorp, which once owned luxury brands Gucci
and Tiffany & Co, did not disclose any financial details
of the transaction. Investcorp's Gulf Opportunity Fund inked the
deal, the fund's sixth investment.
In June, Investcorp signed up to a $504 million-equivalent
loan aimed at refinancing debt due in 2013.
Growth capital and buyout funds from the wealthy Gulf Arab
region are being drawn towards Turkey's stable and growing
economy at the expense of countries like Egypt and Bahrain,
still prey to the violence of the Arab Spring popular revolts.
With 8 percent economic growth last year, a stable
socio-political environment and a mostly youthful population,
Turkey has attracted the top Gulf private equity funds.
(Reporting by Dinesh Nair; Editing by Praveen Menon)