Every fund that holds a Turkish company comes to the same question before it sells: who will buy? Our register gives a dated answer. Since January 2023 it records 37 sales in which a private equity fund, a venture investor, a development bank or a sovereign investor sold a stake in a Turkish company. The clearest pattern lies in how much of the company changed hands.
Larger stakes go to strategic buyers, about half of them from abroad
In 23 of the sales, half the company or more changed hands. Strategic buyers took 19 of them: ten from abroad and nine from Turkey. The largest published prices came from abroad. Benefit Systems of Poland agreed in March 2025 to buy MAC, the fitness chain that grew from 2010 with Esas and Actera as investors, for USD 420m. In February 2026 Uber agreed with Mubadala to buy Getir’s food delivery business for USD 335m and to invest USD 100m for 15% of its grocery business. DHL Group paid EUR 259m in cash for all of MNG Kargo, which Turkven and the Sancak family had bought in 2017, and completed the purchase in October 2023.
Turkish buyers took nearly as many. Param agreed in August 2023 to buy PayCore, which Mediterra had controlled since 2021, and Fiba’s retail business bought half of Sportive from İş Girişim, the two becoming partners in the company.
23 sales of half a company or more
- A strategic buyer from abroad10 (43%)
- A Turkish strategic buyer9 (39%)
- Another fund or investment firm3 (13%)
- The founder1 (4%)
Source: Orion Capital Partners register and analysis. Stakes as recorded; a sale of exactly half counts here. Buyers grouped by kind; some already held shares.
A minority goes back to an existing shareholder
In the other 14 sales a minority changed hands, and in eleven of them the buyer already held shares: the majority owner, a co-investor or the founders. Several were small stakes, but the larger ones followed the same pattern. In May 2026 ISS agreed to buy Actera’s 39.9% of ISS Türkiye, to take its own holding from 50.1% to 90%; the two had discussed Actera’s exit options under their shareholders’ agreement for some time. In September 2026 Züber announced that its founders had bought back the shares of Turkven, which had taken 35% in 2022.
14 sales of a minority stake
- An existing shareholder11 (79%)
- Another fund or investment firm2 (14%)
- A strategic buyer from abroad1 (7%)
Source: Orion Capital Partners register and analysis.
Funds also buy from funds
Five of the 37 sales went to another fund or investment firm. In May 2025 CVC agreed to become the sole equity investor in Dream Games, the maker of Royal Match, buying out its earlier venture investors in a round of about USD 2.5bn of debt and equity. In 2026 Re-Pie Portföy bought all of Vivense, ending the investment of Actera, which had put about USD 130m into the company in 2020, and a consortium of three funds and Fiba bought 44% of the restaurant chains Tavuk Dünyası and Dürümle from Mediterra.
Orion view
For a fund holding a Turkish company, the size of the stake shapes the field of buyers. With half or more of a company to sell, the field is wide: strategic buyers from Turkey and from abroad, and other funds. The largest published prices have come from abroad, but a buyer from abroad needs time to learn a Turkish business, its licences and its accounts, so the first conversations belong well before any process.
With a minority, the buyer is usually already in the room, and the exit is worth what the shareholders’ agreement allows, from a put option to tag-along and drag-along rights and the right to bring in an outside buyer. The prospect of a credible outside bidder is what moves the price.
For a corporate buyer, the lesson is the mirror image: a company a fund owns comes to market on the fund’s timetable, and Turkish groups and other funds will be at the table too. We follow these buyers and sellers transaction by transaction; the time to talk is before the exit reaches the board’s agenda.