EBRD invests in Turkey’s leading restaurant group

ANKARA

The European Bank for Reconstruction and Development (EBRD) announced Monday that it is investing $50 million in Turkey-based TFI TAB Gıda (TFI).

"One of the largest global restaurant operators, Turkey-based TFI TAB Gıda Yatırımları A.Ş. (TFI), has issued $150 million of preferred stock to finance its future growth plans.

"The EBRD, alongside Goldman Sachs and an investment vehicle advised by Credit Suisse Special Investments Group, is buying $50 million of the issuance," EBRD said in a statement.

According to the statement, TFI runs more than 1,500 restaurants in Turkey and China and is the world’s largest Burger King master franchisee with exclusive operating rights in Turkey and China. In Turkey, the company also owns and operates bread, potato and meat processing plants which are part of its supply chain, it said.

The new financing will reportedly help TFI roll out new restaurants as well as expand their supply chain and implement resource-efficiency measures.

"We believe this investment will facilitate our next stage of development," Korhan Kurdoglu, the president of TFI and vice-chairman of the Board of Directors, said.

"Our mission has always been to provide affordable dining and leisure experiences to our millions of customers in two countries whilst observing the highest standards in operational quality. This investment will help us reinforce this mission and expand our consumer base globally," he said.

Claudia Pendred, EBRD Director of Property and Tourism, said this equity investment would "help TFI grow both at home and abroad, creating job opportunities for young people and offering them much-needed training."

"As a shareholder we will be pleased to be part of the company’s growth story and help it develop into an international company,” she said.

The Bank will also support TFI’s corporate governance improvements and enhance its sustainability standards, according to the statement.