This annual report aims to present brighter perspective on mid-market M&A transactions in Turkey via excluding privatizations, asset/ license sales, intercompany transactions and large cap deals, together with analyses and comparisons. We are delighted to present the fifth Turkish mid-market M&A report becoming a reference source to all stakeholders.

1. Turkish Mid-Market M&A
Review
2016

2. 2016 witnessed monumental local and international
changes. And all this unforeseen developments and
their consequences dominated the social and
economic agenda for the whole year.
A chaotic year with Brexit, USA presidential elections,
war in Syria, lifting of American sanctions to Iran,
immigrant crisis, regretful terrorist attacks in Europe
and in Turkey, coup attempt, following state of
emergency declaration and 20% devaluation of TL,
was passed by.
Deal making in the SME market has seen a notable
decline this year after the M&A boom in 2015 due to on-
going uncertainty and insecurity crises. Total mid-market
M&A deal number in 2016 was 173, down to 2014
figures. While, the deal volume managed to remain flat,
with a moderate decline of 9%, total deal value shrunk by
32%. The main absence was felt in European investors.
Angel investors and venture capitals (VC) numerous deals
avoid the possible sharp decline. Hence, M&A market of
SMEs performed a relatively bit better as the total
market deal value shrunk by %53.
The global M&A market has also seen a decline in 2016.
Even the mega deals in non-tech, could not lift the global
deal value and volume.
The very best news of the year is the positive deviation
of entrepreneur ecosystem. The main drivers of this
positive force are the accelerating activities of angel
investors and VCs and new establishments/enlargements
in corporate VCs of several top holding companies. On
the financial motivation side, Private Equities (PE) also
accredited their long term perception and trust on the
market with several investment and exit deals.
On the strategic investor side, despite all uncertainties,
M&A still providing to be the best strategy to lead
growth. We foresee that companies will adopt more
M&As to achieve growth in coming low economic
expansion periods.
Having deep experience and long lasting relations as an
advisory firm in the SME segment we kept our full
confidence on their entrepreneur and challenging nature
as well as fast adaptation and learning abilities. However,
as the resolution of political and economic uncertainties
and security problems will take time, we foreseen a
stagnant mid-market M&A in the short run.
This annual report aims to present brighter perspective
on mid-market M&A transactions via excluding
privatizations, asset/ license sales, intercompany
transactions and large cap deals, together with analyses
and comparisons. We are delighted to present the fifth
Turkish mid-market M&A report becoming a reference
source to all stakeholders.
Özge Germeyanoğlu
Managing Partner
SBB CAPITAL PARTNERS
www.sbbcapitalturkey.com
‘Organic growth is very
hard to come by in such a
stagnating economy. M&A
is proving to be the best
strategy to lead growth.’

3. www.sbbcapitalturkey.com 3
Adverse sociapolitic events in local and
international markets, economic recession in Q3
and volatile TL diminished the deal appetite of all
investors.
Despite the chaotic atmosphere in 2016, mid-
market M&A deals maintained its volume in terms
of deal number with 173 deals, only 9% below
previous year. Abundance of venture capital and
angel investor deals avoided any severe shrinkage.
However, as these were small scaled deals, the total
deal value fall by 32% (total mid-market M&A value
is estimated to be 603 million USD, including the
estimate value of deals with undisclosed figures).
The report analyses transactions of SMEs whose
declared or estimated equity value is less than 50
million USD. The average deal size decreased down
to 5.1 million USD, corresponding to 19% shrinkage.
Besides, rapidly rising venture capital and angel
investor acquisitions increased the number of
transactions in expense of fall in the average deal
size. Abundant entry stage investments disturbed
almost all market dynamics.
IT and internet were by far the leading sector in
terms of deal number backed by VCs and angel
investors. With the absence of foreign investors, the
deals in their primary target sector, manufacturing
reduced by 50% (14 deals in 2016, 30 deals in 2015).
2016 2015 2014 2013 2012
Deal # 173 190 152 97 98
Average deal size –
million USD
5.1 6.3 12 8 11.6
Foreign investor share
# / volume
40% / 62% 52% / 72% 53% / 57% 40% / 54% 46% / 53%
Financial investors share # 49% 36% 16% 30% 30%
Over 50% share purchase
ratio
54% 66% 81% 72% 76%
In the chaotic 2016, mid-
market M&A deal number
managed to remain flat,
while total deal value
shrunk by 32%.

4. www.sbbcapitalturkey.com 4
Financial investors maintained their interest on SME
acquisitions. Successful exits also enhanced the
investment appetite in the segment. However, reduced
confidence of foreign investors and decreasing deal
sizes seeds risks on the future exits. PEs had a
diversified sector preference in manufacturing, food
and energy, whereas VCs were more focused on IT and
internet. Keen PE and VC activity and achieved
discussions directly with the companies upgraded the
empathy and increase the awareness of the market
dynamics for both sides.
Strategic investors dealing with higher budgets still
dominated deal-making market by 72%. Whereas, their
mid-market M&A penetration on deal numbers was
loosened against expansion of VCs and angel investors.
The share of strategic investments reduced down to all-
time lowest level of 51% (It was 64% in 2015) of the total
deal number. On the other hand, popular VC and angel
investor deals of 45 million USD represented only 7% of
the total deal value yet.
The transferred stake ratio of mid-market deals has also
notably changed. 54% of the acquirers (66% in 2015) had
the full or majority stake in the transactions. The ratio
was up to 75% among strategic investors and 72% among
foreign investors. Foreign companies targeting minimum
risk and faster deployment still prefer an acquisition or
partnership with majority share for Turkish market entry.
44 of 111 deals, whose transferred share ratio was
declared, were 100% acquisitions.
Unit!
Stratejic
Venture Capital
Angel Investor
Private Equity
Volume!
Stratejic
Venture Capital
Angel Investor
Private Equity
‘Popular VC and angel
investor deals of 45 million
USD represented only 7%
of the total deal value yet.’

5. www.sbbcapitalturkey.com 5
Sector Details
Internet and IT, which transformed the social and
business life, were also the premier M&A targets. The
investors of these sectors were intensively financial and
local with 82% and 72% share respectively. Listing of
start-ups having second and third stage investment
rounds during the years, increased the market activation.
Manufacturing is the third runner with 15 deals (half of
2015 volume due to absence of foreign investors).
Financial services were the forth, where inevitable
consolidation takes places due to tough competition and
capital requirement.
Having an organically shared field of study, IT, Internet
and e-commerce targets were dominant with 44% of the
total deal number. The activity at food & beverage,
services, e-commerce and energy remained at modest
levels.
There is a healthy growth in financial and private
investors appetite for agricultural investments and it
appears to be a strong candidate for high M&A activity
for the coming years.
Distribution, retail, chemicals and advertising are the
stable sectors in which investors regularly seek for
inorganic growth alternatives in Turkish market.
There were specific sectors in which predominantly
strategic investors are keen to exploit opportunities.
Over 80% of healthcare, chemicals, financial services,
advertising, media, food and distribution investors were
strategic. The same ratio applies for financial investors in
internet and e-commerce transactions.
‘Over 1/3 of the
transactions were in IT and
internet sectors.’
0
5
10
15
20
25
30
35
40
45
Internet
IT M
anufacture
Finance
Health Technology
Energy
Service
Food
Chem
icals DistribuDon AdverDsing
Retail Agriculture E-com
m
erce
Other
2016
2015

6. www.sbbcapitalturkey.com 6
Investor Profile
In 2016, foreign investors were extremely cautious in
making new investments. As unfavourable occasions
happened in the country and investment notes were
downgraded, on-going negotiations were tended to be
suspended or withdrawn. Uncertainties in the global
markets also boosted the hesitation manner. Remarkable
absence was on the investors from European region,
with whom the trade volume is highest.
In terms of sector focus, among foreign and local
investors, the former stood out in internet and
manufacturing whereas the latter dominated IT, financial
services and internet sectors. European investors were
still the most active foreign acquirers with 29 deals
despite notable share decrease in deal numbers ( 17% in
2016, 29% in 2015). French investors were the leading
investor group among European acquirers with 8 deals
followed by Germany and UK with 6 and 5 transactions
respectively.
USA is the leading country among foreign acquirers in
2016 with 12 deals. The biggest M&A market USA origin
investors continued their interest in the Turkish SME
market. Besides, despite its geographical distance to the
country, Japan proved to be a stable investor. Japanese
investors mainly prefer to acquire their former business
partners (distributors, suppliers etc).
Middle East was still far below than European countries
in mid-market investments. Similarly, Russia despite
close economic relations and China the biggest second
economy in the world having massive abroad direct
investments were taking minimum place in the Turkish
mid market M&A listings.
Israel, Greece and South Africa were the new comers of
foreign mid-market acquirers list in 2016.
Foreign investors appetite decreased both in strategic
and financial profiles. There were 15 financial investors
out of 59 unique foreign acquirers (the unique foreign
acquirers in 2015 were 89). Strategic local acquirers also
diminished in 2016, whereas total local acquirers
expanded from 76 to 82, backed by highly active financial
investors of VCs and angel investors.
‘Recession was mainly
on the foreign investor
appetite.’
104
104
71
29
55
43
12
19
17
0 50 100 150 200 250
2016
2015
2014
Turkey
EU
USA
Middle East
Far East
Other

7. www.sbbcapitalturkey.com 7
2017 Prospects
Investment potential of Turkey is hindered by problems
in security, social consensus and legal system perception.
The economic growth backed by easy finance and fast
consumption was over. The ones that can differentiate
its service/product, utilizing R&D perception, hedging
any foreign exchange risk, professionally prepared to
potential transactions, to sum up, having its own allure
story can be on the scope of the investors.
EU and USA investors are the significant players in mid-
market transactions. Parliamentary elections in these
countries, expected interest rate increase by FED,
withholding of EU entrance discussions, regional political
crises and security problems will create stress on foreign
investment field.
Private equity, venture capital and angel investors will be
key to keeping momentum in the mid market M&A
transactions in 2017 via their exit stories, new
investments (despite not being the major player based
on transaction value) and ecosystem supports. Whereas
in the long run, pension funds will be on the scene as a
new investor profile.
Following the notable devaluation of TL, the proposition
of “the pricing of Turkish companies became attractive”
will not be a precise comment when there is no forecast
of valuation of TL back. Acquirers of foreign exchange
measure the return on their investment on again foreign
exchange.
On another note, the latest tax amnesty clearing major
risks of the applicant company, will ease the tax due
diligence process and diminish any potential risk
calculation for any transaction.
As the SME owners put more emphasis on “exit” and
“partnership” strategies and transformation of start-ups
to mid sized companies with the help of gained growth
capital take place, there will be a healthy growth in on-
the-market target companies. It is exciting to have such a
potential coming ahead in midterm.
Looking ahead to 2017, we foresee a stable mid-market
M&A activity to be largely influenced by political agenda.
IT, internet, financial services, manufacturing and
outsourcing services are major candidates to be the most
M&A active sectors.
‘Hereafter, it is not the
country potential, but
the differentiating story
of the target itself will
acquired.’

8. www.sbbcapitalturkey.com 8
For more information:
SBB Capital Partners
Flora Residans D:1806
Ataşehir-İstanbul
www.sbbcapitalpartners.com
sbb@sbbcapitalpartners.com
T:+90 216 3625276
F:+90 216 3726634
Waiver Notice
This Report has been prepared for information purposes
relating to M&A activities in SME sector. This Report
does not purpose to be all-inclusive nor to contain all the
information that a prospective investor may require in
deciding whether or not to invest in SME sector. Each of
SBB Capital Turkey and its respective subsidiaries and
associated companies and its respective officers,
employees and agents expressly disclaims any and all
liability which may be based on this Report or such
information, and any errors therein or omissions there
from.
Transactions data presented in this report are based on
information that is readily available in the public domain.
SBB Capital has not conducted any research on the
accuracy of the given information. Therefore, SBB Capital
Turkey does not accept any responsibility as to the
accuracy or completeness of the data. This report does
not cover capital market transactions, IPOs, license/asset
sales, real estate sales, intra-group share transfers and
transactions of PE institutions within the framework of
debt restructuring.
Recipients of this report are not to construe the contents
of this Report as legal, business, tax or other advice. Any
recipient or prospective investor should not rely upon
this Report in making any decision, investment or
otherwise and is recommended to perform their own
investigation and seek their own independent advice.

9. www.sbbcapitalturkey.com 9
Deal List*
# Target Sector Acquirer Origin Profile Stake
1 3 Öğün Food Mresco Kuwait Strategic -
2 ACL Teslim Internet
Revo Capital, İstanbul Startup
Angels Turkey Financial -
3 Acron IT IT EOH Holdings South Africa Strategic -
4 Adoçim Manufacture Titan Cement Greece Strategic 50%
5 AES Mining Mining Çiftay Construction Turkey Strategic 100%
6 Ambeent Wireless Telco ACT Venture Partners Turkey Financial -
7 Ana Food Food Bunge USA Strategic 100%
8 Anda Dağıtım
Distribution /
Wholesales Teva Pharmaceutical Israel Strategic 100%
9 Anneysen.com Internet Dügün.com Turkey Strategic 100%
10 Apsiyon Service Earlybird Germany Financial -
11 Ardic Arge Bilgi IT ACT Venture Partners Turkey Financial -
12 Arkel Elektrik Electronics Electronics Mediterra Capital Turkey Financial 70%
13 Armut.com Internet
AddVenture, Hummingbird
Ventures Russia, Belgium Financial -
14 Artım IT
Distribution /
Wholesales Indeks Bilgisayar Turkey Strategic 49%
15 Asis Electronics Manufacture
Es Yönetim Danışmanlığı,
Private Investor Turkey Strategic 50%
16 Asset Medikal Health Pera Capital Turkey Financial 45%
17 Asya Emeklilik Finance Agriculture Kredi Kooperatifleri Turkey Strategic 98%
18 Ata Elektrik Energy Verusa Holding Turkey Financial 26%
19 Atlas Varlık Yönetimi Finance Türkasset Varlık Yönetimi Turkey Strategic 100%
20 BCS Technology Electronics Hitachi Japan Strategic 51%
21 Big Chefs Retail Taxim Capital Turkey Financial 40%
22 BiSu Internet Sankonline, 500 İstanbul Turkey Financial 17%
23 Bome Health Tricitron India Strategic 60%
24 Bostan Tarım Agriculture Vanet Turkey Strategic 48%
25 Botego IT Private Investor Turkey Financial 15%
26
Boyracı Yapı
Construction Construction Evershine Group Hong Kong Strategic 30%
27 Bursa Pazarı
Distribution /
Wholesales Bunzl United Kingdom Strategic 80%
28 Carbon IT 500 Startups USA Financial -
29
China shipping
Acenteliği Logistics Cosco Eurpoe China Strategic 80%
30 Clear Channel Turkey Advertising Private Investor Turkey Strategic 100%
31 Çözümevi Danışmanlık IT EOH Holdings South Africa Strategic -
32 Çukorova Kimya Chemicals
KMY Kimya Girişim
Danışmanlığı Turkey Strategic 100%
33 Damargüç plastik Manufacture Private Investor Turkey Strategic 100%
34 Demir Hayat Sigorta Finance EMF Capital United Kingdom Financial 100%

10. www.sbbcapitalturkey.com 10
# Target Sector Acquirer Origin Profile Stake
35 Destek Varlık Yönetimi Finance
Lider faktöring, Merkez
faktöring, Private Investor Turkey Strategic 100%
36
Diaverum Diyaliz
Servisleri Health D.med Medical Services USA Strategic 100%
37 Digiform IT Revo Capital Turkey Financial -
38 Digitouch Advertising Publicis Groupe France Strategic 100%
39 Dinç Oyun Uygulama Internet Gedik Girişim Turkey Financial 12%
40 Dolap Internet Earlybird Germany Financial -
41 Dry Taxi Internet Private Investor Turkey Financial 44%
42 EBX Mining Mining Bahar Mining Turkey Strategic 100%
43 Effect Halkla İlişkiler Advertising WPP USA Strategic Majority
44
Egeli & Co Yatırım
Holding Finance Private Investor Turkey Financial 10%
45 Eko Faktoring Finance Private Investor Turkey Strategic 10%
46 Elkon Elektrik Manufacture Vera Capital Turkey Financial -
47 Enda Energy Energy Verusa Holding Turkey Financial 33%
48 English Ninjas Internet Private Investor Turkey Financial -
49 ENVY Energy Energy Assystem SA France Strategic 51%
50 Episome Biotech IT Diffusion Capital Turkey Financial -
51 Erensan Manufacture Atlantic Group France Strategic -
52 Ergo Emeklilik Finance Fiba Emeklilik Turkey Strategic 100%
53 Ergo Portföy Yönetimi Finance Qınvest Katar Strategic 100%
54 Erişim Faktoring Finance Merkez Faktoring Turkey Strategic 100%
55 EVD Energy Yönetimi Service Atalian Group France Strategic -
56 Evtiko Internet
btov partners, TA ventures,
Rocket Internet, Global
Founders, Private Investor Miscellaneous Financial -
57 Farmamak Manufacture Klöckner Pentaplast Germany Strategic 100%
58
Faz Elektrik Motor
Makina Manufacture DCM Manufacturing USA Strategic 100%
59 Ferer
Distribution /
Wholesales Ferro USA Strategic 100%
60 Feza Kimya Chemicals IMCD Netherlands Strategic 100%
61
Flap Kongre Toplantı
Serviceleri Service Private Investor Turkey Financial 8%
62 Flight Recorder Internet ClickTale Israel Strategic 100%
63 Footbalium Internet StartersHub Turkey Financial -
64 Garajyeri Internet Hummingbird, Private Investor Miscellaneous Financial -
65 Geen BiyoTechnology Technology String Ventures Turkey Financial -
66 GNC Turkey Retail Infinity Holding Turkey Financial 100%
67 Habita Service Private Investor Turkey Financial -
68 Hak Boğaziçi Logistics NBS Ship Bulgaria Strategic 100%
69 Hakan Plastik Manufacture Georg Fischer Switzerland Strategic 10%
70 Hasat BNO Food Avod Food Turkey Strategic 45%

11. www.sbbcapitalturkey.com 11
# Target Sector Acquirer Origin Profile Stake
71 Hiref Retail Demsa Turkey Strategic 51%
72 Hitit Bilgisayar IT Pegasus Turkey Strategic 10%
73 HMF Asansör Manufacture Hyundai Elevator South Korea Strategic 51%
74 Hobim Bilgi İşlem IT Çukurova Holding Turkey Strategic 24%
75 Home Sweet Home Retail Kervan Mobilya Turkey Strategic 100%
76 Iamnotbasic e-commerce Private Investor Turkey Financial 10%
77 Idetek Service Atalian Group France Strategic 100%
78 Ininal Internet Multinet Turkey Strategic 50,1%
79 Insider Internet
212, Wamda Capital, Öncü
GSYO, Private Investor Miscellaneous Financial -
80 Interplast Chemicals Safic- Alcan France Strategic 49%
81 Inventram Technology Mitsui & Co Japan Strategic 30%
82 IVEN IT Netaş Wesley Technology Fonu Turkey Financial -
83 İklimya Elektrik Energy Verusa Holding Turkey Financial 69%
84 İpara Internet
Edgepay Holdings, Rhythm
Ventures, Private Investor Miscellaneous Financial 49,9%
85 İyi Sahne Internet GBA, Egiad, Private Investor Turkey Financial -
86 İyzi Payments Technology
IFC, Vostok Emerging Finance,
212 ltd
USA, Sweden,
Turkey Financial 30%
87 İzopoli Yapı Elemanları Manufacture Kingspan Group Ireland Strategic -
88 KapGel Internet
Wamda Capital, AddVenture,
Private Investor Miscellaneous Financial -
89 Katıhal IT Private Investor Turkey Financial -
90 Kolay Randevu Internet Miscellaneous Miscellaneous Financial -
91 KolayIK Internet
GBA,YT Venture Partners, Egiad
Melekleri, Private Investor Turkey Financial -
92 Kullan At Market Internet Bunzl United Kingdom Strategic 80%
93 Kurt ve Kurt A.Ş Electronics Hitachi Japan Strategic 75%
94 Lala Internet BIC Angels Turkey Financial -
95 Link Plus IT Redington India Financial 10%
96 Lokman Hekim A.Ş Health Özel Akay Hastanesi Turkey Strategic 100%
97 Mas-Deha Electronics Canon Japan Strategic 100%
98 Mavilab Yazılım Technology Diffusion Capital Turkey Financial -
99 MeeApps IT Gedik Girişim Turkey Financial 20%
100 Merkez Faktoring Finance Tellza Communications USA Strategic 10%
101 Mobil oto servis Internet Private Investor Turkey Financial -
102 Modanisa Internet
Wamba Capital, Private
Investor Miscellaneous Financial 11%
103 Moleküler Görüntüleme Health Varinak Onkoloji Sistemler Turkey Strategic 100%
104 Monopoli Sigorta Finance EMF Capital United Kingdom Financial -
105 Mutlubiev Internet Private Investor Turkey Financial -
106 N'oluyo Internet Private Investor Turkey Financial -
107 Natek IT IT MAY Investment Turkey Financial -

12. www.sbbcapitalturkey.com 12
# Target Sector Acquirer Origin Profile Stake
108 Naviga Tekstil Manufacture Atlantis Yatırım Holding Turkey Financial 50%
109 Nerdeicek Internet Private Investor Turkey Financial 20%
110 NetCad Yazılım A.Ş IT Taxim Capital Turkey Financial 55%
111
Nizip Özel Medinas
Hastanesi Health Adnan grup Turkey Strategic 100%
112 NSK Armatür Manufacture Roca Sanitario Spain Strategic 100%
113 Oasis Medikal Health Wellspect HealthCare Sweden Strategic 100%
114 Ofen Energy Energy Bakanlar Media Turkey Strategic 100%
115 Okenos Food Food MMC Sanayi Turkey Strategic 50%
116 Olev Internet 500 İstanbul Turkey Financial -
117 OTS Dijital Baskı
Distribution /
Wholesales satış Spandex Switzerland Strategic 40%
118 Özel Akay Hastanesi Health Lokman Hekim Engurusah Turkey Strategic 100%
119 P1M1 IT Esor Investments Germany Financial -
120 Panaroma IT
Distribution /
Wholesales satış Verifone USA Strategic 100%
121 Papara Internet Ilker Diker Turkey Financial -
122 Paraşüt IT
Revo Capital, Diffusion Capital,
500 Startups Turkey Financial -
123 Paypad Internet Private Investor Turkey Financial -
124 Peker Yüzey Tasarımları Manufacture Darby Overseas Investments USA Financial -
125 Peoplise IT Revo Capital Turkey Financial -
126 Planet TV Media Sony Pictures Television USA Strategic 51%
127 Polen Food Food Martin Braun Gruppe Germany Strategic 55%
128 Politeknik Metal Sanayi Chemicals Coventya France Strategic 80%
129 Polizom Technology String Ventures Turkey Financial -
130 Positive Energy IT Şirket Ortağım Turkey Financial -
131 Prestij Brokerlık Finance Sedes Brokerlık Turkey Strategic 100%
132 Publicis Yorum Advertising Publicis Groupe France Strategic 49%
133 Pulsa Holding Finance Euro Yatırım Holding Turkey Strategic 100%
134 Ran Tarımsal Agriculture Euro Food Turkey Strategic Majority
135 Reichold Turkey Chemicals Volantis Kimya Turkey Strategic -
136 Rekmob IT Teknolojileri IT RS Internet Turkey Strategic 100%
137 Rem Örme Manufacture Menba Holding Turkey Strategic 20%
138 REPG Energy Sistemleri Energy TR Angels Turkey Financial -
139 Reztoran Internet Private Investor Turkey Financial -
140 Rito Tohumculuk Agriculture Takii Seed Japan Strategic 100%
141 Rock FM Media Gitassi Media Turkey Strategic 100%
142 Rotopas Ambalaj Manufacture Gözde Gişirim Turkey Financial 48%
143 SBS Bilimsel Bio Chemicals Diffusion Capital Turkey Financial -
144 Scorp Internet Private Investor Germany Strategic -

13. www.sbbcapitalturkey.com 13
# Target Sector Acquirer Origin Profile Stake
145 Segmentify Internet
ACT Venture Partners, Starters
Hub Turkey Financial -
146 Semanticum Advertising Related Group Turkey Strategic -
147 Siirt Akkök Energy Energy DC Elektrik üretim Turkey Strategic 100%
148 Silence of the bees e-commerce Private Investor Turkey Financial 10%
149 Sinemia Internet
Istanbul Startup angels, Private
Investor Turkey Financial -
150 Smart Moderation IT StartersHub Turkey Financial -
151 Smartiks Bilgi Teknolojisi IT Verusaturk Turkey Financial 40%
152 Snapbuy Technology Şirket Ortağım Turkey Financial -
153 SOR'UN Internet Private Investor Turkey Financial 20%
154 Stajim.net Internet Şirket Ortağım Turkey Financial -
155 Şişecam Çevre Sistemleri Manufacture EBRD United Kingdom Financial 10%
156 Tabaoğu Su ürünleri Agriculture Sagun Grup Turkey Strategic 100%
157 Tacirler Yatırım Holding Finance Smart Invest Turkey Strategic 87%
158 Tapu.com Internet Earlybird, Private Investor Miscellaneous Financial -
159 Tekno Tasarım Holding Technology Transtürk Holding Turkey Strategic 30%
160 Temizlikyolda Internet Private Investor Turkey Financial -
161 TG Expo Service Expotim Turkey Strategic 50%
162 Themis Danışmanlık Service Abraaj Capital UAE Financial 100%
163 Tisho.com e-commerce Private Investor Turkey Financial 100%
164 Tolon Global Makina Manufacture Jensen Group Belgium Strategic 30%
165 Turins Sigorta Finance Gulf Insurance Group Kuwait Strategic 90%
166 Twentify Internet Private Investor Turkey Financial -
167 V-count Technology Revo Capital Turkey Financial -
168 Visionteractive IT StartersHub Turkey Financial 10%
169 Vispera Internet Private Investor Turkey Financial -
170 Vitamin Simit Food Munif Alnahdi Group UAE Financial 45%
171 Voyaj Club Tourism Join Up Ukraine Strategic 50%
172 Win Bilgi İletişim IT Comdata USA Strategic 100%
173 Yedi70 Internet StartersHub Turkey Financial -
* İşlemlerde firma değeri 50 milyon USD’dan az olan ya da olduğu tahmin edilen hedef firmaların işlemleri listelenmiştir.
**Firmalar alfabetik olarak listelenmiştir.