Swicorp has acquired what will be a majority stake in Step, a leading contemporary carpet manufacturer and retailer in Turkey.
The company is credited with having refined the carpet business in Turkey, one of the most traditional in the country, and subsequently has gained a foothold in the world market. Step operates over 80 points of sale, exports to 35 countries worldwide and has embarked on an ambitious international growth strategy aimed at positioning the company as a leading global player in carpets.
Nabil Triki, managing director of Swicorp Private Equity, said: “We have been watching the development and exemplary working model of the Step company for some time. We are very happy to be partnering it, and have been monitoring their management style in admiration. This will be our first investment in Turkey.  We believe in the growing economy, production and export potential of Turkey and the future of Swicorp through its partnership with Step.”
He added: “We have been investigating the Turkish markets for several years. Turkey is now a strategic market among countries where we make our investments.”
Step chairman Cem Sengor described Swicorp as a strategic power in the Europe, Middle East and North Africa triangle,” areas he said where Step planned to focus on its investments.
“We believe that in addition to being financial partners, Swicorp will give us new horizons with respect to understanding the conditions prevalent in the region and help us achieve our targets,” he said.
Step aims to continue an average annual growth of 40 per cent during the next three-year period and grow its retail network to over 200 sales outlets by 2011.