Private equity firm Abraaj Group has bought a minority stake in Hepsiburada.com, one of the largest online retailers in Turkey, from the Dogan family, the Dubai-based firm said on Monday.
No purchase price or stake size was given in the statement, which said that Abraaj would also invest in Evmanya and Altincicadde, furniture and home accessory subsidiaries of Hepsiburada.
Cash from the purchase, made through one of Abraaj’s funds, will be used by Hepsiburada to expand its e-commerce operations in Turkey including the building of a single logistics facility to replace its existing five warehouses, the statement said.
Abraaj said it was the ninth investment it had made in Turkey, including deals for dairy products maker Yorsan and hospital chain Acibadem.
The Dogan family are controlling shareholders of the Dogan Group, a Turkish conglomerate with interests in media, energy, financial services and tourism.