Washington, D.C., September 14, 2006
— The International Finance Corporation, the private sector arm of the
World Bank Group, has invested €3 million in equity and €15 million
in debt as part a consortium led by Bancroft II, L.P. in the acquisition
of Standard Profil, a tier I rubber profile and weather strip manufacturer.
The investment will support this midsize Turkish company’s growth
into a leading supplier in the local and European automotive markets.
Standard Profil, an Istanbul-based company,
is a respected and sizeable player in the domestic and European car parts
industry. It was founded in 1977 and has annual sales of $95 million.
The investment will increase Standard Profil’s competitiveness and support
its export-oriented growth plans, including expansion of its manufacturing
operations to Bulgaria.
"Shahbaz Mavaddat, IFC’s Director for
Southern Europe and Central Asia, said, “We are very pleased with the
successful completion of this project. The automotive industry is a key
source of Turkish exports and has a positive impact on the country’s economy.
We also appreciate the excellent cooperation with Bancroft on this transaction
and look forward to expanding our activities through investments in similar
companies across the region."
Dimitris Tsitsiragos, IFC’s Director for
Global Manufacturing and Services, said, “IFC is a limited partner in
Bancroft II, L.P. and we welcome the opportunity to make our first co-investment
with the fund. Standard Profil is a leading company in Turkey’s automotive
sector, which IFC has identified as having tremendous potential for high
and stable growth.”
Fred Martin, Managing Partner of Bancroft
Private Equity, LLP, said, “We are excited to support the highly capable
and proven management team led by Standard Profil’s CEO, Rifat Kamhi,
as the company continues to grow and gain market share. We are proud to
support the team that created this competitive company and has developed
it into one of Turkey’s manufacturing success stories.”
The International Finance Corporation, the
private sector arm of the World Bank Group, is the largest multilateral
provider of financing for private enterprise in developing countries. IFC
finances private sector investments, mobilizes capital in international
financial markets, facilitates trade, helps clients improve social and
environmental sustainability, and provides technical assistance and advice
to businesses and governments. From its founding in 1956 through FY06,
IFC has committed more than $56 billion of its own funds for private sector
investments in the developing world and mobilized an additional $25 billion
in syndications for 3,531 companies in 140 developing countries. With the
support of funding from donors, it has also provided more than $1 billion
in technical assistance and advisory services. For more information, visit