Schoenherr has advised Mondi Group (Mondi Limited and Mondi plc, together "Mondi Group" or "Mondi") on the acquisition of 90 % of the outstanding share capital in Turkish Kalenobel for a consideration of around EUR 90m on a debt-and-cash-free basis. The sellers were ARGUS Capital, a CEE focused private equity group, and M. Olcay Hephiz, one of the company's founders. The deal closing took place on 12 July 2016 following competition clearance and other customary closing conditions. 

"With its dynamic economy and large consumer base Turkey is a high growth market with international companies not shying away from investing here. Foreign investors are set to gain from tapping into the Turkish market and its favorable geographical position," stated Levent Celepci, partner in the Istanbul Schoenherr office and co-lead in this transaction.  

Mondi is an international packaging and paper Group, employing around 25,000 people across more than 30 countries. Kalenobel is a Turkish consumer packaging company that manufactures flexible consumer packaging for ice cream and other applications as well as aseptic cartons. The Istanbul-based company serves both international FMCG companies and regional food and beverage producers. 

The Schoenherr team advising Mondi Group was jointly led by Levent Celepci (partner, corporate/m&a) and Alexander Popp (partner, corporate/m&a). They were supported by Burke Serbetci (attorney at law, corporate/m&a), Murat Kutlug (attorney at law, corpo-rate/m&a) and Alara Baki (associate, corporate/m&a). 

ARGUS Capital and M. Olcay Hephiz were advised by Kolcuoglu Demirkan Kocakli.