Acquiring in Turkey
Meet the owner before the market does.
We work for strategic buyers and investment funds that want a position in Turkey: we map the companies that fit, open the conversation with their owners in Turkish, and stay with you through diligence, negotiation and completion.
Request a confidential conversation →Point at a region or a country to see where its buyers came from.
Since January 2023, buyers from 52 countries made 321 transactions in Turkey.
Turkey, seen from: EuropeUnited StatesGermanyUnited KingdomFranceBelgiumItalySwedenJapanthe Gulf
How we find the target
From the map to the table in four steps.
- 01
The market
Who has bought in your sector, from where, at what value and on what terms: we start from the transactions already done in Turkey.
- 02
The long list
Companies screened for size, ownership and strategic fit, each with a short profile and the reason it fits.
- 03
The approach
We reach owners in Turkish, through people who know them. The first conversation is usually about more than price.
- 04
The transaction
Valuation, non-binding offer, due diligence, agreement and completion, with lawyers and auditors coordinated and regulatory filings planned with your counsel.
Working in Turkey
How deals get done in Turkey.
Relationship before process. In our experience, negotiated approaches often do better than broad auctions; structure and diligence follow settled Turkish market practice.
- 01
The introduction
Warm, principal-level introductions tend to do better than process mail; a broad auction can read as a sign of distress and cool interest.
- 02
The negotiation
Price expectations often start from headline press multiples. Structure bridges the gap: earn-outs of one to three years, vendor rollovers and management lock-ins are accepted practice.
- 03
The numbers
Normalising EBITDA for currency effects, related parties and owner costs is a standard workstream. We do it with you before the offer, so the price rests on a number that holds in diligence.
- 04
The mechanics
A lira cost base against hard-currency pricing: share purchase agreements are commonly in US dollars or euros with lira completion mechanics; locked-box and completion-accounts structures are both seen.
- 05
The clearances
Competition Board thresholds apply; since February 2026, for a technology company based in Turkey, the target’s threshold is TRY 250m rather than TRY 1bn. Social security liabilities and KVKK data compliance are the items foreign buyers most often underestimate.
Building in Turkey
A strategic that comes once often comes back.
European groups with more than one Turkish company since January 2023.
TeamSystem IT
3 Turkish companies
Mikrogrup (53% in 2023, the rest in 2026), Bizim Hesap, NEF Solution
Ravago BE
3 Turkish companies
Promar Endüstriyel Kimyasallar, Kimteks Kimya, Eurokim
Constructor Tech CH
3 Turkish companies
Advancity, Caz Bilişim, Perculus
Atlas Copco SE
2 Turkish companies
Hamamcıoğlu Makina, SCS Makina
Titan Cement BE
2 Turkish companies
Vezirhan pozzolana quarry, Tracim Çimento (USD 190m)
Ottobock DE
2 Turkish companies
Proklinik, Bilimop
Source: Orion Capital Partners’ register of Turkish M&A, January 2023 to September 2026. A buyer’s country is its headquarters.
Questions foreign buyers ask us
What buyers ask when they look at Turkey.
- 01
How do you value a Turkish company?
In US dollars or euros, on figures restated from the Turkish statutory accounts, with the exchange-rate basis stated. We separate real growth from price effects before we talk about multiples.
- 02
Do Turkish owners sell to foreign buyers?
Yes. Since January 2023, buyers from 52 countries have made 321 transactions. Many attractive targets are family-owned and have never run a sale process.
- 03
What approvals are needed?
Transactions that change control and exceed the turnover thresholds need clearance from the Turkish Competition Board, and sectors such as banking, energy, media and defence have their own regulators. We build the timetable around them with your lawyers.
- 04
How does a conversation with a family owner go?
The first conversation is with the family, in Turkish, and usually about more than price: the name, the employees, the role of the next generation. The buyer who addresses these early stays at the table.
- 05
We already work with a Globalscope member at home.
Then Orion and that member firm work as one team: the adviser you know on your side, and us in Turkey.
Globalscope
Member firms in 51 countries.
Orion is a member of Globalscope Partners. When a buyer comes to Turkey through the Globalscope member in its own country, the two firms run the transaction together.
Source: globalscopepartners.com.
Start with a conversation.
A first conversation is confidential and carries no obligation.