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European strategics buy Turkish specialists.

After technology, industrials draw the most foreign buyers in Turkey: 31 transactions since January 2023, 18 of them from Europe. They buy component makers, machine builders and engineering specialists, and they buy for control.

122
transactions since January 2023
31
with a foreign buyer
18
of them European
  • Foreign buyer
  • Turkish fund
  • Turkish strategic
  • Not recorded

The market

41.5
USD bn of automotive exports in 2025, Turkey’s largest export sector; Germany the largest market
28.7
USD bn of machinery exports in 2025
10.1
USD bn of defence and aerospace exports in 2025, a record
1,000
Turkish industrial companies with 50 or more employees, at least

OİB, automotive exports 2025 (January 2026). MAİB, machinery exports 2025 (January 2026). SSB, defence and aerospace exports 2025 (January 2026). Orion Capital Partners research, October 2026.

The pattern

Foreign buyers take control.

Of the 31 transactions with a foreign buyer in Turkish industrials since January 2023, 20 took the whole company or a majority. European strategics led: Volex, OBO Bettermann, Troester, Alstom and Consilium, twice.

Other and unrecorded: every transaction that is not an acquisition or a minority stake, including those without a recorded type. Percentages: acquisitions as a share of transactions with a recorded type, shown as a count where fewer than 20 have one.

What drives the market

Four themes, named transactions.

Components and cables

Cable harnesses, fasteners and motors: specialist suppliers to European industry.

195USD m, Volex for Murat Ticaret Kablo, 2023
  • Volex , target: Murat Ticaret KabloUSD 195m
  • OBO Bettermann , target: Ezel CıvataMajority
  • WEG , target: Volt Electric MotorsUSD 88m

Climate and ventilation

European ventilation groups buy into Turkish producers, often in steps.

100%Systemair’s share of Systemair HSK Türkiye since January 2025, first bought into in 2012
  • Systemair , target: Systemair HSK TürkiyeTo 100%
  • Groupe Atlantic , target: EnekoStake

Machines and automation

Machine builders and automation engineers join European equipment groups.

3European acquisitions of Turkish machine, automation and rail equipment makers since 2024
  • Troester , target: SC OtomasyonAcquisition
  • Innovalift , target: Arkel Elektrik100%
  • Alstom , target: Duray Ulaşım SistemleriAcquisition

Marine and defence

Marine safety, yachts and defence systems draw specialist buyers at home and abroad.

471USD m, ROKETSAN for ASSAN Group’s defence assets, 2026
  • ROKETSAN , target: ASSAN defence assetsUSD 471m
  • Consilium Safety Group , target: Ares Marine100%
  • Consilium Safety Group , target: IntegmarAcquisition
  • MB Holding , target: Proteksan Yat ve GemiUSD 65m
Who buys

Where Turkish industrials’ foreign buyers come from.

Europe supplied the buyer in 18 of the 31 transactions with a foreign buyer since January 2023, led by Germany and Sweden. Buyers from the United States, the Gulf and Asia, among others, made the rest.

  1. Germany5
  2. Sweden5
  3. United States3
  4. UAE3
  5. Oman2
  6. Italy2
  7. France2
  8. South Korea1
  9. Israel1
  10. United Kingdom1
  11. Spain1
  12. Brazil1

Transactions with a foreign buyer, by the buyer’s own country; the twelve largest of 16 countries.

Control

Largest control transactions since January 2023.

YearTarget and buyerStakeValue
2026ASSAN Group defence assetsROKETSAN TRAcquisitionUSD 471mAcquisition
2023Murat Ticaret KabloVolex GB100%USD 195m100%
2024Volt Electric MotorsWEG BR100%USD 88m100%
2024Epsilon KompozitAksa Akrilik TR54%USD 22m54%
Foreign buyers

Selected foreign buyers since January 2023.

YearTarget and buyerStake
2026Ezel CıvataOBO Bettermann DEMajority
2026Integmar Marine TechnologiesConsilium Safety Group SEAcquisition
2025Aironn HavalandırmaCFH DE51%
2025Ares MarineConsilium Safety Group SE100%
2025SC Otomasyon MakineTroester DEAcquisition
2024Volt Electric MotorsWEG BR100%
2023Murat Ticaret KabloVolex GB100%

Globalscope Partners

Industrials: the network at work.

Recent industrials transactions advised by Globalscope member firms in other markets. When the buyer for a Turkish company is abroad, the member firm there works with us; the network spans 51 countries.

The network Globalscope Partners

Transactions advised by Globalscope member firms; each card links to the deal’s page on globalscopepartners.com.

Orion notes

Notes on Turkish industrials.

Orion view

What this means for a buyer.

  1. Founder owned and exportingAmong larger Turkish industrial companies, 55% are founder or family owned, few are backed by private equity, and 91% export. Foreign buyers look for the ones that already supply European customers to their standards.
  2. Control is the norm20 of the 31 industrial transactions with a foreign buyer since January 2023 were full or majority acquisitions. Founders who want to stay on agree an earn-out or a rollover.
  3. Read the numbers before you priceTurkish statutory figures need normalising for currency effects, related parties and owner costs. We do that work before you make an offer, so you price the business on the basis your diligence will test.

Source: Orion Capital Partners’ register of Turkish M&A, January 2023 to September 2026.