Dubai -based Abraaj Group, the Middle East's largest private equity firm, announced in a written statement on Tuesday that it acquired an undisclosed majority stake in the Turkish dairy producer Yorsan group for an undisclosed sum. The European Bank for Reconstruction and Development (' EBRD') and the Yoruk family are the other shareholders of Yorsan group, the statement detailed. The size of the Turkish dairy market is estimated at TRY 6.5bn ( EUR 2.1bn ), according to the statement. Last month, Turkish daily Sabah reported that Abraaj Capital acquired an 80% stake in Yorsan group companies, namely Yorsan Gida Mamulleri, Yorukler Dis Ticaret, Yorukler Gida Mamulleri and Yorsan Gida, for an undisclosed sum. Abraaj planned to control its stakes in Yorsan group companies through an Istanbul -based subsidiary, namely Dairy Fresh Sut Urunleri. Yorsan posted a turnover of TRY 360.1mn last year, according to the Istanbul Chamber of Commerce's (ISO) top 500 industrial enterprises list. Abraaj recently invested in Turkish private student dorm operator Republika Academic Aparts and it has a 50% stake in Turkish yacht company Numarine in 2008.
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