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Manama and Ankara – In the presence of Turkish Deputy Prime Minister, H.E. Veysi Kaynak, and H.E. M.Rifat Hisarciklioglu, President of the Union of Chambers and Commodity Exchanges of Turkey, Bahrain-based Venture Capital Bank (VCBank), alongside Qatar’s Al Sraiya Holding Group (Al Sraiya) and other strategic investors, announced that they have entered into a joint partnership with Mado Yasar Dondurma (Mado), Turkey’s largest patisserie and ice-cream café chain franchisor. The news was announced in Ankara at a signing ceremony held on Tuesday, December 6 2016, to celebrate the new partnership and its prospects for global growth. In attendance were board members and senior management of VCBank, Al Sraiya and Mado and members of the media.
Mado, which was established in 1962 as a single ice cream shop, today employs more than 1,150 staff across more than 310 stores in Turkey and more than 35 locations internationally including Bulgaria, Azerbaijan, Nakhchivan, Cyprus, Iraq, Saudi Arabia, Qatar, the UAE, Kuwait and Bahrain.
In addition to owning the brand’s franchise rights, Mado produces, markets and sells a wide variety of self-branded food products such as ice creams, dairy desserts, sweet pastries, cakes, bakery goods and meals through two primary channels, namely its network of franchise stores and B2B channels.
Commenting on the acquisition Mr. Abdullatif Janahi, CEO of VCBank said, “We are delighted to announce our newest partnership, alongside Al Sraiya Holding Group and other strategic investors, with Mado. This marks VCBank’s third major investment in Turkey, a market on which we will continue to focus due to its solid fundamentals and strong economic prospects. It is among the fastest growing in Europe and provides a strategic position and launch pad for global growth in particular for companies active in the country’s F&B sector, on which we are bullish. The sector is defensive in nature and supported by favourable market dynamics both in Turkey and in neighbouring and global markets. This includes large and young populations in Turkey and other MENA markets as well as changing cultural habits that are spurring growth in the cafe and dining culture.”
Mr. Janahi added: “Having looked extensively at numerous local F&B brands in Turkey, we selected Mado due to the high quality of its products, the strength of its brand as well the global nature of its business. For a number of years, Mado has delivered strong double-digit growth and we look forward to working closely with its highly seasoned management team to build on these foundations through further international expansion. In particular, we will look to strengthen Mado’s presence in the GCC region, followed by other global markets, leveraging VCBank’s broad base of shareholders, partners and networks including access to prominent food and beverage retailers, wholesalers, suppliers and manufacturers on which Mado can capitalize.”
Mr. Rashid N. Al Kaabi, Vice Chairman of Al Sraiya, added, “In partnership with VCBank we are proud to announce this important transaction for our Group and our continued efforts to diversify our holdings into key growth markets and segments. Our partnership with Mado provides us with exposure to Turkey’s growing economy and in particular its F&B sector, where we see great promise and room for upside potential internationally. With additional resources and support, we expect significant future enhancements and we look forward to working together with Mado to support their strategy for global growth and to ensuring the company meets its vast potential both in Turkey and beyond.”
Mr. Mehmet Kanbur, Chairman of Mado Group, added, “We are pleased to announce this new strategic partnership, which underscores the strong franchise and brand that Mado has built and the ongoing growth prospects for Mado both in Turkey and in international markets. We have delivered strong results year-after-year and fully expect that with a stronger strategic partner and additional resources, we are now better positioned than ever to deliver further growth and enhanced results across existing and new channels and markets alike. Together with VCBank, we especially look forward to expanding our presence in the Middle East, including Saudi Arabia, its biggest market, where demand for the high quality products and dining experiences like those offered by Mado continues to grow. This is an exciting and important milestone for Mado and we look forward to building our brand globally and the value we deliver to our customers, employees and new partners.”
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About Venture Capital Bank
Venture Capital Bank (VCBank) is the first Islamic investment bank in the GCC and MENA region to specialise in small-to-medium enterprises (SMEs) and venture capital investment opportunities. Commencing operations in October 2005, VCBank operates under an Islamic wholesale banking licence from the Central Bank of Bahrain. With an authorised capital of USD 500 million and paid up capital of USD190 million, the Bank benefits from the financial backing and support of a prominent group of regional shareholders; an experienced team of industry professionals; and a close-knit network of strategic partners, business associates and allies.
VCBank offers clients a broad array of superior services and unique investment opportunities across a number of promising asset classes in the GCC, MENA, Turkey, UK and USA. The Bank focuses primarily on venture capital and business development, private equity, and selective real estate investment opportunities.
About Al Sraiya Group
Established in 1975, Al Sraiya Holding Group has built its core on the idea of “innovation”, earning its rank as one of the top in Qatar’s construction field. Offering a range of integrated services that cater to the infrastructural development of Qatar, the Group diversified itself through individual groups of companies (industrial, trading, engineering, hospitality and general services), each operating independently and specializing in its field of expertise. Following a tradition of corporate excellence throughout its operations, Al Sraiya emphasizes performance and exceeding customer expectations through innovation, efficiency and reliability. Moreover, its joint ventures with multinational companies further consolidate Al Sraiya Holding Group as a major player in the Qatari economy.
Furthermore, Al Sraiya has acquired a strong position in the hospitality field through its hotels in Qatar, UK, Germany and USA. With motivated and highly ambitious management, Al Sraiya Group is also poised to fully participate in the development of the visionary policies adopted and pursued by Qatar
About Mado Yasar Dondurma
MADO Ice-cream, which has earned well-deserved fame all over the world with its unique flavour, has a long history of 300 years. This is the history of the “step by step” transformation of a savour tradition called Karsambac (snow mix) that entirely belongs to Anatolia.
Karsambac is made by mixing layers of snow preserved on hillsides and valleys via covering them with leaves and branches with fruit extracts in hot summer days. In time, this mixture was enriched with other ingredients such as milk, honey, and salep, and turned into the well-known unique flavour of today. The secret of the savour of MADO Ice-cream lies, in addition to this 300 year-old tradition, in the climate and geography where it is produced. This unique flavour is obtained by mixing the milk of animals that are fed on thyme, milk vetch and orchid flowers on the high plateaus on the hillsides of Ahirdagi, with sahlep gathered from the same area. All fruit flavours of Maras Ice-cream are also made through completely natural methods, with pure cherries, lemons, strawberries, oranges and other fruits.
MADO is the outcome of the transformation of a traditional family workshop that has been ice-cream makers for four generations, into modern production plants. Ice-cream and other products are prepared under cutting edge hygiene and quality standards in these world-class modern plants and are distributed to MADO stores across Turkey and abroad.
In the last years, the MADO Café chain has reached over 300 franchised stores in Turkey and around the world, not only “just ice-creams shops”, but are places that offer a unique food experience. MADO brings together traditional tastes of Turkish Cuisine such as Baklava, Sarma, Walnut Muska and Dolama, that are matched with MADO’s well-known unique flavour of Ice-cream. In addition to desserts, MADO recreates many almost-forgotten delicacies of the Turkish cuisine.
Media Contacts:
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Zahraa Taher
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ztaher@finmarkcoms.com
© Press Release 2016
