Release Date: 02 November 2007
Release ID: 1367
Balnak Logistics Group, one of the leading companies in the Turkish third-party logistics (3PL) sector, announced today a significant investment in the company by the Great Circle Fund.
Since its founding in 1986, Balnak has grown from its roots as a freight forwarder to provide a broad range of transportation, forwarding and contract logistics services to both Turkish and international clients. Capital supplied by the Great Circle investment will serve as the cornerstone of a $50 million expansion of Balnak's business.
"With Great Circle, we will double the size of our company, servicing existing and new customers with a full one stop service," said Lütfi Aygüler, founder and Chairman of Balnak. "We will make substantial investments in additional warehouse space in Turkey, as well as in our modern truck fleet for international and domestic transportation. We will expand our network of offices in and outside Turkey, and will also consider acquisitions in the market," added Mr. Aygüler.
"The logistics market in Turkey is growing quickly in both size and sophistication, and we believe Balnak can be the preeminent company in the sector," said Hew Crooks, a Partner with Great Circle Capital. "The Balnak team has rightfully earned a reputation for excellence, and we are excited to support them as they implement their aggressive growth plan."
"We are delighted to have Great Circle as a partner and investor," declared Mr. Aygüler. "They understand our business, and we have already developed a strong and positive relationship that will carry us forward as we pursue our expansion."
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