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Collaborative capital for best-in-class businesses
Esas is one of the leading private equity firms in Turkey. We are focused on buyout and growth capital investments in cash-generative, mid to large-sized companies with solid business models.

Our team of investment and operations professionals with deep industry expertise help companies expand into new products and markets and improve their operations.

We take a proactive approach in our investments and work closely with management teams to create value.

We take control, joint control, or minority positions with a significant influence. We look to exit within five to seven years, but can support longer holding periods due to our single LP structure.

 

International Private Equity
Esas is the leading Turkish firm active in international private equity investments globally. Esas is flexible in terms of both company and ticket size with a geographic focus on Western Europe and North America.

Our international private equity investment philosophy is based on building successful partnerships with other investors including private equity funds, family investment firms, institutional investors, corporations and entrepreneurs. We take minority or significant minority positions alongside reputable investors and invest in growth-oriented, cash generative companies with solid business models.

Esas makes investments globally with a preference to invest in Western Europe and North America, and is flexible in terms of industry, equity cheque and holding period. We look for a clear exit strategy but can support extended holding periods due to our single LP structure.

Portfolio
Turkish Private Equity: Select Realized Investments
Team
H. ÇAĞATAY ÖZDOĞRU
CEO

Çağatay Özdoğru leads Esas Private Equity business and is a member of the Private Equity Investment Committees.

Prior to joining Esas in 2005, Mr. Özdoğru was the President of IT & Telecommunications Group at Sabancı Holding. Previously, he held various positions at France Telecom Group, where he last served as the Executive Vice President of the REEMEA region. He was also a member of the Global Operating Committee.

Mr. Özdoğru graduated from Istanbul Technical University with a degree in Electronics and Telecommunications Engineering and received his M.S. degree in Telecommunications Engineering from George Washington University.

Çağatay Özdoğru served on the boards of UN Ro-Ro, Mars Cinema Group and Peyman until exit and sits on the boards of Pegasus Airlines, Mars Sportif, Korozo and Ayakkabı Dünyası.

İNAN TANRIÖVER
CFO

İnan Tanrıöver is the CFO of Esas and serves on the Private Equity Investment Committees.

Prior to joining Esas in 2007, Mr. Tanrıöver worked for Ziraat Bank from 1977 to 2001 and was appointed to London twice as Senior Country Manager. He joined Sabancı Holding in 2001 as the Finance Director of the International Trade Group in London. He also worked for Şekerbank as an Executive Board Member.

Mr. Tanrıöver received his B.A. degree in Marketing from Ege University.

İnan Tanrıöver sits on the boards of Esas Properties, Bonservis and Ayakkabı Dünyası.

CUMHUR KUŞÇUOĞLU
Senior Director &
Head of Turkish PE

Cumhur Kuşçuoğlu is a Senior Director and the Head of Turkish Private Equity and serves on the Private Equity Investment Committees.

Prior to joining Esas in 2009, Cumhur worked as a Director in the MENA Buyout Fund of the Carlyle Group. From 2002 to 2007, he was a Director at EY, supervising the M&A Advisory Services team in Turkey and Southeast Europe. Cumhur started his career in the Audit Department of Arthur Andersen where he worked for six years.

Mr. Kuşçuoğlu earned his B.A. degree in Economics from Boğaziçi University. 

Cumhur Kuşçuoğlu served on the boards of Mars Cinema Group and UN Ro-Ro until exit and sits on the boards of Mars Sportif, Ayakkabı Dünyası and Bonservis.

DİNÇER AYDEMİR
Director
Tax & Legal

Dinçer Aydemir is a Director and leads the Tax & Legal team.

Prior to joining Esas in 2015, Dinçer was a partner at Mazars Turkey for 7 years. At Mazars, he focused on international tax issues, tax risk management, M&A projects, and advised various local and multinational companies. From 1997 to 2009, he was a tax inspector at the Ministry of Finance of Turkey. 

Dinçer Aydemir received his B.A. degree in Political Sciences from Ankara University and M.S.B.A. degree in Financial Economics from Boston University. He is also a Sworn Financial Adviser and holds an Independent Auditor Certificate.

BABÜR ÇELEBİ
Operations Director
Consumer

Babür Çelebi is the Operations Director responsible for Consumer Businesses and serves on the Turkish Private Equity operating team.

Prior to joining Esas in 2010, Babür was the CEO of Doğan Online. Before that, he served as the Executive Vice President of Consumer Products and General Manager of the Marketing Division at Ülker from 2003 to 2008. Previously, he was a board member and General Manager of the Marketing Division at Evyap. From 1984 to 2001, he worked for Unilever in the USA.

Mr. Çelebi earned both his B.A. and M.B.A. degrees from Georgia State University. He also completed the Senior Executive M.B.A. program at Columbia University. 

Babür Çelebi served on the board of Peyman until exit and currently sits on the boards of Esaslı Gıda and Bonservis.

A. BENAN ÇETİN
Director
Finance

Benan Çetin is a Director in the Finance team.

Prior to joining Esas in 2008, Benan was a Treasurer at Sabancı Holding’s International Trade Group in London. Previously, he worked for Sabancı Bank in London, serving in various departments including Treasury and International Trade for six years and Emirates Bank International London for two years.

Benan Çetin graduated from Dokuz Eylul University with a B.A. degree in Economics. He is also an Associate member of the Association of Corporate Treasurers.

A. GÜRKAN ERGENEKON
Operations Director
Services

Gürkan Ergenekon is the Operations Director responsible for Business Services and serves on the Turkish Private Equity operating team.

Prior to joining Esas in 2015, Gürkan worked at the Medline Healthcare Group as the CEO (2010 - 2015) and Executive Vice President (2007 - 2010). Previously, he worked as an Executive Vice President at IsNet and Sabancı Telecom for five years. Before that, he held various positions at Koç Sistem and CPG Ericsson.  Gürkan started his career at Alcatel in Turkey and Belgium.

Mr. Ergenekon received his B.S. and M.S. degrees in Electronics and Telecommunications Engineering from Istanbul Technical University. 

Gürkan Ergenekon sits on the board of Medline Healthcare Group and serves on the operating team of Ayakkabı Dünyası.

İPEK MUTLU
Director
International PE

İpek Mutlu is a Director leading the International Private Equity team in London and serves on the International Private Equity Investment Committee.

Prior to joining Esas in 2017, İpek worked for Virgin Management, Richard Branson’s family office, for 4 years. Previously, she was part of Blackstone’s Private Equity team in London. Before that, she worked for FTV Capital, a growth equity fund in New York. İpek started her career as a Business Analyst at the Strategy and Corporate Finance Practice in Mckinsey & Company’s New York office. 

Ms. Mutlu earned her M.B.A. degree from Harvard Business School and B.A. degree, cum laude, in Economics and Latin American Studies from Harvard University.

İpek Mutlu is an observer on the board of Phaidon.

ŞAHBEY TEKE
Director
Turkish PE

Şahbey Teke is a Director in the Turkish Private Equity team and serves on the Turkish Private Equity Investment Committee.

Since joining Esas as an Investment Analyst in 2007, Şahbey has focused on real estate and private equity investments in Turkey and internationally including Air Lease Corp, Peyman, Ayakkabı Dünyası, Fuyao Glass, AFM and Mars Entertainment Group. 

Mr. Teke received both his B.S. degree in Mechatronics and M.B.A. degrees from Sabancı University. 

Şahbey Teke served on the deal teams of Peyman and Mars Cinema until exit and is part of the Mars Sportif deal team.

FEHMI DURUAY
Senior Manager
Turkish PE

Fehmi Duruay is a Senior Manager in the Turkish Private Equity team.

Since joining Esas in 2011 as an Investment Analyst, Fehmi has worked on real estate investments in Turkey, Europe and the USA, as well as Turkish PE investments. Previously, he worked for Türkiye Sinai Kalkınma Bankası as a Financial Analyst, where he focused on project finance and M&A transactions.

Mr. Duruay received his B.A. degree in Business Administration from Boğaziçi University and holds an M.S. degree in Finance from Koç University.

Fehmi Duruay served on the UN Ro-Ro deal team until exit and is part of the Ayakkabı Dünyası deal team.

MERVE AYSAN
Manager
Tax & Legal

Merve Aysan is a Manager in the Tax & Legal team.

Prior to joining Esas in 2017, Merve worked as a Senior International Tax Consultant at EY where she focused on cross-border tax issues and tax implications of various international holding structures for national and multinational companies that aimed to restructure their investments and operations.  

Merve Aysan received her B.A. degree in Business Administration from Dokuz Eylul University.

DENİZ ÜNAL
Senior Associate
Turkish PE

Deniz Ünal is a Senior Associate in the Turkish Private Equity team.

Prior to joining Esas in 2017, Deniz worked for EY’s Transaction Advisory Services Team as an Analyst, where he focused on financial and commercial due diligence projects.

Deniz Ünal received his B.A. degree in Business Administration with a minor in Finance from Özyeğin University.

JOE TEBBUTT
Associate
International PE

Joe Tebbutt is an Associate in the International Private Equity team and is based in London.

Prior to joining Esas in 2018, Joe worked as an Associate in the Transactions team at AlixPartners, where he focused on M&A and debt advisory projects.

Joe is a member of the Association of Chartered Certified Accountants and has a B.S. degree in Economics and Finance from the University of York.

ATAHAN UÇAR
Associate
Turkish PE

Atahan Uçar is an Associate in the Turkish Private Equity team.

Prior to joining Esas in 2018, Atahan worked for EY’s Transaction Advisory Services Team as an Analyst, where he focused on M&A projects.

Atahan Uçar received his B.A. degree in Economics from Boğaziçi University.

Environmental, Social and Governance (ESG) Principles
Esas recognizes that generating long-term sustainable returns is dependent on clear and well-functioning environmental, social and governance (ESG) principles.

In addition to considering the Firm’s impact on the environment and society, we believe that solid ESG practices lead to better investment outcomes. Therefore, ESG is a key part of Esas’ due diligence and portfolio monitoring processes.

Esas is committed to the Six Principles for Responsible Investment published by the PRI Initiative launched in 2006 and supported by the United Nations Environment Programme Finance Initiative and United Nations Global Compact. Esas aims to become a signatory of PRI in the near future. 

For more information about PRI Initiative please visit www.unpri.org