Menu menu-icon menu-icon
Portfolio
Pegasus Airlines
Pegasus Airlines
Aviation
Aviation

Pegasus is the leading low-cost airline in Turkey, providing reasonably-priced flights on short and medium range routes.

Investment Status: Partially Exited

Investment Date: January 2005

Sector: Aviation

Location: Turkey

 
Ayakkabı Dünyası
Ayakkabı Dünyası
Retail
Retail

Ayakkabı Dünyası is one of the largest footwear retailers in Turkey.

Investment Status: In Portfolio

Investment Date: February 2014

Sector: Retail

Location: Turkey

 
Korozo
Korozo
Packaging
Packaging

Korozo is one of the largest packaging manufacturers globally and is the leader in the Turkish flexible packaging market with a well-diversified product portfolio in kitchen consumables, personal care packaging, carrier / cargo bags and in-mould labels.

Investment Status: In Portfolio

Investment Date: March 2017

Sector: Packaging

Location: Turkey

 
Getir
Getir
Online Groceries
Online Groceries

Getir is the pioneer in on-demand “ultrafast” delivery service for grocery items, restaurant food deliveries and cab-hailing, operating through various different sub-services such as Getir10, GetirMore, GetirWater, GetirLocals, GetirFood and GetirBiTaksi.

Investment Status: In Portfolio

Investment Date: January 2021

Sector: Online Groceries

Location: Turkey

 
Insider
Insider
B2B SaaS
B2B SaaS

Founded in 2012, Insider is a founder-led B2B SaaS company leveraging AI and a cutting edge platform to provide an end-to-end solution for marketers, allowing them to understand, target and engage their audiences across all channels.

Investment Status: In Portfolio

Investment Date: February 2022

Sector: B2B SaaS

Location: Turkey

 
Appsilon Enterprise
Appsilon Enterprise
Advanced Materials
Advanced Materials

Founded in 2017, Appsilon is an advanced materials company with offices in Istanbul and Delft, the Netherlands. The Company works in the rapidly evolving field of conflict-free and sustainable lab-grown diamonds focusing on two core competencies, top-quality and cost-effectiveness.

Investment Status: In Portfolio

Investment Date: July 2022

Sector: Advanced Materials

Location: Turkey

 
OPLOG
OPLOG
E-Logistics
E-Logistics

OPLOG is a technology-enabled e-commerce fulfilment and robotics company with a mission to offer ‘top quality’ storage and fulfilment and speed to small & medium-sized enterprises to help them remain competitive against global competitors.

Investment Status: In Portfolio

Investment Date: August 2022

Sector: E-Logistics

Location: Turkey

 
Flormar
Flormar
Cosmetics
Cosmetics

Flormar is one of Turkey's leading color cosmetics brands, known for its extensive product range and affordable prices.

 

Investment Status: In Portfolio

Investment Date: September 2024

Sector: Cosmetics

Location: Turkey

Select Exits
Pegasus Airlines
Pegasus Airlines

SECTOR: Aviation

INVESTMENT DATE: Jan 2005

IPO DATE: April 2013


INVESTMENT OVERVIEW

Pegasus Airlines is the pioneer of the low cost carrier model in Turkey and one of the fastest growing airlines in Europe

EXIT

In April 2013, Pegasus completed its IPO on the Turkish Stock Exchange with a valuation of $1.2 billion, offering 35% of its issued shares to the public

EQUITY STORY

  • Analyzed the low cost carrier model globally and customized it to the Turkish market

  • Established Continuous Improvement Processes to optimize costs on an ongoing basis

  • Invested heavily in e-commerce; boosted profitability by enhancing pricing and focusing on ancillary revenues

  • Experienced management team supported by seasoned non-executive board members

  • Superior operating performance versus domestic competitors: higher utilization rates, excellent “on time” records and significant cost advantage over Turkish Airlines

  • Created company-wide awareness of targeted KPIs and linked to employee incentivization

Mars Cinema Group
Mars Cinema Group

SECTOR: Consumer -  Leisure

INVESTMENT DATE: Aug 2010

EXIT DATE: June 2016


INVESTMENT OVERVIEW

Mars Cinema Group is one of the largest movie exhibitors in Europe and the market leader in Turkey

EXIT

Sold to CJ Group of South Korea for a total consideration of US$ 800m, one of the largest private equity exits in Turkey


EQUITY STORY

  • Grew the Company to become the market leader in box office, cinema advertising and movie distribution

  • Merged AFM and Mars Cinema in one of the largest mergers in Turkey

  • Public to private transaction in Turkey where minority shareholders were squeezed out

  • Increased the number of locations from 45 to 83 and grew admissions from 12 million to 26 million

  • Started cinema advertising and movie distribution businesses, where both businesses became respective market leaders

  • Established movie production business and subsidized local content to increase market size

  • Increased capacity utilization with effective film programming and decreased summer seasonality by optimizing release calendar

  • Converted the network to fully digital with nationwide IMAX exclusivity

  • Strengthened the management team by adding executives with extensive international experience

  • Invested in CRM and created membership base of 1.7 million

Peyman
Peyman

SECTOR: Consumer - Food

INVESTMENT DATE: Mar 2008

IPO DATE: May 2016


INVESTMENT OVERVIEW

Peyman is the leading player in the dried fruit, nuts and seeds market in Turkey, a rapidly evolving segment of the FMCG sector

In Mar 2008, Esas PE acquired a minority stake with controlling rights, becoming the largest single shareholder

EXIT

In May 2026, Peyman was fully acquired by Bridgepoint, one of Europe’s leading private equity firms

EQUITY STORY

  • Identified and delivered results on 50+ improvement initiatives

  • Modernized the manufacturing facility and increased production capacity

  • Developed nationwide brand awareness with extensive TV campaigns

  • Strengthened the management team, by hiring executives with extensive experience

  • Created four new sub-brands in order to target different consumer preferences

  • Launched 21 new products and introduced zip-locked packs

  • Redesigned the distributorship model and increased the number of traditional sales points from 28,000 to 44,000

  • Established strong presence in national and local organized retailers

  • Diversified the Company’s financing sources

U.N. RoRo
U.N. RoRo

SECTOR: Logistics

INVESTMENT DATE: Sept 2014

IPO DATE: June 2018


INVESTMENT OVERVIEW

UN Ro-Ro is the largest roll-off / roll-on operator in the Mediterranean, providing fully-integrated transport solutions for the logistics sector, carrying almost a third of the truckable trade volume between Turkey and Europe

EXIT

In June 2018, the Company was sold to DFDS Group in Denmark for €950 million

EQUITY STORY

  • Re-designed the organization structure and created a performance culture

  • Institutionalized the sales function and adopted a customer-centric approach, increasing customer retention

  • Acquired new customers in the UK and North Africa through destination-based pricing and by deploying a third vessel on the France route

  • Expanded the inter-modal train connections from the Trieste port to various European destinations

  • Extended the concession period of the Trieste port for 25 years

  • Lengthened two vessels which extended capacity by 23% with minimal increase in bunker consumption

  • Increased EBITDA by over 31%(in € terms) by adding capacity and increasing utilization

  • Reduced leverage from 9.0x to 4.5x by disciplined spending, growing EBITDA and non-core asset divestitures

MAC
MAC

SECTOR: Consumer - Leisure

INVESTMENT DATE: Aug 2010

IPO DATE: May 2025


INVESTMENT OVERVIEW

MAC is Türkiye’s leading gym operator, managing four distinct brands: MAC/ONE (premium offering), MACFit (high-value, low-cost model), MACStudio (boutique studio format), and NuSpa (corporate SPA services)

EXIT

In May 2025, MAC was sold to Benefit Systems from Poland for over $430 million

EQUITY STORY

  • Established Türkiye’s largest gym network from greenfield, growing to 127 locations and 1.5 million members

  • Designed inspiring and visually appealing clubs, aligning with the brand positioning which helped drive higher pricing, improved customer acquisition, and strengthened retention

  • Launched a subscription model with annual commitments

  • Introduced premiumization with new memberships (Gold, Diamond, and Platinum) to enhance yield

  • Established MACMedia, a business unit focused on selling in-club advertising, unlocking a new revenue stream

  • Prioritized operational excellence (safety, cleanliness) to deliver customer satisfaction through consistent service quality

  • Implemented advanced performance management and incentive systems to improve the effectiveness of personal trainers and club staff

  • Achieved best-in-sector digital transformation in the gym operating industry

    • Developed a best-in-class mobile application that supports all aspects of the MAC ecosystem—enhancing club operations and delivering seamless member engagement across all touchpoints

    • Developed AI-driven location based pricing model

    • Employed an in-house renewal prediction model

    • Gamification tools are introduced to improve retention

    • Analyzed behavioral data and individualized digital membership journey

  • Decreased monthly churn from 12% to 5.5%

Investment Committee
ALİ SABANCI
Chairperson Esas Holding

Ali Sabancı is Member of the Board of Pegasus Airlines and vice chairperson of Mars Sportif which are part of the Esas Private Equity portfolio. He also serves on the board of Esas Properties.

Ali is one of the co-founders of Esas Social, which was established to facilitate sustainable social investment. He focuses on increasing awareness of entrepreneurship in Turkey. As the president of the Young Entrepreneurs Board in the Union of Chambers and Commodity Exchanges of Turkey (TOBB), he has led successful projects including Angel Investing Legislation, Global Entrepreneurship Congress, G3 Forum, Global Entrepreneurship Week and TIM Innovation Week - Born Global. He is also an angel investor in more than 25 start-up companies.

Ali is a member of the Turkish American Business Association and the Turkish Family Business Association. In 2018 he was awarded the Légion d'Honneur by the French government for his contributions to economic relations between Turkey and France.

Ali Sabancı earned his M.B.A. degree with a major in International Finance from Columbia Business School and B.A. degree in Politics and Economics from Tufts University.

H. ÇAĞATAY ÖZDOĞRU
Member of the Board & Group CEO

Çağatay (Chaatai) Özdoğru oversees all of ESAS’ investment platforms/business lines including real estate, private equity, venture capital and wealth management, also serves on their investment committees. He is a board member of ESAS Properties, ESAS Wealth Management and various private equity portfolio companies including Pegasus Airlines. 

Çağatay joined ESAS in 2005 as an executive board member and has been the Group CEO since 2010. He played a major role in establishing ESAS Private Equity both in Türkiye as well as abroad. He led a number of ESAS’ private equity investments and exits of various portfolio companies including UN Ro-Ro, Mars Cinema Group, Mars Athletics and Peyman. 

Previously, Çağatay was the president of IT & Telecommunications Investments at Sabancı Holding. Prior to that, he held various positions in the tech & telecommunications industry, where he last served as the executive vice president of the MEA region at Global One, a member of France Telecom Group.

In 2020, Çağatay was appointed as the chairman of Türkiye - France Business Council at DEIK (Foreign Economic Relations Council of Türkiye). Çağatay is also a member of the Board of Directors at TUSIAD (Turkish Business & Industry Associationas of April 2022. He is also a current board member of the Turkish Basketball Federation. Previously, he served as the chairman of Türkiye - Sweden Business Council and Türkiye - Croatia Business Council, and board member of TBV (Türkiye IT Foundation) and TUBISAD (Türkiye IT Industry Association). He was also the president of Sigortamnet İTÜ Basket of Turkish Basketball League between 2018-2019. 

Çağatay Özdoğru earned his M.S. degree in Electrical Engineering from George Washington University, where he received the Hall of Fame Award for Alumni in 2016, and B.S. degree in Electronics and Telecommunications Engineering from Istanbul Technical University. 

CUMHUR KUŞÇUOĞLU
Managing Director & Head of Turkish Private Equity

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, MAC and UN Ro-Ro until exit and sits on the boards of Ayakkabı Dünyası, Flormar and OPLOG.

CAN DELDAĞ
Investment Committee Member

Can Deldağ is an Independent Investment Committee Member of Esas Turkish Private Equity.

In his career, Can worked as Managing Director and Co-Head for Mideast and North Africa Operations buyout team at The Carlyle Group. Prior to his joining Carlyle Group in 2007, Mr. Deldağ was a Partner at Ernst & Young, where he joined in 2002, following the merger of Ernst & Young and Andersen, as a Head of Transaction Advisory Services for Turkey and Head of M&A Services for Southeast Europe. Prior to this, he was leading the mergers and acquisitions Division in Andersen. He began his career with Arthur Andersen in 1989. 

Mr. Deldağ earned his B.A. degree in Management Engineering from Istanbul Technical University. 

E. GÖKTEKİN DİNÇERLER
Investment Committee Member

Göktekin Dinçerler is an Independent Investment Committee Member of Esas Turkish Private Equity.

He began his professional career in 1994 at McKinsey & Company in the Houston, Texas office and spent nearly a decade in management consulting, concluding this chapter as a managing partner at McKinsey’s Istanbul office. From 2004 to 2006, he served as the Deputy CEO responsible for sales, marketing, and customer services at Avea.

Between 2006 and 2021, Göktekin Dinçerler was a managing partner at Turkven. Since 2021, he has been serving as the Chairman of both the Board and the Executive Committee at Mikro Yazılım Group.

Göktekin Dinçerler earned his Bsc degree in Electrical and Electronics Engineering from Bilkent University, MSc degree in Electrical Engineering from Stanford University and MBA from the University of Texas at Austin.


Team
CUMHUR KUŞÇUOĞLU
Managing Director & Head of Turkish Private Equity

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, MAC and UN Ro-Ro until exit and sits on the boards of Ayakkabı Dünyası, Flormar and OPLOG.

SEÇKİN TABAK
Senior Investment Director

Seçkin Tabak is a Senior Director in the Turkish Private Equity team. Since joining Esas, Mr. Tabak has been involved in various Esas investments including Getir, Insider, Flormar, Appsilon Enterprise and OPLOG. He currently serves on the boards of Appsilon Enterprise, Flormar and OPLOG and is a board observer of Insider.

Prior to joining Esas, Mr. Tabak was a Director at Actera Group, an Istanbul-based private equity firm, where he served on the deal teams of Mars Cinema Group (exited), g2m (exited), Mey İçki (exited), Gratis, Çelebi and MAC (exited). Mr. Tabak started his career at EY in the mergers and acquisitions department.

Mr. Tabak received his B.A. degree in Business Administration from Boğaziçi University.

ŞAHBEY TEKE
Senior Investment Director

Şahbey Teke is a Senior Director in the Turkish Private Equity team.

Since joining Esas as an Investment Analyst in 2007, has been involved in the establishment of all of Esas’s asset classes. He has participated in numerous acquisition and merger projects, including JAB, CCC, Air Lease Corp, Peyman, the international real estate portfolio, Ayakkabı Dünyası, Fuyao, AFM, MAC and Mars Cinema.

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

Şahbey Teke served on the deal teams of Peyman and Mars Cinema until exit; sat on the board of MAC and also held the role of CEO at MAC for two years.


EMİN TUKSAL
Vice President

Emin is a Vice President in the Turkish Private Equity team.

Prior to joining Esas in 2021, Emin worked at Koç Holding as Business Development Manager where he focused on M&A projects. Emin previously worked as an investment banker at Credit Suisse, Unlu & Co. and Mediobanca.

Emin Tuksal received his B.Sc. degree in Mathematics from Boğaziçi University and his Master's degree in Corporate Finance from SDA Bocconi School of Management.

Emin serves on the deal teams of Flormar, Insider and Appsilon Enterprises.