Lipton Teas & Infusions, the tea company owned by investment firm CVC Capital Partners, has announced a deal to sell its Turkish tea production operations to local manufacturer Ozgur Cay,
The deal would sea the Netherlands-based business transfer control of two processing facilities in Rize, subject to approval from Turkiye’s Competition Authority.
“An agreement has been reached between Lipton Teas and Infusions and Oz-Gur Cay Inc. for the transfer of shares of ‘Lipton Tea Production Inc.,’ which owns our wet tea processing facilities in Rize Pazar and Findikli, to Oz-Gur Cay Inc”, Lipton Teas & Infusions said in a statement. “As required by the legal process, the matter has been submitted to the Competition Board for evaluation and approval”.
The divestment follows the August exit of US-headquartered JDE Peet’s, known for its Jacobs coffee brand, which sold Ofcay to domestic manufacturer Efor Cay after seven years in Turkiye.
Source: Turkiye Today
