Carlyle considering IPO to exit Turkey’s Penti: Reuters

ISTANBUL (Reuters) – U.S. private equity firm Carlyle Group (CG.O) is considering an initial public offering (IPO) of its minority holding in Turkish lingerie and swimsuit retailer Penti, three people familiar with the matter told Reuters.

Carlyle has been seeking to exit its 30 percent stake in Penti and mandated Goldman Sachs (GS.N) to advise on a potential sale, Reuters reported in September. Penti’s founders, who retained 70 percent after Carlyle invested in 2012, have been looking to sell down their holding and also mandated Goldman Sachs.

“Carlyle and the founding partners have so far not been able to make the planned sale. They are considering an IPO as an option. Along with Carlyle, the founders also want to participate in a public offering,” one of the people said.

Carlyle has not ruled out selling the stake via M&A, a second person said, adding the IPO process was being considered in tandem.

Both Carlyle and Penti declined to comment.

Penti has more than 400 stores and a presence in some 30 countries, according to its website.

Carlyle’s purchase of 30 percent of the company in 2012 was worth around $100 million, a separate source has said.