RHEA Investments Buying SETA Medical Products

RHEA Investments has agreed to acquire a majority stake in SETA Medical Products, a Turkish maker of disposable medical products like surgical drapes and gowns. The investment will be made via RHEA’s venture capital trust, Vakıf Girisim (Istanbul Stock Exchange: VKFRS).

PRESS RELEASE

Istanbul based RHEA Investments, a leading Turkish independent asset management platform announced today that it has reached an agreement to acquire a majority stake in SETA Medical Products of Izmir, Turkey through its public Venture Capital Investment Trust, Vakıf Girisim (Istanbul Stock Exchange: VKFRS). SETA is Turkey’s leading manufacturer of disposable medical products, including disposable surgical drapes and gowns, and custom procedure trays. The proposed transaction values SETA Medical at $4.6 million.

Onur Takmak, Chairman of the Board for Vakıf Girisim and Chief Executive Officer of RHEA Investments announced “Healthcare is one of the fastest growing and most vital sectors in Turkey and globally. Disposable medical products are a global $75 Billion market poised for strong growth. SETA represents the leading edge of value added healthcare products and is our initial investment in innovative healthcare companies with regional and global growth aspirations”.

Oguz Dagli, Chief Executive Officer of SETA Medical since 2005 is an experienced healthcare industry veteran. Previously he had been the founder and Managing Director of Kent Hospital, the leading private hospital of Izmir. Mr. Dagli commented “SETA has established itself as the market leader in Turkey and the surrounding region with its leading quality certificates and as a brand partner of DuPont medical products. With this investment and partnership with RHEA, we are planning to grow our market share and our healthcare logistics capabilities exponentially targeting the Western European market”.

Memet Yazici, Head of Asset Management, RHEA Investments and Board Member for Vakif Girisim stressed “Patient safety is a critical component in healthcare and SETA is a leader in patient safety. There are 7 million surgical operations in Turkey and 700 million operations globally. Disposable medical products lower the risk of post-operative infection by 60%. In addition to patient safety and physician convenience, they also lower the cost of patient care for hospitals. Our singular aim with SETA is to create a market leader in Europe”.

The Boards of Directors of Vakıf Girisim and SETA have approved the agreement, and the transaction is expected to close before February 12, 2010.

About RHEA Investments and Vakıf Girisim Venture Capital Investment Trust

RHEA is a private investment office established as an institutional quality and independent asset management platform with interests within and outside Turkey. RHEA platform has been launched in 2006, with extensive global investment management experience. RHEA’s management team encompasses senior directors having vast local and international experience in Private Equity, Venture Capital and Real Estate Development. RHEA has offices and presence in 3 locations in Turkey (Istanbul, İzmir and Ankara); Dubai, UAE; Bucharest, Romania; London, UK. More information is available at www.rhea.com.tr.

Vakif Girisim Venture Capital Investment Trust (“VVCIT”) has been established in June 1996, and listed on Istanbul Stock Exchange in July 2000. VVCIT has been the first venture capital investment trust established in Turkey and led the formation of regulation on private equity / venture capital investing in the country.

About SETA Medical Products

SETA has been serving the needs of the healthcare industry since 1993. SETA operates a 6500 sqm manufacturing facility in Izmir including a 500 sqm clean-room and Turkey’s largest private ethylene oxide sterilization facilities. SETA has been the only DuPont Medical Fabrics “Converting Partner” in the Region since 2006. . More information is available at www.setamedical.com.