Newsletters
Dutch beverage conglomerate Jacobs Douwe Egberts (JDE) has officially exited the Turkish tea market by selling its controlling stake in Ofcay, one of the country’s most established tea brands, to the local conglomerate Efor Holding.
The deal was announced at a press conference held in Istanbul on Tuesday, organized by the Turkish Efor Holding.
While the financial terms of the transaction were not disclosed due to a confidentiality agreement, Efor Holding executives confirmed that the acquisition included full ownership of Ofcay and its merger with the existing Efor Cay brand.
JDE initially entered the Turkish tea market in 2018 by acquiring a 75% stake in Ofcay for €75 million ($86.80 million), and subsequently invested nearly €70 million into modernizing the brand’s operations and facilities, according to Efor Holding Chairman Ibrahım Akkus.
This marks the end of JDE’s six-year involvement in Türkiye’s tea sector.
The acquisition is expected to double Efor Cay’s production capacity and expand its processing area by 85%, positioning the company as Türkiye’s third-largest tea producer by volume.
Speaking at the press event, Chairman Ibrahim Akkus said the move aligns with the group’s long-term industrial strategy and reinforces its commitment to domestic manufacturing.
He added that Efor Holding began its operations in the tea sector in the early 2000s, and views the Ofcay acquisition as a continuation of that journey.
“We are proud to represent Türkiye’s production power as a locally owned and nationally recognized brand,” he said.
Akkus noted that under Efor Holding’s ownership, the merged Efor Cay brand aims to strengthen its position with a broader product portfolio, innovative production methods, and an expanded distribution network.
The company's CEO, Ahmet Demir, added that the company currently exports to six countries, including markets in the Balkans, Russia, and Saudi Arabia, with plans to grow its international footprint.
Efor Holding operates across multiple industries including energy, agriculture, fertilizers, construction, and real estate. Its flagship tea company, Efor Cay (ticker: EFORC), has already completed an initial public offering and currently holds a market capitalization of $1.3 billion on Borsa Istanbul.
1 min read
5 min read
