Bulge Bracket Quality,
Delivered Locally

Alpacar Associates enhances its solid local presence through our global network of independent investment banking firms. In selectively teaming up with our global partners, we assemble the best team of diverse talent to deliver a unique combination of results and perspective.

Global Best Practices,
Top-Notch Team

Our team of best-in-class investment bankers boast over 50 years of collective experience.

Striving to maximise value-add for our clients, we provide bespoke investment banking advisory services to both local and international clients in line with global best practices.

Client Oriented,
Goal Driven

Alpacar Associates is a client-focused firm with dedicated professionals.

We offer our clients senior support at all stages of a process allowing them to directly benefit from the global bulge-bracket experience of our seasoned team members.

About Us

Alpacar Associates
is an independent, boutique investment banking firm providing expert financial advisory services.

Our team comprises best-in-class talent with decades of collective experience accumulated at international bulge-bracket and top-tier local institutions. We leverage our team’s unique combination of up-to-date knowledge and relevant experience to provide the highest quality advice to our clients.

We offer three core services to our customers: Mergers and Acquisitions (“M&A”) Advisory, Capital Markets Advisory, Acquisition and Special Situations Financing Advisory.

We are committed to becoming the trusted financial advisor of our clientele and place their strategic and financial goals above all. Building long-term relationships with our clients, we take pride in our hands-on approach, our lack of bureaucracy, our dedication to provide excellent service as well as the degree of personal attention we provide to each and every client.

We deliver to our clientele the combination of a deeply-rooted local presence and a global network of relationships encompassing key decision makers at local and international corporations, conglomerates, financial institutions, government bodies as well as private equity houses. We have a strong suite of global partnerships to further assist our clients in making the optimal financial and strategic decisions.


Our clientele includes local and international corporations, conglomerates, financial institutions as well as private equity firms.


Our business involves the provision of financial advisory services for strategic capital allocation decisions. We are sector-agnostic. Our team of professionals command relevant experience advising clients, having closed impactful transactions in a broad range of sectors including inter alia Retail, FMCG, TMT, Energy & Oil, Financial Services, Basic Industrials, Pharmaceuticals and Chemicals.

We strive in our dedication to remain entirely independent and unconflicted in order to provide unbiased advice and enhance value for our clients.

At Alpacar Associates, we provide M&A advisory services for clients looking to invest in or divest assets. Thanks to our expanded/flexible scope of work we design/operate around processes customized to our clients’ needs, execute rapidly with precision and co-ordinate various workstreams seamlessly.

Alpacar Associates, since our inception in 2012, has advised clients in transactions exceeding $2 billion in cumulative value.

Our team members have executed some of the most prominent transactions in Turkish M&A history, including among others the $3.15 billion acquisition of Migros by BC Partners and the $2.96 billion acquisition of Erdemir Demir ve Çelik Fabrikaları by Oyak Group.

Our scope, whilst bespoke to create the highest impact for individual clients, usually incorporates the below key functions in the provision of M&A advisory services:

  • Identification of Potential Targets / Acquirers
  • Marketing, Positioning & Information Gathering
  • Process Documentation
  • Business Modelling & Valuation
  • Co-ordination of Due-diligence Workstreams
  • Transaction Structuring
  • Negotiations

Capital Markets transactions entail lengthy and demanding processes involving numerous parties from banks to lawyers, regulators, advisors, investors and more broadly the general public. As independent advisors to shareholders, we utilize our expertise in corporate finance, capital markets and co-ordination of complex workstreams to ensure our clients are well-informed, well-represented and better positioned to raise capital.

In advising initial public offerings, we work alongside our trusted partners internationally renowned for their expertise in equity capital markets having raised over €250 billion for their clients across +750 transactions. Collectively, our reach and expertise extend across borders and we are able to advise clients in local and/or international stock exchange listings.

Our professionals command experience in high-impact capital markets transactions having previously raised, among others, $1.85 billion in the IPO of Halkbank, $250 million in the IPO of Bizim Toptan, $400 million in two SPOs of Turkish Airlines, $285 million in the SPO of Petkim and $125 million in the IPO of Denizbank.

Below is a list of key functions we perform in the scope of our Capital Markets Advisory services:

  • Structuring Market Solutions
  • Development of an Equity Story
  • Positioning and Valuation
  • Construction of an IPO/SPO process
  • Syndicate & Advisor Selection
  • Oversight and Efficient Co-ordination of Syndicate Members
  • Investor Targeting
  • Marketing Oversight (Early Look, Pilot Fishing, Deep Dives, Roadshows, Analyst Presentations)
  • Co-ordination of Due Diligence
  • Oversight & Commentary on IPO Documentation
  • Price-range Recommendations

Alpacar Associates offers advisory services to investors and shareholders seeking funds to execute acquisitions, LBOs, MBOs or to restructure existing balance sheet liabilities.

Matching borrowers’ needs/strategic imperatives with the capital providers’ risk appetite/return expectations is essential to ensure successful closing of a financing transaction. Alpacar Associates enjoys a wide network consisting of key local & foreign financial institutions, debt funds and private investors. We take pride in our ability to walk the extra mile and provide our clients with a wide range of competitive solutions and terms & conditions to secure the best financing options.

Alpacar team members’ experience in obtaining acquisition finance includes securing a large-size term facility for the acquisition of Korozo Ambalaj and a $1.6 billion long-term and structurally subordinated loan for the acquisition of Erdemir Demir ve Çelik Fabrikaları.

Our scope of services for the provision of acquisition and special situations financing advisory services include the following key functions.

  • Construction of the business plan, cash flow projections and the financial model
  • Identification of potential lenders / investors
  • Selecting & reaching out to suitable lenders / investors
  • Co-ordination of lender due diligence workstreams
  • Negotiation of terms & conditions as well as definitive agreements


Advised Investcorp on the sale of its portfolio company Arvento


Advised Alapala Group on its acquisition of Axor


Advised Constantia Flexibles on its acquisition of Propak


Advised Ege Kimya on financing package for the acquisition of Egesil


Advised Mediterra Capital Partners on the sale of its portfolio company Mobiliz


Advised Mid Europa Partners on the merger of CMC Turkey with M+ Grupa


Advised Actera Group and Esas Holding on Dual-track process of U.N. Ro-Ro

Advised Groupama on the sale of its Turkish Private Pension Portfolio
Advised Actera Group on its acquisition of Korozo Ambalaj
Advised Yıldız Holding on the sale of Farmamak
Advised Clear Channel on the sale of its Turkish Operations
Advised Lesaffre on its acquisition of Dosu Maya
Advised Yıldız Holding on its acquisition of DiaSa

Advised Bereket Enerji on its acquisition of CGX (UK) limited


Alpacar Associates provided financial advisory services to Investcorp, a Bahrain-based global private equity giant with AuM exceeding of $34 billion, and Özer Hıncal, the founding shareholder of the company, on the sale of Arvento Mobile Systems to Brisa, a joint venture between Sabancı Holding and the world tyre industry leader Bridgestone Corporation. This acquisition underscores Alpacar Associates’ expertise in serving financial sponsors in their exits.

Alpacar Associates provided financial advisory services to Alapala Group, one of the world's leading players in grain milling and processing systems with more than 600 turnkey project references around the globe, for the acquisition of 70% share of Axor from Sagittario and Axor co-founders. This acquisition underscores Alpacar Associates’ expertise in advising domestic groups around international acquisitions.

Alpacar Associates provided financial advisory services to Constantia Flexibles, Vienna based leading flexible packaging manufacturer on the acquisition of 100% shares of Propak, a Yıldız Holding company. This transaction underscores Alpacar Associates’ unique experience in advising multinational companies in their investments into Turkey as well as deep sector expertise in packaging.

Alpacar Associates provided financial advisory services to Ege Kimya, the leading chemical manufacturer in Turkey, for the arrangement of financing in the acquisition of 49% shares of Egesil and working capital financing through a syndicate of three banks. This transaction underscores Alpacar Associates’ expertise in serving industry leaders and secure outstanding outcomes for its client in financing transactions even in a volatile financial market environment.

Alpacar Associates provided financial advisory to Mediterra Capital Partners, a leading private equity firm dedicated to investments in Turkey with AuM exceeding of €330 million, on the sale of Mobiliz  to GPS Bulgaria. Alpacar Associates worked closely with Mobiliz throughout the transaction, structured a two stage auction process and through a carefully executed process managed to achieve a solid outcome for the sellers.

This transaction illustrates our unique ability to secure outstanding outcomes on cross-border transactions with strategic buyers and also underscores Alpacar Associates’ expertise in serving private equity funds, adds to our consistent track record of successfully executing competitive sell-side M&A processes.

Alpacar Associates provided financial advisory services to Mid Europa Partners on the sale of its portfolio company CMC, the leading independent business process outsourcing (BPO) services provider in Turkey. This transaction marks Alpacar Associates’ ongoing track record of successfully providing sell side financial advisory services to leading private equity investment firms.

Alpacar Associates and STJ Advisors jointly advised VDS Limited, a company controlled by Turkish Private Equity houses Actera Group and Esas Holding, on the IPO/M&A dual-track process of U.N. Ro-Ro, the largest intermodal freight transport service between Turkey and Europe. Ultimately, U.N. Ro-Ro was sold to Danish shipping and logistics company DFDS for a final valuation of €950 million. Alpacar Associates’ consistent advice, extensive feedback and refinement were critical in driving this transaction to success, and this further solidifies Alpacar Associates’ expertise in successfully maneuvering dual-track processes to beneficial exits for clients.

Alpacar Associates provided sell-side advisory to Groupama Emeklilik, a key player in the Turkish private pension business, to transfer its private pension contracts and funds to Fiba Emeklilik, a subsidiary of Fiba Group, one of Turkey’s prominent conglomerates. Total portfolio size was $244 million. Designating the right potential bidders, providing unrivalled access to key decision makers and maintaining competition amongst potential bidders throughout the process, Alpacar Associates added immense value and ensured that the client’s interests were preserved at every step.

This transaction underscores Alpacar Associates’ expertise in serving prominent multinational institutions, experience in the competitive sell-side M&A processes and commitment to the financial services sector.

Alpacar Associates acted as financial advisor to Turkish PE house Actera Group on its acquisition of the majority stake in Korozo Ambalaj with a $340 million deal size. Alpacar’s deep understanding of the industry and swift deal execution capacity were key in achieving success in this transaction. Moreover, Alpacar Associates’ close monitoring of the potential interloper landscape was critical in achieving the client’s interests.

This transaction enhances Alpacar Associates’ expertise in competitive buy-side M&A processes and commitment for the packaging industry.

Alpacar Associates provided sell-side advisory to Gözde Girişim, the private equity arm of Yıldız Holding which predominantly operates in the global confectionery industry, who agreed to sell its subsidiary Farmamak to Klöckner Pentaplast, a world-leading producer of rigid films, for a total consideration of $46 million. Alpacar Associates’ tailored process management allowed Farmamak’s strengths to shine while incurring minimum disruption to ongoing operations.

This transaction exemplifies Alpacar Associates’ bespoke client solutions while highlighting our expertise in sell-side M&A processes and track record of engaging with multinational companies on both the buy-side and the sell-side.

Alpacar Associates provided sell-side financial advisory to Clear Channel International, a wholly-owned subsidiary of Clear Channel Outdoor Holdings (NYSE: CCO), on the sale of its Turkish operations, including Clear Channel Tanıtım ve İletişim A.Ş. and Mars Reklam Prodüksüyon A.Ş. to a private investor.

Alpacar Associates’ efficient sale process with minimum disruption and clean contract (SPA) with very limited reps and warranties maximized value for the selling shareholders. This transaction highlights Alpacar Associates’ expertise in sell side M&A transactions and our track record of working with multinational companies.

Alpacar Associates provided buy-side advisory to Lesaffre et Compagnie, the France-based company engaged in the production of baker’s yeast and yeast extracts, on the acquisition of Dosu Maya from Yıldız Holding, one of the leading groups in Turkey, operating in a wide range of industries including food & beverage, packaging etc. for a total consideration of $220 million.

Alpacar Associates acted as exclusive financial advisor to Lesaffre and managed the commercially sensitive process where the second largest player in the market bought the third one out. The transaction closed after receiving customary approvals including that of the Turkish Competition Authority. In addition, Alpacar Associates structured the deal such that Lesaffre’s very high environmental standards were met.

Alpacar Associates provided buy-side advisory to Yıldız Holding and Şok Marketler on the acquisition of DiaSA for a total consideration of $178 million. Thanks to the close relationship of Alpacar Associates with the buyers, discussions between Yıldız Holding and DiaSA’s shareholders were easily conducted. The transaction was signed in a short period of time, i.e. 2 months from initial contact to signing.

Alpacar Associates negotiated the best price for our client and carefully monitored the landscape for any interlopers to enable its client to secure a bilateral process. Furthermore, we delivered the highest level of decision makers at the target to our client.

Alpacar Associates provided buy-side advisory services to Bereket Energy Group, one of Turkey’s leading electricity generation and distribution platforms, which acquired 100% of the equity capital of CGX (UK) Limited.

Alpacar helped the client sign and close the transaction in a very short period of time while shaping the transaction perimeter to perfectly align with the client’s expectations.

Our Team

The Alpacar Associates team combines bulge-bracket experience with dynamic, accurate and fast-paced execution.

Our Team
Ali T. Alpacar
Managing Partner

Ali is a Managing Partner at Alpacar Associates. He is a seasoned investment banker, commanding over 26 years of experience 20 years of which are as a professional at bulge-bracket investment banks engaging in execution, origination as well as management of such banks’ Turkish operations.

Prior to establishing Alpacar Associates in 2012, Ali established/led the Turkish Investment Banking operations of Bank of America Merrill Lynch (2007-2011), Unicredit/CA IB (2002-2007) and co-headed the same for JPMorgan Chase (1992-2002). He also acted as the Senior Country Officer for Romania for JPMorgan Chase (1999-2000).

Ali has sourced, led and closed numerous transactions involving M&A, Project Finance, Equity Capital Markets offerings, Eurobond issuance, Syndicated Medium-term Debt facilities, equity private placements, and structured derivatives. His notable transactions include advising Actera Group on the dual track process involving the sale of UN RORO for € 950mn and the acquisition of Korozo Ambalaj, Yıldız Holding on its $178 mn acquisition of DiaSa, BC Partners on the $3,000 mn acquisition of Migros, Oyak Group on the $3,000 mn privatization of Erdemir.

Ali holds an MBA from the University of Massachusetts Amherst and a BS in Mechanical Engineering from Bogazici University in Turkey. Mr. Alpacar currently serves as a board member at Bereket Energy Group and previously served as an independent board member for Oyak Group owned Erdemir.

Our Team
Our Team
Gönenç Altınoklar
Managing Director

Gönenç is a Managing Director at Alpacar Associates. Prior to joining Alpacar Associates in 2012 to be a part of the growing M&A team, he worked at İş Investment, serving major corporates across various sectors in Turkey with a focus on M&A and Equity Capital Markets transactions for more than 6 years. He also worked at Citibank Turkey as a Management Associate.

During his 15 years of investment banking experience, Gönenç has advised on many strategic and Private Equity-backed M&A transactions as well as IPOs. His notable transactions include advising Groupama on the sale of its private pension portfolio in Turkey, Yıldız Holding on the sale of Farmamak and LeSaffre on its acquisition of Dosu Maya.

Gönenç holds an MBA from Bilkent University in Turkey and a BS in Mechanical Engineering from Gazi University in Turkey. He has been a CFA Charterholder since 2011.

Our Team
Our Team
Merve Gizay Ekmen

Gizay is an Analyst at Alpacar Associates. Prior to joining Alpacar Associates in 2018, Gizay was a summer intern at Eczacıbaşı and Bayer. She also held an internship position at BLG Capital, focusing on fund management.

Gizay holds a BS in Chemical and Biological Engineering and a BA in Business Administration from Koç University in Turkey.

Our Team
Our Team
Aybike Senem Güler
Vice President

Aybike is a Vice President at Alpacar Associates. Prior to joining Alpacar Associates in 2017, Aybike worked for Turcas Petrol (2017-2015) and Deniz Bank (2015-2013) as a corporate finance analyst. Aybike started her career at PwC in the assurance department (2012-2011).

Aybike has led diverse teams in M&A, initial public offerings, project finance and restructuring projects. Her notable transaction experiences include $71 million project financing for 18 MW geothermal power plant as well as restructuring of €100 million and $40 million Hermes covered project finance loan for a 775MW combined cycle power plant.

Aybike holds an MSc in Finance from the Jönköping International Business School in Sweden and a BA in Economics from Yeditepe University in Turkey.

Our Team
Our Team
Ekim İnan Kankotan
Managing Director

Ekim is a Managing Director at Alpacar Associates. Prior to joining to Alpacar Associates in 2021, he was the Head of Investment Banking for Société Générale in Turkey and acted as board member for the Bank. Ekim began his investment banking career at İş Investment as part of the corporate finance team.

During his 17 years of investment banking experience, Ekim has closed in total more than USD 5bn worth of M&A and IPO transactions. Selected deals include advisory to IFM Investors for its USD869m acquisition of Mersin International Port, advisory to Cosco Pacific Limited for its USD 940m acquisition of Kumport, sale of Total Oil Turkey, advisory to Namet for the sale of a significant minority stake to Investcorp, sale of Alternatif Bank to Commercial Bank of Qatar, acquisition of Sırma Waters by Danone and the IPO of Do&Co in Borsa Istanbul, the first and only foreign company listed in Borsa Istanbul to date

Ekim holds an MBA and BSc in Civil Engineering both from Boğaziçi University in Istanbul. He is a CFA Charterholder since 2011.

Our Team
Our Team
Eylül Ada Manav

Eylül is an Analyst at Alpacar Associates. She started her career as an intern at Alpacar Associates.

Eylül holds an MSc in Financial Economics from University of Leuven in Belgium and a BSc in Economics from Newcastle University in the UK.

Our Team
Our Team
Burcu Özyılmaz
Senior Analyst

Burcu is an Analyst at Alpacar Associates. Prior to joining Alpacar in 2020, Burcu was a summer analyst in the corporate finance department of İş Investment. She also held an internship position in the treasury department of Alternatif Bank and in Vakko, focusing on budget and product planning.

Burcu holds a BS in Industrial Engineering and a BA in Business Administration from Koç University in Turkey.

Our Team
Our Team
Ahmet Saçma

Ahmet is an Analyst at Alpacar Associates. Prior to joining Alpacar Associates in 2021, Ahmet was a market research analyst for EV Pal. He also held an internship position at Turkish Investment, focusing on capital markets and equity research.

Ahmet holds a BSc in International Economics and Finance from Bocconi University in Italy.

Our Team
Our Team
Onur Şirikçi
Vice President

Onur is a Vice President at Alpacar Associates. Prior to joining Alpacar Associates in 2020, Onur was a Manager in Pragma Corporate Finance with a focus on mergers & acquisitions (2015-2020). He also worked at T. Halk Bankası as an associate in corporate loans & project finance department (2010-2015). During his career, Onur has worked in many sell-side and buy-side M&A projects from origination to closing, along with several project finance deals. Advising Mikro Yazılım & Zirve Bilgi Teknolojileri shareholders on their stake sales to Turkven & Earlybird, advising Veser Kimya shareholders on their sale to Vinmar and advising Payguru shareholders on their sale to TPay are among his notable transactions.

Onur holds an MBA from Bilkent University, and a BS in Industrial Engineering (along with a Minor in Economics) from Middle East Technical University. He also holds the Capital Markets Board Advanced Level License.

Our Team
Our Team
Umut Şiyar Yıldız

Şiyar is an Analyst at Alpacar Associates. Prior to joining Alpacar in 2021, Şiyar was an intern in the capital markets department of İş Bank. He also held an internship position in the finance department of Upfield, in the marketing department of Finansbank and in the accounting department of Opet Fuchs.  Şiyar holds a BA in Economics from Boğaziçi University in Turkey.

Our Team


Our Culture

Alpacar Associates is dedicated to delivering value-added services that positively impact our clients.

We achieve this by being a team committed to excellence. The value we propose is created by our people, hence our strong belief that Alpacar Associates’ culture forms the firm’s core sustaining the motivation of our team and the quality of our work.

We have engaged a top ranking global human resources firm in the diagnosis and optimization of our company culture to align it with our long-term strategy. We take pride in our work. We are committed to be the trusted advisors to our clients, providing unconflicted and independent advice coupled with seamless and top-notch execution.

Our firm culture shapes the capabilities and motivation of our people and drives the value we create for our clients.


1. We are results-focused to ensure our clients achieve their capital allocation goals.

2. We present our team members with all the right opportunities to learn and develop their skills so that they best cater to the ever-changing demands of our clients.

3. We place great amount of care in our clients’ needs and pledge to do the same for our team members.

What We

Unique Exposure

Alpacar Associates is comprised of a small group of like-minded and highly capable professionals. Irrespective of seniority, our team members get to work in all the different workstreams of a transaction and engage in client-facing situations involving direct access to top management and shareholders. Such exposure affords our people the unique opportunity to learn not only from team members but also from seasoned executives/business owners.

Skill & Career Development

We provide a clear career path for our people. A variety of valuable learning experiences such as professional training programs in London and New York, internal development workshops and on-the-job mentoring sessions are provided for Alpacar Associates team members. Ample career development opportunities are also available as our firm steadily grows and expands.


Our success is built on the quality, imagination and dedication of our people.

We offer a rewarding and challenging work environment and are always looking for individuals with high potential and principles that match our own.

If you feel you are the right individual and wish to be considered for a position with us, please forward your CV to didem@alpacar.com.tr



Yıldırım Oğuz Göker Caddesi,
Maya Plaza K:9 D:19 Akatlar
34335 Beşiktaş İstanbul

Office: +90 (212) 259-3370
Fax: +90 (212) 259-3379

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