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RHEA Investments Reaches Deal to Acquire SETA Medical Products

Posted Sat, 13/02/2010 - 12:52

Citing the burgeoning global market for disposable medical devices, Istanbul's RHEA Investments has agreed to acquire a majority stake in Turkish medical manufacturer SETA Medical Products. The deal, to be transacted through RHEA's Vakif Girisim venture capital fund, values SETA at approximately USD 4.6 million.

SETA management plans to increase market share, improve logistics, and further expand into Western Europe. The Boards of both parties have agreed to the acquisition which is expected to be complete by mid-February.

SETA Medical Products (www.setamedical.com)
SETA Medical Products is a manufacturer and distributor of medical products and devices including surgical drapes and gowns, sterilization equipment, singles use immunization items, and dozens of other related products.

The company's 6500 m² production facility in Izmir, Turkey includes the nation's largest ethylene oxide sterilization operation and a 500 sqm clean-room. SETA is ISO 9001 ISO 13485 certified.

RHEA Investments (www.rhea.com.tr)
RHEA Investments is a private investment and asset management firm based in Istanbul, Turkey. Operating both domestically and internationally, RHEA is active in real estate development as well as investing and management in the agriculture, health care, and energy sectors. Late last year RHEA completed a merger deal with another Turkish investment firm, Vakif Venture Capital Investment Trust. The company's employees are located at offices in Turkey, the U.K., Romania, and the United Arab Emirates.