LUXEMBOURG: Majorel Group Luxembourg S.A. has signed a contract to acquire Turkey based Mayen Telekomünikasyon Hizmetleri A.Ş., a news release said. The purchase price and revenue contribution is a double digit million Euro amount. The parties agreed non-disclosure of the specific details of the transaction.
Majorel Group Luxembourg S.A. is a leading global provider of next-generation end-to-end customer experience (CX) solutions for digital-native and vertical leading brands,
The expected closing date for the transaction is December 31, 2021, subject to anti-trust approval, and will then be effective as of January 1, 2022.
Mayen currently has more than 3,500 team members at seven locations in Turkey providing end-to-end CX services to leading international and domestic brands in 12 different languages.
With its headquarters in Istanbul, Mayen’s key vertical expertise includes Global Internet, banking and finance, retail, e-commerce, travel, media, utilities, and telecommunications. It is expected that in 2021 more than 50% of Mayen’s revenues are from services to digital native brands.
The acquisition is fully aligned with Majorel’s stated growth strategy of further geographic expansion, especially in countries that strengthen the company’s near and offshore leverage.
This deal extends the company’s already strong nearshore delivery capabilities for the EMEA market, and German speaking region in particular. Moreover, Mayen’s CX and vertical expertise, innovative technical solutions, and people-focused culture perfectly complement Majorel’s proven approach.
Majorel has agreed to purchase 80% of the share capital in Mayen and has a call option to purchase the remaining 20% in 2025.
The selling shareholders are the German investor Delta Invest GmbH, the private investor Oktay Erciyaz, and Mayen’s CEO, Soner Cesur. Soner Cesur and Oktay Erciyaz will remain shareholders after closing, with 13.35% and 6.65% respectively.
Thomas Mackenbrock, CEO of Majorel Group said: “We’re delighted to welcome Mayen’s more than 3,500 team members to the Majorel family. This acquisition further consolidates our already leading position in EMEA, particularly with regard to nearshore services. It also allows us to offer expanded services to our international clients – especially in the Global Internet vertical – through the deep CX expertise of the Mayen team.”
Mayen is recognized as one of Turkey’s leading independent nearshore service providers. With more than fifteen years of experience in CX services, Mayen was named as the largest call center services exporter in Turkey by the Turkish Exporters Assembly (TIM) in 2016, 2017, 2018, and 2019.
Mayen has received several Gold Stevie(R) Awards (global awards for sales and customer service) in various categories in the last five years including Company of the Year (business and professional services) and Most Innovative Company of the Year in 2021.
Soner Cesur, Vice-Chairman & CEO of Mayen said: “Joining the Majorel family is great news for everyone at Mayen, and for our clients. It brings all of the benefits of being part of one of the world’s leading CX solutions providers – access to even more expertise, resources and opportunity – together with people-focused cultures that are incredibly aligned. We are all very excited to become part of the Majorel story and keen to make a positive contribution to the future success of the business.”
The Turkish CX market has favorable growth dynamics, growing at a historical seven-year CAGR of 21% and reached a market size of € 1.3 billion in 2020.
Majorel was advised on the transaction by EY and Akol Law and Mayen was advised by Gen Temizer Özer.
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