Arçelik, a leading player in the home appliances industry, yesterday announced that it has closed on the previously announced Retail Holdings Bhold BV acquisition for $75 million. Following the close of the transaction, Arçelik’s wholly-owned subsidiary Ardutch Retail Holdings Bhold, the company that controls 57 percent of Singer Bangladesh Limited. Singer Bangladesh is one of the leading home appliance retailers and manufacturers in Bangladesh.
Koç Holding Consumer Durables Group President and Singer Bangladesh Chairman Fatih Ebiçlioğlu said: “We have been intensively growing in Asia-Pacific in the last decade with investments in China, Thailand, Pakistan, and India in a bid to establish a trade corridor along the historical Silk Road. This acquisition is another significant step on our Silk Road strategy. Bangladesh is one of the fastest-growing economies in the world, and it will further accelerate in the medium to long term. The market offers huge potential with its expanding middle class and young population. We will combine our global expertise, scale and knowledge with the strong market position of Singer Bangladesh equipped with its strong brand image, for further product developments to grasp the local market needs. Our mid-term target is to become the market leader in the major product groups.”
Founded in 1905 and headquartered in Dhaka, Singer Bangladesh has an extensive product portfolio, ranging from refrigerators to washing machines, televisions to air conditioners. It has top two positions in major product groups as well as the largest retail distribution network in Bangladesh appliance market. Singer Bangladesh has 1,507 employees and it reported 2018 revenues of $164 million. Singer Bangladesh’s reported EBITDA and net income are $20 million (12.4%) and $11 million (6.7%) respectively.