by Arda Kutsal on November 29, 2011
Yemeksepeti.com recently welcomed new stakeholders, thus selling 10% stake. In fact, we heard about it months ago that the company had been thinking about selling a group of stakes. We even heard about some figures and the names of some potential buyers. We have talked with some of our important resources about the stakeholder exchange which got official recently and found out some more accurate details of the selling upon evaluating the information we had got months ago.
Firstly, we need to state that the selling is mainly focused on the stakes of Cem Nufusi, one of the founder partners of Yemeksepeti.
In this operation including the exchange of 10.57% of stakes in total, the 10.21% of this rate covers the stakes of Cem Nufusi.
Gökhan Akan, who is among the founder partners of the company raised the stake rate and Birol Yüce and Can Yüceoğlu also joined the partners in this investment tour where different partners and stake groups are involved, leading to different evaluations. For this reason, it would not be convenient to give out info such as ‘this figure amounting to this much stake is accepted’. However, according to the data we have compiled through our resources, about 10% of stakes were sold for 4-5 million dollars. Since this sale was realized mainly among the old partners, it does not really reflect the actual value of the company and it corresponds to about 50 million dollars. However, what we heard is that Yemeksepeti very recently declined a proposal of buying or investment at a value of 120 million dollars. We could not verify this 120-million-dollar-offer but we know for certain that it is a process definitely excluded of this investment tour and that the offer is declined by the board of management. We will be sharing the related details separately later when we get them.
You can see below the new partnership distribution of Yemeksepeti after the selling operation.
You must have noted that European Founders Fund, a.k.a Samwer brothers, is currently partner of Yemeksepeti by a rate of 18.38% while Nevzat Aydın and Melih Ödemiş, as the major stakeholders among the founding partners, hold stakes by 24.31% per person. We should also add that European Founders Fund did not lose any stakes upon this selling operation while Nevzat Aydın and Melih Ödemiş lost 3.72% out of 28.03% stake per person However, we are not sure at this stage whether this rate of 3.72% per person is reduced during the capital raise or they sold stakes, too.
My personal opinion is that it is of utmost importance and value for the founders to keep as high stake rates as possible at this stage. When you compare their stakes which they have not reduced with investment to the current value of Yemeksepeti, I think you would see that this is another important entrepreneurship lesson beside Yemeksepeti itself.
We will update this article when additional information or explanation about the matter is shared.
Original Post: Yemeksepeti.com %10 Hissesini Sattı