In 2012, CEECAT Capital acquired 46.2% of Cevher Group, a Turkey-based automotive parts manufacturer in financial distress.

CEECAT equitized the company’s debt, repaid suppliers, resolved tax liabilities and brought in new management. After selling Cevher’s foundry business to Mexico’s Nemak in 2016, CEECAT focused on its wheels business, optimizing 10+ new models which resulted in a CO2 emission reduction of 35,000+ tons over each vehicle’s expected lifetime and in annual cost savings of EUR2m.

Cevher increased its EBITDA by 130% and more than doubled its EBITDA margin over seven years from 7.8% at entry to 17.3% at exit. Cevher’s founder bought back CEECAT’s stake in the company in 2019, allowing CEECAT to fully exit the investment.