08.05.2025 10:01
The Savings Deposit Insurance Fund (TMSF) sold Bellona Furniture, which belongs to Boydak Holding that was appointed a trustee in 2016, for 8.1 billion TL. Now, all eyes are on the sales process of another giant in the group, İstikbal Furniture.
The Savings Deposit Insurance Fund (TMSF) has completed the sale of Bellona Furniture, one of the most important brands under Boydak Holding, which was appointed as a trustee in 2016 as part of the FETÖ investigations. Bellona, one of Turkey's oldest furniture manufacturers, changed hands for 8 billion 100 million TL. TMSF is now turning its attention to the sale of the group's other flagship brand, İstikbal Furniture.
BELLONA SOLD FOR 8 BILLION 100 MILLION TL
As a result of the auction held by TMSF on April 6 in Esentepe, Istanbul, the entirety of Bellona was purchased by Bellona Furniture Industry and Trade Inc., which was jointly established by the brand's dealers.
The brand, which was put up for sale last month with a starting price of 7 billion TL, changed hands for a price exceeding expectations at 8 billion 100 million TL.
SALE SUBMITTED FOR COMPETITION AUTHORITY APPROVAL
In a statement made after the completion of the sale, TMSF indicated that a suitable offer had been received and that the process had been submitted for approval by the Competition Authority. With the authority's approval, Bellona will continue to operate under the new company owned by its dealers.
AFTER BELLONA, EYES ARE ON İSTİKBAL
Following the sale, TMSF's agenda now includes Boydak Holding's other major furniture brand, İstikbal Furniture. İstikbal, one of the pioneers of the Turkish furniture sector, is also expected to be put up for sale in the coming months. Industry representatives anticipate that this sale will also attract significant interest and that competition will be high.
THE LEGACY OF BOYDAK HOLDING IS BEING TRANSFERRED
Boydak Holding, which was transferred to TMSF in 2016 due to its connection to FETÖ/PDY, has been managed under state control since that time. Brands such as İstikbal and Bellona within the holding were significant players in both production and export in the furniture sector. With the sales being made, it is observed that the liquidation process of Boydak Holding is accelerating and that the furniture giants are transitioning to the private sector.