Azelis strengthens its position in the Turkish personal care market with the acquisition of Oktrade
7 December 2023
Azelis, a leading innovation service provider in the specialty chemicals and food ingredients industry, announces that it has signed an agreement to acquire 100% of the shares of Oktrade Kimya Sanayi ve Ticaret Anonim Şirketi (‘Oktrade’), a distributor of specialty personal care ingredients based in Istanbul, Türkiye. Already active in the Turkish personal care market, Azelis enhances its offering by strengthening its lateral value chain with this acquisition, enabling it to become a leader in this fast-growing market.
Founded in 2017 by Oktay Öztürk, Oktrade has a strong portfolio and solid technical expertise in color cosmetics, skin care and sun care, perfectly complementing Azelis’ existing portfolio. Oktrade employs 12 people, including technical sales experts serving customers across the entire country. It also runs an application laboratory, which will expand Azelis’ existing personal care laboratory capabilities in the country and support Azelis’ commitment to provide the most innovative solutions to both its customers and principals.
Oktay Öztürk, Managing Director Oktrade comments:
“Joining Azelis marks a new milestone in our company's development. Our ambition is to become a leader in the Turkish personal care market thanks to our shared commitment to offering our customers the most innovative solutions and high-quality products. Leveraging Azelis' expertise and network will enable us to achieve this goal.”
Burcu Gezegen, Managing Director Azelis Türkiye, adds:
“We are excited to welcome Oktrade to the Azelis family. Our combined strength not only broadens our product offerings but also reinforces our capability to continue delivering the highest level of service and technical expertise to our customers. This transaction is another illustration of our commitment to have the most complete lateral value chain for the end markets we serve, allowing us to be the reference innovation solutions in our industry.”