The EBRD is considering providing financing to Pronet, a home electronic security provider in Turkey to support its growth and expansion of services in the country. Proceeds from the financing will be used to build and grow the business via customer acquisitions both in the residential and SME segment.
The project will support the expansion of modern security services extended to SMEs in both existing and new regions in Turkey.
Pronet is the main player with a focused strategy on servicing SMEs. The project will allow the company to penetrate 8 new regions in heartland of Turkey where such services are missing or are offered by small size local players whose products are of lower quality and limited service compared to Pronet’s.
Pronet Guvenlik Hizmetleri A.S. (Pronet) is a market pioneer in alarm and security monitoring systems to residential and SMEs in Turkey. Pronet is majority owned by Cinven, a leading European private equity firm.
Up to USD 50 million senior loan.
Up to USD 100 million.
The project was categorised “B” by European Bank for Reconstruction and Development (EBRD), which means that an environmental and social analysis was required by the Bank, in accordance with the 2008 Environmental and Social Policy and Performance Requirements (PSs).
The project has some environmental and social impacts which can be readily addressed through mitigation measures and an action plan. Environmental impacts associated with modern alarm monitoring services to residential and SMEs are unlikely to be significant. Due diligence based on a review of the completed Environmental and Social and HR Due Diligence Questionnaire and follow up communications with the company showed that the company's operations are in compliance with national law and good international practice. Their operations are with permits of the Ministry of Interior. The company's HR and OHS management including its employment grievance mechanism is in line with PRs. The company is also providing classes and trainings to the students of industrial technical schools which increase employment opportunities of the students in the sector.
The company is required to ensure that the project complies with EBRD’s Performance Requirements (PRs) as well as provides an annual environmental and social report. The Bank will monitor the project’s environmental and social performance by reviewing an annual environmental and social report as well as site visit where necessary and adequate.
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