Yıldız Holding
A Turkish multinational group focused on food manufacturing, with additional retail, consumer goods, technology, investment, and real-estate activities.
Last updated August 22, 2026
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Overview
Yıldız Holding is a Turkish multinational conglomerate whose origins lie in biscuit production and whose principal business remains food manufacturing. The group began in 1944, when brothers Sabri Ülker and Asım Ülker started making biscuits in Turkey. Its early development was built around the Ülker name, which became one of Turkey’s best-known food brands. From a domestic biscuit producer, the organization expanded into chocolate, cakes, confectionery, edible oils, dairy, frozen foods, sugar, beverages, and other food categories, while also developing manufacturing, distribution, retail, and investment capabilities. The company opened its first factory in Istanbul’s Topkapı district in 1948 and established a dedicated biscuit factory in 1965. During the 1970s it moved biscuit production to Ankara, entered chocolate production, opened a specialized chocolate plant in Istanbul, began exporting to Middle Eastern markets, and created an internal research and development function. In the 1980s, it began producing some of its own industrial equipment through the Topkapı Makine facility. Yıldız Holding was formally established in 1989 to consolidate the group’s expanding businesses and operations. During the 1990s and 2000s, the group broadened its food portfolio and international reach. It entered margarine, vegetable oil, industrial food oils, dairy, cake bars, filled cakes, ice cream, baby food, soft drinks, instant coffee, and cereals. It formed a cereal partnership with Kellogg’s in 2005 and later combined operations with the Danish gum-technology company Gumlink. The acquisition of Godiva Chocolatier in 2008 was a major step into premium international confectionery and gave the group a globally recognized luxury chocolate brand. Yıldız Holding accelerated its international consolidation in the 2010s. It acquired the Turkish discount retailer ŞOK, bought United Biscuits in the United Kingdom and DeMet’s Candy Company in the United States in 2014, and brought Ülker, United Biscuits, Godiva’s packaged-food operations, and DeMet’s together in 2016 to create pladis, a global biscuit and confectionery company. Godiva’s retail stores were not included in the same operating combination. Yıldız later sold several Godiva operations and a Belgian manufacturing facility to MBK Partners in 2019. The group operates beyond branded food. Its activities include wholesale and food-service distribution through Bizim Toptan and g2mEKSPER, convenience retail through Seç, discount supermarkets through ŞOK, technology services through Yıldız Tech, and private-equity investment through Gözde Girişim. Its food-related portfolio also includes sugar, frozen bakery, charcuterie, edible oils, and other consumer products. According to the cited 2023 reference, the group had revenue of approximately TRY 391 billion across all businesses, employed about 80,000 people, and operated 42 factories, including 20 outside Turkey. Its brands were reported as reaching consumers in five continents, reflecting a business model that combines Turkish industrial roots with international food manufacturing and distribution.
History
Yıldız Holding developed from a family biscuit business into one of Turkey’s largest food and consumer-goods groups. Sabri Ülker and Asım Ülker began manufacturing biscuits in 1944, drawing on a family background connected to migrants from Crimea. The business opened its first factory in Istanbul’s Topkapı district in 1948 and later established a dedicated biscuit factory in 1965, creating the industrial base for the Ülker brand. The 1970s marked the beginning of significant product and geographic expansion. Biscuit production moved to Ankara in 1970. In 1972, Ülker began producing chocolate, and demand led to the opening of a dedicated Istanbul chocolate factory in 1974. That year the company also started exporting to the Middle East and created an internal research and development division to strengthen its ability to compete with multinational food manufacturers. In the 1980s, the group began manufacturing some of its own production equipment. The Topkapı Makine facility, founded in 1984, supplied machinery for biscuit and chocolate manufacturing. In 1989, Yıldız Holding was formed to bring the group’s increasingly diverse operations under a common corporate structure. The 1990s brought entry into new food categories and new partnerships. Yıldız Holding moved into margarine, vegetable oil, and industrial food oils in 1992. In 1993, it partnered with Cerestar to establish Pendik Nişasta, a producer associated with cake bars and filled cakes in Turkey. The group entered dairy in 1996 and continued to widen its manufacturing base. It later sold its stake in Pendik Nişasta in 2021. During the 2000s, the company added ice cream, baby food, soda and cola-style drinks, instant coffee, and cereals to its activities. A partnership with Kellogg’s created Ülker Kellogg’s in 2005, although that partnership ended in 2018. The acquisition of Godiva Chocolatier in 2008 expanded Yıldız Holding into premium global chocolate. In 2009, the group combined operations with Gumlink, a Danish company known for gum technology. Expansion intensified during the 2010s. In 2012, Yıldız Holding formed a partnership with SCA and acquired ŞOK Supermarkets. It purchased the meat processor Aytaç in 2013. In 2014, it acquired DeMet’s Candy Company in the United States and United Biscuits in the United Kingdom. In 2016, the group combined its principal biscuit and confectionery activities—Ülker, United Biscuits, Godiva’s relevant operations, and DeMet’s—into pladis. Pladis became the principal global platform for many of the group’s biscuit and confectionery businesses. The group faced financial pressure during Turkey’s 2018 currency and debt crisis and requested restructuring of loans from creditors. The following year, it sold several Godiva country operations and a Belgian manufacturing facility to MBK Partners. These transactions reflected a continuing effort to manage the group’s international portfolio while retaining its core food and confectionery activities. Today, Yıldız Holding combines food manufacturing with retail, wholesale distribution, food-service logistics, technology, private equity, and other consumer and real-estate activities. Its retail interests include Bizim Toptan, g2mEKSPER, Seç, and ŞOK. Gözde Girişim provides a private-equity platform, while Yıldız Tech supports digital and software capabilities. The cited reference describes the group as operating 42 factories, with 20 outside Turkey, employing approximately 80,000 people, and selling more than 300 brands across five continents.
- 2019
Sale of selected Godiva operations
[1]Selected Godiva country operations and a Belgian manufacturing facility were sold to MBK Partners.
- 2018
Loan restructuring request
[1]The group sought creditor restructuring during Turkey’s currency and debt crisis.
- 2016
Creation of pladis
[1]Yıldız Holding combined major biscuit and confectionery businesses under the new global company pladis.
- 2014
United Biscuits and DeMet’s acquisitions
[1]The group acquired United Biscuits in the United Kingdom and DeMet’s Candy Company in the United States.
- 2008
Acquisition of Godiva Chocolatier
[1]Yıldız Holding acquired the premium chocolatier Godiva Chocolatier.
- 1989
Yıldız Holding established
[1]The holding company was created to consolidate the group’s businesses and operations.
- 1972
Entry into chocolate production
[1]Ülker began making chocolate, creating a foundation for later confectionery expansion.
- 1965
Dedicated biscuit factory
[1]A dedicated biscuit factory was established as production capacity expanded.
- 1948
First factory opens in Topkapı
[1]The business opened its first factory in Istanbul’s Topkapı district.
- 1944
Founding biscuit production business
[1]Sabri Ülker and Asım Ülker began manufacturing biscuits in Turkey, establishing the origins of the future holding group.
Products and positioning
A Turkish-rooted, internationally active food and consumer-products group combining mass-market biscuits and confectionery with premium chocolate, retail, distribution, technology, and investment businesses.
Biscuits and confectionery
Ülker
Ülker is the group’s historic Turkish food brand and is associated with biscuits, chocolate, cakes, wafers, and other packaged confectionery. Its international biscuit and confectionery activities became part of the pladis platform.
Premium chocolate
Godiva
Godiva is the premium chocolatier acquired by Yıldız Holding in 2008. Its packaged-food operations were included in the creation of pladis, while selected country operations and a Belgian facility were later sold to MBK Partners.
Biscuits and snacks
United Biscuits
United Biscuits became part of Yıldız Holding through the 2014 acquisition and was subsequently incorporated into pladis. The business contributed established biscuit brands and manufacturing operations in international markets.
Confectionery
DeMet’s Candy Company
DeMet’s Candy Company, acquired in 2014, expanded Yıldız Holding’s presence in the United States and became part of the confectionery portfolio assembled within pladis.
Discount retail
ŞOK
ŞOK is a Turkish discount-supermarket chain acquired by Yıldız Holding in 2012. The reference describes it as one of Turkey’s largest discount retailers, with more than 9,500 stores and approximately 40,000 employees.
Cash-and-carry retail
Bizim Toptan
Bizim Toptan is a Turkish cash-and-carry business serving retailers and other customers. The cited material describes it as operating more than 170 stores across over 70 Turkish provinces.
Brand decisions
2019
Divestment of selected Godiva assetsM&ABackground
Yıldız Holding reviewed its international confectionery portfolio after the formation of pladis and the 2018 financing pressures.
Action taken
The group sold Godiva operations in Japan, South Korea, Australia, and New Zealand, together with a Belgian manufacturing facility, to MBK Partners.
Aftermath
The transaction reduced the scope of Yıldız Holding’s direct ownership of those Godiva markets and assets.
2018
Creditor loan restructuring requestStrategyBackground
The request occurred during Turkey’s currency and debt crisis, which increased pressure on companies with substantial foreign-currency or leveraged obligations.
Action taken
Yıldız Holding requested restructuring of loans from creditors.
Aftermath
The episode was followed by continued portfolio management, including the sale of selected Godiva operations in 2019.
Loans subject to reported restructuring request. (2018)
2016
Formation of pladisStrategyBackground
Yıldız Holding had assembled major biscuit and confectionery businesses across Turkey, Europe, and the United States.
Action taken
The group combined Ülker, United Biscuits, Godiva’s relevant operations, and DeMet’s Candy Company into pladis.
Aftermath
Pladis became the group’s global biscuit and confectionery platform.
2014
Acquisition of United Biscuits and DeMet’sM&ABackground
The group pursued international scale in biscuits and confectionery.
Action taken
Yıldız Holding acquired United Biscuits and DeMet’s Candy Company.
Aftermath
The acquisitions supplied major businesses for the later creation of pladis.
2008
Acquisition of Godiva ChocolatierM&ABackground
Yıldız Holding sought to extend its food portfolio into internationally recognized premium chocolate.
Action taken
The group acquired Godiva Chocolatier.
Aftermath
Godiva became an important international confectionery asset, with relevant packaged-food activities later incorporated into pladis.
Recent events
- 2023
Yıldız Holding reports 2023 revenue of approximately TRY 391 billion[1]
Other
The group was reported to have generated approximately TRY 391 billion in revenue across its businesses in 2023, with about 80,000 employees and 42 factories worldwide.
- 2019
Yıldız Holding sells several Godiva operations to MBK Partners[1]
M&A
The group sold Godiva operations in Japan, South Korea, Australia, and New Zealand, together with a Belgian manufacturing facility, to MBK Partners.
- 2018
Yıldız Holding requests restructuring of loans during Turkey’s 2018 currency crisis[1]
Other
During Turkey’s currency and debt crisis, Yıldız Holding sought creditor restructuring for loans reported in the reference material at up to US$7 billion.
Sources2 sources
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