Diageo, the world’s spirits giant, acquired the Turkish spirits market leader Mey Icki in 2011. By the time, Diageo had approximately 30% market share globally, while Mey Icki had approximately 70% domestic market share. Mey Icki had enjoyed benefits and perks of being a state-owned company, until TGP Capital, a US based private-equity firm, bought Mey Icki for $800 million in 1996 from the privatization administration of Turkey. Five years later, TGP Capital sold Mey Icki to Diageo PLC for $2.1 billion.

Enduring two M&As, on top of being previously state-owned, brought along many managerial and strategic issues to Mey Icki despite its dominant position in the market via Yeni Rakı (a.k.a. the Lion’s Milk), also renown as the national spirit of Turkey. On the other hand, Diageo had its own agenda for differentiation throughout its international markets, and the comprehensive distribution network that it was able to lay its hands on in Turkey, ship Yeni Rakı to different markets of the world, or rose appetite for its world-known brands, such as Johnnie Walker whisky, Smirnoff vodka and Captain Morgan’s rum in Turkey, one of the largest and fastest growing markets of Europe.