Darby Private Equity, the private equity arm of Franklin Templeton Investments, has exited its investment in Turkish bottled water and beverage manufacturer Sirma, selling the company to French food and beverage manufacturer Danone. Darby originally structured a mezzanine investment in Sirma through its Converging Europe Mezzanine Fund in 2010, followed by a combined equity and mezzanine investment from the same fund in 2011. Financial details of the transaction were not disclosed. Separately, Darby Private Equity invested US$15 million in Brazilian railroad technology supplier Alta Rail Technology through its Latin American Mezzanine Fund II.