Food Industry News

Investors tasted "ABC taste"

Millhouse Roman Abramovich and Alexander Abramov Invest AG settled the conflict with the shareholders of the network "ABC taste". The investment consortium previously had pledged securities network, has now received 34% of the retailer.

This package can cost 6-7 billion rubles., But due to the difficult market conditions to sell it today, investors are unlikely, analysts say.

Millhouse, Invest AG and co-owner of the ABC of Taste, Cyprus VMHY Holdings settled the dispute and concluded an amicable agreement, a source from Kommersant said in the retail market and confirmed two sources close to Millhouse and Invest AG. Thus, the consortium Invest AG / Millhouse got 34% of the shares of the ABC of Taste, 49% now belong to the founders of the network Maxim Koshcheenko and Oleg Lytkin, 12% - VMHY, 5% -management, the interlocutor of "Kommersant", without disclosing other terms of the agreement . He claims that the retailer's shareholders intend to continue expanding the network, own production and development of online services. Representative Millhouse declined to comment. Contact with Invest AG failed.

The "ABC of Taste" confirmed the settlement of the dispute and the distribution of owners of shares. "Reaching an agreement between the shareholders and the desire Invest AG to remain in the capital of companies show the high confidence of the professional investor to the company management," - said General Director Vladimir Sadovin network.

The conflict between Millhouse Roman Abramovich, Invest AG Alexander Abramov and VMHY Holdings began because of an outstanding loan. In 2014, co-owner of retailer Andrey Vdovin and his partners Alexei Maslovski and Peter Hambro decided to buy back shares from another shareholder - Kirill Yakubovsky. The four of them owned VMHY Holdings, which then owned 43% "ABC of Taste." The deal was financed by a loan issued by the structures of Millhouse and Invest AG. The media estimated its volume at $ 125-150 million. The deal was initially secured by shares of all businessmen, but as a result, only Vdovin's package remained in the mortgage: Millhouse and Invest AG tried to collect the debt through a court in Cyprus, RBC reported earlier. A source close to the retailer said that Mr. Vdovin's papers had moved to the structures of Mr. Abramovich and Abramov last year.

The entry of Millhouse and Invest AG as full-fledged shareholders into the capital of the ABC of Taste is the best option for resolving a lengthy dispute, said Mikhail Burmistrov, general director of Infoline-Analytics. According to him, the retailer searched the investor for the last year. The partnership with Millhouse and Invest AG will allow "ABC of Taste" to accelerate the pace of organic growth and actively develop its online projects, the expert believes. In his estimation, the share of the consortium (34% of the retailer) in the market can cost 6-7 billion rubles. According to Igor Kovanov, partner of Falcon Advisers, "Azbuka Vkusa" is an attractive asset, but due to the difficult conjuncture, new investors are unlikely to be going to sell the received package at least within the next year.

In the first half, revenues 2016 "ABC of Taste" was 26,5 billion rubles. excluding VAT, estimated to Infoline. Analysts expect year-end it reaches 55 billion rbl., That on 14,5% more than in the year 2015. Today, according to data Infoline, "ABC taste" controls 104 shops.

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