Tuva Senator Has Keen Appetite
Another Russian has acquired the globally known brand. Controlled by Federation Council Senator Sergey Pugachev, Luxembourg LuxAdvor bought out 100 percent in France’s Hediard Group from Monaco businessman Michel Pastor, with whom Pugachev has joint developing projects. The deal’s budget is said to exceed ˆ1 billion.
It was French PR Agency Ogilvy that reported about the deal. The parties don’t disclose the deal budget, but the sources say it could be over ˆ1 billion. Hediard probably costs ˆ1 billion, said Youst Capital Managing Partner Igor Soglaev. “Given the company’s revenues of ˆ1 billion, it looks like the real figures. There could be some premium for the brand and majority stake,” he added.
Senator Pugachev (Tuva) generally avoids publicity, so he couldn’t be reached to comment yesterday. Dmirty Morochenko, who is the briefer at OPK and Mezhprombank (the assets of Pugachev) declined to comment on the deal. But LuxAdvor President and OPK BOD member David Henderson-Stewart is well aware of it. He said the new owner of Hediard specified four basic directions to develop the Groceries House and that the matter at stake was to revive the brand, maintaining its integrity, proceed with the global expansion, widen the product line and strengthen the standing in France.
The previous owner of Hediard, Michel Pastor is a long partner and mate of Sergey Pugachev, said a source close to the businessman. “Mr Pastor has very big developing projects in Monaco, and Tuva senator is involved in some of them. Mr Pastor decided to sell Hediard, as he needs money for one of these projects. Given the long confiding relations, the Groceries House was offered to Sergey Pugachev,” the source said.
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All the Article in Russian as of Oct. 12, 2007
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