Kaluga Kristal distillery that is controlled by ex-chief of Rosspirtprom Sergei Zivenko, on the photo, (62 percent, the remainder belongs to Rosspirtprom) may change the majority holder in May.
Photo: Dmitry Lekay
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Belvedere Eager to Buy Russia’s Kristall Distillery
Kaluga Kristall distillery that is controlled by ex-chief of Rosspirtprom Sergei Zivenko (62 percent, the remainder belongs to Rosspirtprom) may change the majority holder in May. It emerged that one of Europe’s biggest alcohol holdings, Belvedere SA, is negotiating the buyout of Zivenko’s stake. If the parties finally agree, Belvedere will get facilities that are amid the capacity leaders in Russia to bottle its Sobieski, Yuri Dolgoruki and Tchaikovsky vodkas.
It was Sergei Zivenko himself (chief of federal Rosspirtprom in 2000 to 2002) that told Kommersant about potential sale of Kaluga distillery that is a part of TPG Kristall. The deal attracts “nonresident companies” and if he “decides to sell,” it will be closed by the middle of May, the businessman said. The negotiations have been underway since early this year and the deal will be announced by May holidays, said a source with another distillery that is familiar with the progress in the deal. One of potential buyers is French Belvedere, he said.
Vladimir Pritulyak, who is the general director at Belvedere Ukraine, confirmed the respective intention, adding that speaking about the deal would be too early, as the parties are going through nuances. Belvedere needs facilities to bottle its brands, which has already happened in Ukraine. Belvedere bought out Cherkassky distillery in late 2007 there and launches bottling of Sobieski vodka, wine and champagne in the nearest future.
Pritulyak hasn’t disclosed the deal budget. According to Renaissance Capital, the worth of production capacity is $1 to $2.5 per a liter, depending on location, equipment, etc. The maximum capacity of Kaluga Kristall is 4 million decaliters, so the worth of the whole plant ranges from $40 million to $100 million and Zivenko’s stake of 62 percent costs no more than $62 million.
Of interest is that Zivenko has no intention to withdraw from the vodka business. Bottling of his key brands, Beloe Zoloto (White Gold) and Oligarch, will be transferred to Obninsk factory of TPG Kritall.
www.kommersant.com
All the Article in Russian as of Apr. 16, 2008
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