Billion for Spartak

The owner of the largest Russian footwear manufacturer from Kazan factory "Spartak" became its general director Raikhat Garipov. As a result of the additional issue, he acquired almost 96% of the shares for 1 billion rubles. Experts point out that the investment is promising, believing that the asset can be recouped in five years.

The Spartak factory is one of the largest footwear enterprises in Russia. In 2011, the company's revenue grew by almost 20% and exceeded RUB 1,1 billion. At the end of last year, the authorized capital of the OJSC amounted to 42,86 million rubles. According to the SPARK database, 97,3% of the OJSC as of December 31, 2011 belonged to the 100% subsidiary of the factory - LLC Spartak-Finance, 0,9% - to Mr. Garipov.

Raikhat Garipov refused to comment on his acquisition - the press service of the enterprise responded for the inquiry that "the management considered it inappropriate to publish materials with such information." A source close to the deal noted that it was approved by the majority of Spartak shareholders in June last year. Then 39,85% of the company's shares were owned by Tatfondbank, other large stakes belonged to companies close to the bank. In particular, 19,92% of the shares were controlled by Kazan LLC MC IRGA, 16,32% - OJSC National Holding Company RT, 15,41% - Kazan branch of LLC MC Zolotoy Kolos. At that time, "Spartak" had almost a thousand shareholders, including 956 individuals, holding a total of 2,72% of the votes.

Raikhat Garipov, according to a biography published on the Internet, in 1980-1988 worked as a shoemaker in a fashion shoe salon in Kazan, and in 1988 he founded the Selena cooperative for sewing shoes. In 1991, he became vice president of the National Investment Fund of the Republic of Tatarstan, which, in particular, was engaged in the purchase of republican assets for privatization checks. Since 1994, he was appointed vice president of the investment company TaTinK, and in 1997 - deputy chairman of the board of Tatfondbank.

Raikhat Garipov has been the head of Spartak since 2003. As Kommersant wrote on January 11, 2011, his predecessor Ramis Gizetdinov was arrested in 2006 in the case of an organized criminal group of raiders. He was sentenced to three years and ten months in a colony under Art. 160 of the Criminal Code of the Russian Federation (misappropriation or embezzlement). The court found that Mr. Gizetdinov, as part of the organized criminal group, had sold the property of the factory for 8 million rubles. for counterfeit bills of Sberbank of the Russian Federation.

Currently "Spartak" produces footwear of three brands "Spartak", "Bon ton", "Poliar" and, according to its own calculations, occupies 1% of the footwear market in Russia, the volume of which, according to various estimates (in particular, the branch association Roslegprom ", National Shoe Association), is 400-450 million pairs, or about $ 23 billion a year. Despite such a small share, Spartak is considered one of the largest Russian footwear manufacturers. As Anna Mishutina, an analyst with Finam Investment Company, explained, "the share of domestic production accounts for only about 15% of the market in terms of commodity mass and less than 10% in terms of money."

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In 2010, Spartak increased its production volume in relation to 2009 by 21,5% - up to 510 thousand pairs. The company's sales in 2010 amounted to more than 236 thousand pairs, with an increase of 86,7% compared to last year. According to official documents, by the end of 2012 the factory intends to increase its market share in the Russian Federation to 1,5% and "gain a foothold in the CIS markets and enter the world market."

Natalya Pauli, Deputy Director for Public Relations of Obuv Rossii Group of Companies, considers the asset acquired by Mr. Garipov attractive considering the growth prospects that the Russian footwear market has been demonstrating since last year. At the same time, she believes that the factory can count on success subject to the development of the sales network. Ms. Pauli considers 82 of its own stores, which Spartak reports on its official website, to be insufficient “on a Russian scale”.

The Spartak factory itself, in official documents, announces its intention to expand its retail network to 200 stores this year (the operator is a 100% subsidiary of the Spartak Trading House LLC, while the Polyar LLC subsidiary is also a wholesaler). In 2012, the factory plans to make a profit of 107,6 million rubles.

Anna Mishutina also believes that "the asset looks quite attractive": "The company is developing quite dynamically and in general retains the potential for further business expansion and strengthening of market positions", while "the net profitability was formed at a level that is quite high for the industry, about 25%." “While maintaining strong key financial indicators, investments in the acquisition of the enterprise as a whole can pay off in a fairly short period of time, say, about 4-5 years,” Mishutina believes. “This market undoubtedly has significant growth prospects. Now the average per capita consumption of footwear is on average 2-3 times lagging behind similar indicators in developed countries and, according to various estimates, varies in the range of 1,5-2,5 pairs per year. " The newspaper "Kommersant" writes about this.