Take a closer look at Switzerland
Obuv.com wants to buy a European shoe manufacturer
The shoe retailer Obuv.com, co-owned in April by the ex-shareholders of the Lenta retail chain Dmitry Kostygin and August Meyer, is negotiating the purchase of the Swiss shoe manufacturer Masai Barefoot Technology (MBT). His assets, including trademarks and patents for original athletic shoes, can be worth up to $ 50 million.
The fact that in June this year, negotiations began between MBT and Obuv.com, said a source close to the Russian company. Dmitry Kostygin, one of its shareholders and former co-owner of the Lenta grocery chain, confirmed this information, specifying that negotiations are at an early stage and no documents have been signed yet.
The investment company Leonardo & Co. acted as consultants for the sale of MBT at the beginning of the summer. Director Fabian Denneborg said the company was no longer looking for a buyer, declining to comment further. MBT itself did not provide comments either.
The intellectual property of the Swiss company is on sale - trademarks and patents (for shoes with a special rounded sole), - lease rights for 20 mono-brand stores in Switzerland, inventory and equipment in stores, said a source close to MBT. The company has 18 outlets in Russia, but they work under franchising with the Payana company. These objects will not be included in the deal.
Dmitry Kostygin believes that the asset could be worth $ 20-50 million. MBT disclosed its revenue last time in 2007, when it was $ 211,9 million. Nikolay Gabyshev, Managing Partner of Pollyanna Capital Partners, says that the European footwear market has grown annually since then. 3-4%. That is, MBT's revenue by the end of 2011 could have amounted to $ 248 million. Mr. Gabyshev estimated the MBT at almost $ 50 million, based on a multiplier of 0,2 of revenue before deducting debt obligations.
The Swiss footwear company Masai Barefoot Technology (MBT) manufactures and sells footwear with unusual rounded soles. Manufacturing facilities are located in South Asia - there are seven factories in China, Indonesia and Vietnam. The company's retail network is represented by 20 mono-brand points in Switzerland on rented premises, and the company's stores are developing on a franchise basis and exclusive distribution in 35 countries of the world.
Obuv.com was created about two years ago. The company is co-owned by Sergei Rukin and former co-owners of Lenta hypermarkets August Meyer and Dmitry Kostygin, who for two bought 40% of the company for $ 25 million in April this year. The network unites 75 stores in Russia with an average area of 150-200 sq. m, forecast by the end of 2012 - 100 points. The network operates in a low price segment (the average check is about 1 rubles). Revenue in 2011 - 700 million rubles. ($ 23,8 million at the average rate for the year), the forecast for 2012 is from 2,5 billion to 3 billion rubles. ($ 77-92 million at the Central Bank rate as of Friday).
MBT was put up for sale in May 2012, after it could not cope with its debt obligations, and at the end of 2011 recorded low sales and losses that were not disclosed, local media write. Dmitry Kostygin explains that Obuv.com is looking for new and interesting niche projects for itself. “Perhaps MBT is just that option. For example, in Switzerland, almost everyone wears MBT sneakers to work and for walks, ”he said. Mr. Kostygin recalled that when buying a stake in Obuv.com, the former shareholders of Lenta expressed their readiness to invest up to $ 100 million (including $ 25 million for a 40% stake), which can be used for development, in particular, for M&A transactions. The newspaper "Kommersant" writes about this.
Obuv.com wants to buy the European shoe manufacturer Shoe retailer Obuv.com, co-owners of which in April became ex-shareholders of the Lenta chain Dmitry Kostygin and August Meyer, ...
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