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Abolmasov_c5_march2011
- 1. NewRussiaGrowth Private Equity Advisors Mezzanine opportunities in Russia March 2011
- 3. PIK Interest
- 5. Pre-money EV $80m
- 6. Equity $60m
- 7. Debt $20m
- 8. New investments $20m PE – 25% post-money EV$100m Mezz– Debt $20m @ 8-10% plus 10% option call @ $60m Mcap 3x growth 2
- 10. 18-54 month repayment of investment capital
- 11. Ticket size: $10 – 50m
- 12. Collateralized
- 13. Pledge of target companies’ shares, liquid assets
- 15. Equity kickers leading to 30%+ targeted gross return3
- 17. Focus on mid-market and low-cost segments with retail prices 40% lower on average than in DetskiyMir
- 18. 54 owned shops and 144 franchisees in 192 Russian cities
- 19. Key toy supplier for leading retail chains in Russia, such as Magnit, Perekrestok and Sedmoi Continent
- 20. In-house ERP system allows daily control of all sales and stocks
- 21. Average markup is 75%: Private label markup is 250%, which accounts for 15% of total sales
- 22. EBITDA in 2010 has grow by 45% as a result of significant increase in number of franchisees
- 23. After new debt, the debt/EBITDA ratio below 2xKey Financials 4
- 24. 2009 NRG Investment Case Study: Begemot Transaction Structure 5
- 26. Currently NRG works with Volga River One Fund, which has successfully invested in various Russian companies from telecoms to baby food producers
- 28. 20 LPs
- 29. $177m
- 30. Team of 10 professionals
- 31. 5 portfolio companies, 1 exit
- 33. 1st closing: Q4 2010
- 35. Team of 5 professionals
- 36. Leading Investor for 1 closing: EBRD 6