American TJX Companies sold its stake in the Familia network

The American company TJX Companies sold its stake in Familia Trading Sarl, the head structure of the Russian Familia network. About it says in the company’s 2022 financial report Focus on the deal drew “Kommersant”.

“In line with our corporate values, in 2022 we announced and completed the sale of our minority stake in the Russian retail store Familia,” the report says.

TJX Companies owned 25% in Familia, which the company acquired in 2019. According to Vedomosti, the deal amounted to $225 million. The report does not name a new buyer of the stake. It is noted that as a result of the transaction, TJX Companies recorded impairment losses in the amount of $218 million in the first quarter of fiscal 2023.

According to Kommersant, as of the end of 2020, Goldman Sachs owned 16.75% of Familia through ELQ Investors VIII, and Baring Vostok owned another 16.44% through Veliada. The retailer’s founders Dmitry Lukovnikov (Lavos Sarl) and German Oshkordin (Paragem Assets Sarl) owned 25.1% and 16.71%, respectively. According to the information in the Unified State Register of Legal Entities, in April 2023, the parent structure of Familia changed jurisdiction in Luxembourg, registering a company of the same name in the UAE.

A source close to Baring Vostok told the newspaper that the company’s stake has not changed since retailer TJX exited the business. At the end of 2022, Baring Vostok announced that its Russian assets, including a stake in Familia, will come under the control of the Russian company Vostok Investments.

Goldman Sachs previously announced its withdrawal from the Russian market. According to the Dubai International Financial Center (DIFC) website, Familia’s owners include Broomfield Int. Previously RBC connected the company with the Russian top management of the local Goldman Sachs structure. Also on the list of founders of Familia is Ambron Holding, which, according to DIFC, belongs to Dmitry Lukovnikov, and Kemble Corporation (no beneficiaries are specified).

TJX Companies announced its withdrawal from the Russian market in March 2022 amid the start of a Russian special operation in Ukraine and the imposition of anti-Russian sanctions by Western countries. The company estimated the loss from the write-off of the stake at $218 million. According to the report for 2022, TJX’s total sales for the year amounted to $49.9 billion. Net profit was a record for the company – $3.5 billion.