Kolomensky closes a deal to buy St. Petersburg-based GC Darnitsa
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The Federal Antimonopoly Service of Russia (FAS) has approved the purchase by one of the major manufacturers of bakery products of BKH Kolomensky, owned by the owner of the Sminex-Inteko development group Alexei Tulupov, of the St. Petersburg GC Darnitsa. After the acquisition by Kolomenskoye of Darnitsa, the Russian business of the Finnish Fazer and the Tver enterprise Volzhsky Pekar, the company’s position in the Russian bakery market will noticeably increase.
The Federal Antimonopoly Service announced on its website that it had granted the request of BKH Kolomensky to acquire a 100% stake in the authorized capital of the St. Petersburg GC Darnitsa (manufacturing products under the Aladushkin brand). Kolomenskoye declined to comment. The Darnitsa Group of Companies did not respond to Kommersant’s request.
BKH “Kolomensky” belongs to the structures of Alexei Tulupov, who also owns the development group “Sminex-Inteko”. According to SPARK, at the end of 2022, Kolomenskoye’s revenue exceeded 31 billion rubles, net profit – 584.6 million rubles. According to the National Union of Bakery, Kolomensky took first place in the Russian Federation in terms of production of bread and bakery products in 2022.
At the same time, the revenue of the Darnitsa Group for the past year amounted to 5.5 billion rubles, net profit – 18.4 million rubles. According to the Unified State Register of Legal Entities, now 100% of the shares in the authorized capital of Darnitsa are owned by Aladushkin Group JSC, businessman Alexander Aladushkin. He acquired Darnitsa at the end of January 2023.
As Kommersant was informed back in 2021 by the general director of Kolomenskoye, Dmitry Kozlov, the manufacturer plans to expand its business, including in the north-west of the country, and is negotiating the purchase of a number of manufacturers of bakery products (see Kommersant dated March 19, 2021). Then Kommersant’s sources noted that Darnitsa might be interested in selling its business to Kolomenskoye because of debts.
Rustam Aidiev, executive director of the National Union of Baking, explains that earlier the main production site of Darnitsa was located in a leased property complex, which was subsequently bought out by the company, apparently with borrowed funds. This could not but affect the growth of the debt burden of the manufacturer, he believes.
Taking into account a number of factors, Mr. Aidiev estimates the preliminary amount of the transaction at no more than 3 billion rubles.
Now the St. Petersburg bakery market is one of the largest and most developed in the country, and given its territorial location and closeness, it is also “a kind of gateway for expansion into neighboring regions that are less developed in terms of competition,” notes Rustam Aidiev. According to him, BKH Kolomensky plans to reach a turnover of 100 billion rubles. per year and based on the results of the deal with Darnitsa and other acquisitions made by the company in 2022, this is quite possible. So, last year BKH Kolomensky bought the Russian business of the Finnish Fazer and the site of the main bakery manufacturer in Tver – Volzhsky Pekar.
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