Large oil and gas equipment manufacturer Novomet has completely changed shareholders
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As Kommersant has learned, Novomet, a major manufacturer of oil and gas equipment, has completely changed its shareholders. The previous owners – Rusnano, the Baring Vostok and Russia Partners funds, as well as the founders and management of the company – sold their shares to structures close to Novomet CEO Maxim Perelman and the Konar industrial group. Konar, which also produces equipment for oil and gas, expects to combine competencies with Novomet. According to analysts, the cost of selling the entire Novomet could be 25–30 billion rubles.
According to Kommersant’s sources, structures close to the general director of Novomet-Perm JSC Maxim Perelman and the Konar industrial group consolidated 100% in the manufacturer of oil production equipment Novomet. As a result of the transaction, the former shareholders are Rusnano (30.76%), investment funds Russia Partners and Baring Vostok (total 19.34%), as well as the company’s top management and founders led by Oleg Perelman (total 49.9%) — withdrew from the capital of the group.
Novomet is one of the largest manufacturers of electric submersible centrifugal pumps for oil production and also provides services. The company is present in more than 30 countries. The revenue of the main legal entity, Novomet-Perm JSC, according to RAS in 2022–2023 is about 15 billion rubles, net profit at the end of 2023 is 323 million rubles.
The Konar Group is also a large manufacturer of oil and gas equipment, in particular, pipeline and control valves, wellhead piping equipment, and electric motors. The main business assets are concentrated in Chelyabinsk. The company actively cooperates with Transneft in the supply of shut-off equipment; its website also indicates, among other things, participation in NOVATEK’s Yamal LNG projects and the construction of Gazprom’s Lakhta Center. According to public data, the owner of Konar is its general director Valery Bondarenko. Vladimir Putin has visited the company’s enterprises in Chelyabinsk several times, most recently in February of this year. Mr. Bondarenko in 2021 was awarded the Order of Merit for the Fatherland, II degree.
Kommersant’s interlocutors explain that Konar intends to become a strategic partner of Novomet and combine competencies, which will allow it to better cover the demand of oil and gas companies. Combining competencies in mechanical engineering, supplying equipment and metal structures will allow us to provide a wider range of services, agrees General Director of Infoline-Analytics Mikhail Burmistrov.
Revenue of Novomet-Perm in 2023 amounted to 14.9 billion rubles. with EBITDA of about 4.5 billion rubles, notes Karen Dashyan from Advance Capital. Novomet has always been a technologically advanced and popular manufacturer of oil production equipment in the Russian Federation and abroad, he says. Taking into account the problems with the import of Western equipment, a fair multiplier for valuing the company based on EV/EBITDA would be 5.5x–6.5x, the expert believes: thus, the company’s business valuation is 25–30 billion rubles.
Rusnano and foreign funds entered the capital of Novomet in 2011, Rusnano’s investments were estimated at 4 billion rubles. In 2016, the company decided to leave the project, but attempts to find a buyer for the package failed mainly for reasons beyond the control of Rusnano and Novomet. Thus, the Russian authorities blocked the sale of 100% of Novomet to the American Halliburton, although the amount, according to Kommersant’s interlocutors, could have been about $1 billion for the entire company. The option of selling the Rusnano share to the RDIF and Saudi Aramco consortium for 7.5 billion rubles was also considered, but this deal was not completed. In 2020, Novomet management planned to buy out shares from Rusnano and investment funds, hoping to later find a strategic investor or enter an IPO.
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