The company “Legends of Crimea” has changed its owner

The development of alcohol import trade networks and increased duties on wines from Europe encourage alcohol distributors to diversify their business. Thus, co-owner of Polini Import Ibrahim Abiev acquired the bankrupt company Legend of Crimea with approximately 400 hectares of land suitable for vineyards. To process the entire harvest, the construction of a winery will be required.

Co-owner of the alcohol distributor Polini Import, Ibragim Abiev, became the owner of Legend of Crimea LLC, which is engaged in viticulture on the peninsula. Changes to the Unified State Register of Legal Entities were made on September 19. It is possible that the transaction took place as part of the sale of assets of the former owner of Legend of Crimea, Mikhail Shtyrlin, declared bankrupt. The winning bidder, who offered 1 billion rubles for 100% of the company, refused to conclude a purchase and sale agreement, and the asset went to Ibragim Abiev, who made a second offer of 200 million rubles, explains Kommersant’s interlocutor familiar with the deal.

Polini Import and the distributor Issy Spirits are part of the ISSI Group. According to data from market participants available to Kommersant, in January-July Polini Import imported 6.2 million liters of wine and 1.9 million liters of strong alcohol, taking 12th place among alcohol importers in the Russian Federation. One of the main suppliers is the Italian Polini Group. As follows from the reporting of Polini Import, 51% of the company is controlled by Giovanni Polini, the remaining shares belong to Mr. Abiev, Pavel Shamaev and Vladimir Dyachenko. ISSI Group did not respond to Kommersant.

“Legend of Crimea,” according to one Crimean official, manages more than 400 hectares of land suitable for vineyards in the Saki region. The company also owns the Legend of Crimea brand, which is also registered for the class of alcoholic beverages, according to Rospatent data. In 2019, Dom.RF Bank filed for bankruptcy of the company due to a debt in the amount of 178.55 million rubles, and bankruptcy proceedings were introduced in 2022. The manager of Legends of Crimea declined to comment; Dom.RF did not respond to Kommersant.

Advisor to the bankruptcy practice of the BVMP bureau Dmitry Palin points out that the bidder who took second place could purchase the item of the auction if the winner refused for the offered price. According to Averta Group advisor Anna Friedrichsen, since the investor acquired a stake in the company, he is apparently interested in preserving the entire business. In the future, you can begin the recovery procedure or immediately conclude a settlement agreement with creditors, notes ProLegals partner Elena Kravtsova.

The head of the WineRetail information center, Alexander Stavtsev, says that Polini Import was previously a large technical importer, primarily for the X5 Group and the Krasnoe & Beloe network. But X5 has already switched to its own procurement, and “Red & White” is also actively developing its wine import platform, he points out. In addition, the expert notes, the importer’s business could be affected by an increase in import duties on wines from “unfriendly countries.”

According to Alexander Stavtsev, the Legends of Crimea vineyards were in good condition until recently, but the new owner will need a site for wine production. From a harvest of 400 hectares, 4–5 million bottles can be produced, he calculated. Head of the Crimean farm “Gerasimova O. S.” Olga Gerasimova says that some of the grapes can be used to produce wine at third-party factories under contract, and the remaining raw materials can be sold.

According to Rosalkogoltabakcontrol, in January-August 2023, 19.47 million dal of still wines were produced in the Russian Federation, which is 5.68% less year-on-year. As Ms. Gerasimova notes, it is very difficult to sell Russian wines at the moment. This year, she says, grapes in Crimea were about 30% cheaper than a year earlier, as winemakers sell off stocks and imports from Armenia, Georgia and Moldova increase. Although, Olga Gerasimova adds, inexpensive and high-quality Crimean wines have potential in the markets of China and India.

Anatoly Kostyrev