The distributor changes the configuration

One of the three co-founders and owners of Merlion, a major distributor of electronics and other products, Vladislav Mangutov transferred his share to partner Alexei Abramov. Now the latter owns 66.67% of the shares, but so far they are pledged to Mr. Mangutov. Experts admit that the buyer did not have the funds to complete the transaction, and if he does not pay, Vladislav Mangutov may demand the assets back. Another 33.33% in the company remained with the third partner – Oleg Karchev. Analysts previously estimated the assets of each partner at 41.96 billion rubles.

Kommersant found in the SPARK-Interfax database that Vladislav Mangutov left Merlion Distribution LLC, Citilink LLC and Merlion Investment LLC. His share in these assets was transferred to another co-owner, Alexei Abramov, on 18 August. Thus, Mr. Abramov owns 66.67% of the shares of Merlion Distribution, Citilink and Merlion Investments. At the same time, Mr. Mangutov received all the shares of Alexei Abramov as a pledge. Another 33.33% in the companies remained with the third partner, Oleg Karchev. Previously, these assets were controlled by the Cypriot Merlion Group Limited. Merlion and Citilink declined to comment.

According to TAdviser, Vladislav Mangutov created Elsie company which was engaged in distribution of computers and accessories, in 1992. In 2004, Elsie and several other companies of Mr. Mangutov merged with distributors of Alexei Abramov and Oleg Karchev under the Merlion brand.

The company is engaged in the supply and sale of computers and household appliances, software and network equipment, office furniture and stationery. In August, TAdviser estimated the assets of each partner at 41.96 billion rubles. (see Kommersant dated August 9). The revenue of Merlion LLC (which is owned by Merlion Distribution) for 2021 amounted to 274 billion rubles, with a profit of 6.1 billion rubles.

Messrs. Karchev, Mangutov and Abramov, as well as Merlion top manager Boris Levin, were arrested in October 2020 on charges of attempted murder (see Kommersant dated January 19, 2021), but in February 2022 the Investigative Committee stopped criminal case due to the absence of a crime event.

A Kommersant source in the market of domestic equipment manufacturers believes that Vladislav Mangutov decided to leave the distribution business after the main electronics suppliers left Russia and “this business has ceased to be promising.” Now Mr. Mangutov, according to SPARK-Interfax, owns shares in the Network of Computer Clinics service center and the office furniture manufacturer Bureaucrat, as well as the developer Tekta Nedvizhimost, the developer AKM-Capital and other assets.

Finam Investment Company Strategy Director Yaroslav Kabakov believes that the transfer of assets as collateral means a delay in payment for the transaction. “However, probably, Mr. Abramov is ready to control the company and determine all strategic decisions. Vladislav Mangutov, on the other hand, ceases to influence the decisions of the company, but if the buyer does not pay him the full amount on time, he can take his shares back, ”adds the expert. Sergey Kudryashov, partner of the management consulting department at DRT, agrees with this: “Most likely, the buyer of a part of the shares did not have the funds to complete the transaction, so a pledge mechanism was used.”

Alexey Melnikov, CEO of Marvel Distribution, considers changes in the ownership structure of distribution businesses in Russia to be a current trend. According to him, such changes in the composition of owners occurred in Marvel in March, and in Merlion – now (in March, the company changed jurisdiction, F-Plus Equipment and Development LLC became the owner of Marvel KT LLC, up to 18 March the company was registered in an offshore zone in Belize). According to Mr. Melnikov, changes in the structure of owners and redistribution of shares will not affect the distributor’s business, since other founders remain in the company.

Anastasia Gavrilyuk