“Trust” sold the debts of the operator of the flower complex JSC “RoseHill”
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A new investor may enter the Russian flower market. The structure, which may be connected with the family of the former head of Stroytransgaz, Mikhail Khryapov, bought the debts of the bankrupt rose producer RoseHill from Trust with an option for 50% of the company. The flower market has a high share of imports, but the devaluation of the ruble makes it easier for local producers to compete.
Bank of non-core assets “Trust” sold the rights of claim to the operator of the flower complex JSC “RoseHill”, two sources told Kommersant and confirmed in “Trust”. Rights of claim for 6 billion rubles. to RoseHill, for 594 million rubles. to individuals and an option for 50% of the company’s shares was acquired by Aterra JSC, the bank said. They added that the deal was direct, which made it possible to complete the sale in a short time, and the price was not lower than that previously set at the auction. In May 2023, the rights of claim were put up for auction with a minimum price of 945 million rubles, but no applications were received.
RoseHill grows roses in a greenhouse complex with an area of 14.1 hectares in the Kaluga region. The asset was part of the MIAK Group, the beneficiary of which is Garegin Gevondyan, the former head of the Soyuzkontrakt-Tabak association (distributing Bulgarian cigarettes in the Russian Federation) and ex-partner of the owner of the NBM development group Mikhail Babel. Alexei Antipov, chairman of the board of the National Florist Association, says RoseHill can turn out about 120,000 roses a day, but is likely operating at a low capacity today.
RoseHill’s debt to Trust was formed due to a loan agreement with MDM Bank, which merged with Binbank in 2016, and in 2017 the Central Bank announced the reorganization of Binbank, whose assets were then transferred to Trust. In 2020, Trust filed an application with the Arbitration Court of the Kaluga Region to declare RoseHill bankrupt, and a year later bankruptcy proceedings were introduced in the company.
According to the Unified State Register of Legal Entities, the only JSC “Aterra” is registered in the Tver region. In the explanations to the company’s reporting for 2022, Natalia Khryapova is named as the beneficiary with a share of 43.75%. In the media, she was called the wife of Mikhail Khryapov, the former general director of Stroytransgaz, one of the largest construction companies in the Russian Federation. Mr. Khryapov and BIT-Server LLC, which belongs to him, are listed as creditors in Aterra’s financial statements. According to the e-mail indicated in the Unified State Register of Legal Entities “Aterra”, “Kommersant” was not answered. In the RoseHill bankruptcy case, there is already Aterra’s August 2 statement of succession.
Boris Glushenkov, a lawyer at Stonebridge Legal’s arbitration practice, does not rule out that the buyer is most likely interested in keeping the RoseHill business for himself, given the purchase of the option and rights of claim. ProLegals partner Elena Kravtsova considers an attempt to take the asset at auction as part of bankruptcy as a likely scenario. The possibility of a settlement agreement cannot be ruled out, but this will require the settlement of claims of other creditors, she adds. The latter, according to Valeria Tikhonova, senior lawyer for bankruptcy projects at VEGAS LEX, may provide for loyal repayment periods or a discount on debt.
The Rosselkhozbank (RSHB) estimates the capacity of the entire Russian flower market at 2 billion pieces, and the turnover – more than 200 billion rubles. in year. As noted in the review of the bank, about 80% of the cut flower market in the Russian Federation in recent years was formed by imports. Until 2023, the main suppliers were the Netherlands, Ecuador, Belarus, now it is possible to increase imports from Turkey, Armenia and China. In 2022, according to the RSHB, the collection of fresh cut flowers in Russia increased by 18% year-on-year, to about 400 million pieces.
According to Alexei Antipov, the reduction in demand for flowers in the EU and Ukraine leads to the redirection of additional volumes to the Russian Federation, which puts pressure on local producers, but the devaluation of the ruble and the rise in fuel prices give local players a price advantage. He adds that flower growers have generally adapted to the sanctions on the import of planting material, and business is mainly complicated due to rising electricity prices.
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