No leverage has been used to complete the transaction, and is TPG’s first investment in Russia following last year’s Moscow office opening. Stephen Peel heads up the firm’s Moscow effort.
The latest deal is the largest seen in the country since Lion Capital’s US$500m purchase of Nidan Soki, a juice drinks producer.
It was as a result of the lackluster reception Nidan Soki got on the leverage finance market last year that prompted TPG to pursue an all equity alternative.
Last month investment bank Renaissance Capital raised a US$660m private equity fund for companies in the former Soviet Union. For more on this and the wider Russian market, turn to page 6.