Investment Experience

The table below lists the control acquisitions made by Michael Maltzoff and Sergey Grachov during their respective careers. A number were made working together. In all cases either Sergey or Michael or both were totally involved in the management of the company, setting its strategic objectives and its restructuring. Michael or Sergey were either Chairmen of the company or they were able to find and recruit someone better for the job such as a retired industry specialist.

Company Name Country Summary Description Approx Sales $’m Level of Control Deal Type
Rosinka Ukraine One of the leading carbonated soft drinks bottlers in Kiev

35

Full control Complex acquisition of ‘stakes’ from employees; private placement
Opoczno Poland Leading tiles manufacturer; we financed state-of-the art new ‘gres’ tile factory, opened by Polish President

130

Full Control Privatization
Iskra Ukraine Leading light bulb manufacturer; full turnaround including large redundancies, management changes and escape from 100% barter sales requiring creation of new marketing department

20

Full control Privatization/accumulation
Yantar Ukraine One of leading breweries; full turnaround from difficult financial situation after high inflation; probably the first control acquisition in Ukraine by a financial buyer (1995)

40

Full control Accumulation; share issues
Chernomor Ukraine Leading brewery; full turnaround; complex logistics for share accumulation process over a territory the size of Austria

10

Full control Accumulation
Excellent Romania Leading Confectionary company in Bucharest; probably the first company acquisition in Romania by a financial buyer

40

Full control Privatization
MKPK Russia Leading packaging company in Russia

60

Full control Accumulation
Severny Trubny Zavod Russia Pipe manufacturer; shares were introduced to the listed market

250

Full control Accumulation; Market liquidity
Zaparozhe Transformer Co.* Ukraine World class high voltage transformers; sales were grown from c. $20 million to over $180 million in 4 years

180

Full control MM main board director
Luganskoblenergo Ukraine Electricity distribution utility

200

Full control Privatization/accumulation
Odessaoblenergo Ukraine Electricity distribution utility

100

Full control Privatization/accumulation
Kievmedpreparat Ukraine Pharmaceutical

40

Full control Accumulation; share issue
Gemoplast Ukraine Medical products

22

Full control Accumulation; share issue
Stachanovsky techuglerod Ukraine Black carbon producer

17

Full control Privatization/accumulation
Zatisniansky chemical co. Ukraine Chemicals

1

Full control Privatization/accumulation
Valsa Ukraine Rubber tyres

n/a

Full control Privatization/accumulation
DIOS Ukraine Mining  institute

3

Full control Privatization/accumulation
Uzhgorodsky Turbogas Ukraine Oil and gas equipment.

2

Full control Privatization
KRAZ Holdings Ukraine World-famous heavy truck manufacturer

130

Full control Privatization/accumulation
BMZ Progress Ukraine Engineering

6

Full control Accumulation;
Hotel ‘Salut’ Ukraine 100-room hotel in central Kiev

2

Full control Privatization/accumulation
Red October Russia Moscow’s leading chocolate/confectionery company

150

Minority control; board seat Accumulation; share issue; hostile defence
GAZ Russia Leading car manufacturer in Russia with over 100,000 employees

1,200

Minority control; board seat Accumulation
Kety* Poland Extrusion and packaging

120

Minority control; board seat (not acquired by D.C. partners)
Slager Radio* Hungary Radio station

9

Minority control; board seat (not acquired by D.C. partners)
Volga Pulp and Paper* Russia Newsprint manufacturer in Nizhny Novgorod with IFC loans; complex exit process

200

Minority control; board seat (not acquired by D.C. partners)
Rivneazot Ukraine Nitrogen fertilizer producer

120

Minority control; board seat Accumulation


* Portfolio inherited by Michael Maltzoff at CSFB or at ESG for which the former did not execute the acquisition.  However, MM was responsible for the investment and on the board.  In the case of Volga Pulp and Paper, MM played the lead role in the sale of the company
Dnieper Capital