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 it’s 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
