Retailer Ulmart holds road show for major funds in U.S.
MOSCOW. March 5 (Interfax) - Ulmart, a Russian retailer of consumer electronics and home appliances that is looking for a strategic investor, held several presentations for major investment funds in New York from February 25 to 27.
A Ulmart delegation led by principal shareholder Dmitry Kostygin and CEO Sergei Fedorinov met with representatives of leading funds that work with Russian assets: Goldman Sachs Investment Strategies, Blackrock, Moon Capital, Tiger Global, Lazard Asset Management and Thornburg Investment Management, the company said in a press release.
Kostygin and Fedorinov told them about the potential for Ulmart's development and the "growing e-commerce market in Russia as a promising area for long-term investment," the company said.
Ulmart's press service declined to comment on the results of the meetings with the investment funds. Kostygin did not respond to Interfax's calls on Tuesday.
Ulmart plans to hold a number of meetings with European and Asian investors in March.
It was reported earlier that the retailer plans to sell investors a 10-15% stake in new shares in order to raise money to build new centers for assembling and distributing orders.
Ulmart, which began working in St. Petersburg in 2008, is a distance retailer of electronics, components, computer equipment and home appliances. Ulmart has 30 'cybermarkets' and 240 order placement and pickup points.
Ulmart's sales jumped 61.4% to 39.7 billion rubles in 2013, and the company expects them to grow another 60% in 2014 to 63 billion-65 billion rubles.
The funds Svoboda Corp and Koshigi Ltd of former Lenta shareholders August Meyer and Kostygin invested about $100 million-$120 million in Ulmart in 2012, acquiring a 45% stake in the retailer.