Russia: Ivan Taranov Breweries published on March 17 a memorandum according to which it intends to sell a part of its shares to a foreign investor. Russian beer maker presented the second bonded loan. For the first time, the company acknowledged it needs a strategic investor for the business, according to Kommersant newspaper. The analysts single out two groups of investors as potential buyers. The first one comprises companies already rooted on Russian market but craving for expansion. They are SABMiller, Heineken, Sun Interbrew. The second group includes large national companies, for instance, the U.S. Coors, with no market share in Russia.

The size of the second bonded loan is 1.5 billion rubles. According to the investment memorandum, the funds will go to complete the project, which sets forth construction of a brewery in the Moscow Region. “PIT Group is considering, whether to enter into alliance with one of the transnational brewing companies,” PIT said in the memorandum, counting on forming an alliance in the nearest two years. PIT declined to comment on March 17. However, the analysts are certain such memorandum signals the company’s intention to dispose of the business.

Ivan Taranov Breweries’ Group (or PIT) was founded in 1998. It is controlled by Detroit Brewing and unites three breweries located in Kaliningrad, Khabarovsk and Orenburg. The market share is 4 % in terms of money. 2004 unit volume reached 290 million decalitres, turnover exceeded $200 million. The key brands are PIT, Doctor Diesel, Tree Medvedya (Three Bears). PIT also bottles Goesser, Red Bull, Bitburger, Bavaria.

According to the experts, today’s business of PIT costs around $350 million. The amount is small, even if the investor pays premium for the market share. “Naturally, they evaluate very high themselves,” said Marat Ibragimov from OFG. “But it doesn’t correspond to reality.”

In view of the above, it is clear why the PIT owners need two years to set up alliance. They will have to complete construction of a new brewery and step up production. Besides, the company will have to carry out inner restructuring to cut down its spending. For example, the juice leader Lebedyansky manifested exceptionally high efficiency before the IPO, Kommersant said.

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