Using his own money: where the former president of A1 will invest

Alexander Vinokurov resigns as president of A1 (owned by the Alfa Group consortium) to develop his own investment company. His place will be occupied by Andrei Tyasto, who used to work in Rosbuilding.
15.05.2017
RBC
Origin source
On the fact that the son-in-law of Foreign Minister Sergei Lavrov, Alexander Vinokurov, on Monday, May 15, voluntarily withdraws as president of A1 (the investment division of Alfa Group), RBC told a source close to the group. This was confirmed by Vinokurov himself and co-owner of Alfa Group Herman Khan.

Vinokourov headed A1 in December 2014. Before that, he had been the president of the "Summa" group of billionaire Ziyavudin Magomedov for almost 3.5 years. In the track record of a 34-year-old businessman - work in Morgan Stanley and one of the world's largest private equity funds TPG Capital. Vinokurov became the youngest vice-president in the history of this fund; As co-director of the Russian office, he was responsible for developing a strategy for investing and developing TPG Eurasia in the CIS and Eastern Europe. In 2008 he married the daughter of Sergei Lavrov. "I am proud of my relationship with Sergei Viktorovich and try to take an example from all of him," Vinokurov told Forbes magazine.

Co-owner of Alfa Group Mikhail Fridman told RBC that Vinokurov for 2.5 years of work in A1 "significantly changed the company: significantly updated the team, built new investment and operational processes." "His work has yielded tangible results - the quality of the portfolio and the company's balance have improved," Fridman said. According to Herman Khan, the second co-owner of Alfa Group, Vinokurov "coped well with the task set before him - launching the optimization and reorganization of both A1 itself and the investment group of the investment group". "We part with friendship, and it is possible that in the future we will be able to continue cooperation already on partnership terms, and not as a top manager and shareholder," Khan said.

The total volume of assets under management of A1 is not disclosed. In July 2016, the company announced that it plans during "2016-2017 years" to analyze assets in various sectors of the Russian economy "and invest together with Alfa-Bank in development of undervalued assets of at least $ 1 billion. At the same time, the volume of bad debts from various companies transferred A group of banks and those under the management of the investment division, was valued at $ 850 million. Among the largest deals that A1 had carried out during Vinokourov's time in it was the sale of the second largest number of cinemas in Russia, the Formula (6.75-7.65 billion rubles), acquisition of control in the Polyplastic Group (one of the largest manufacturers of polymer pipes), participation in a deal to find a new investor in the largest online auto parts store, Exist.ru, and Corporate dispute over the assets of the company Sinelab.

Replacement from "Rosbuilding"

The new head of A1 has already been found - it's Andrei Tyasto, who since 2015 is the managing director of the investment group. On the fact that Alexander Vinokurov, on May 15, voluntarily resigns as president of A1 (the investment division of Alfa Group), RBC told a source close to the group. This was confirmed by Vinokurov himself and co-owner of Alfa Group Herman Khan. Prior to this, He worked heavily in real estate development companies "Barkley" (general director) and Sminex (managing partner). In the period from 2002 to 2007, he also held the post of vice president and senior partner of the holding "Rosbilding", which gained wide popularity in the 1990s and 2000s due to participation in high-profile corporate conflicts - the acquisition of 80% of the shoe factory "Asta" ", Weaving factory. Peter Alekseev, producer of steam turbines of OAO Nevsky Zavod and others. 

According to Herman Khan, the strategic task of Heavy will be "the continuation of the trend to increase the efficiency of assets owned by A1." "In 2015, A1 already received a small profit, and in 2016 it was already stable positive numbers," Khan said. "We expect that Andrei Tyasto will be able to continue implementing the practice of effective management in our projects."

Andrei Heavyly explained to RBC that he faces two tasks: further increase in the number of projects and increase of their capital intensity for greater use of Alfa Group financial opportunities. "It is vitally important for any system business to have a" guaranteed "resource input flow - be it ore, customers, investment projects. It is important to understand that the source of "special situations" projects is far from being exhausted, given the current level of development of corporate relations in Russia. The company must continue to build the work in such a way that the investment team always had the opportunity to choose the best projects, "he said. As an example, he brings his own experience in Rosbuilding: "One of the success factors of Rosbuilding was the system of searching for new projects that created" pressure at the entrance ". According to him, A1 is unique in the market of "special situations", because it has not only experience, qualifications, reputation, but also "an essential financial resource entering into Alfa Group."

What A1 specializes in

Investment company A1 (until 2004 - Alfa-Eco) was established in 1989 as the first major company of the consortium Alfa Group. In different years, she owned or participated in transactions around the largest Russian and international holdings, including MegaFon, West Siberian Metals Combine, Achinsk Alumina Combine, Korshunov Mining Plant, Tagmet Metallurgical Plant, X5 Retail Group, VimpelCom, TNK-BP, "Avianova", "Kronverk" and many others. According to the company's own data, now A1 works in four directions: investments in companies; Management of the current portfolio to increase the capitalization and market value of assets; Projects with the possibility of applying A1 competencies in resolving "special situations"; Work with distressed assets of banks for their financial recovery and creation of shareholder value.

New "Marathon"

Vinokurov's new place of work will be the investment company "Marathon Group" he created, said the businessman RBC. According to SPARK-Interfax, Marathon Group LLC was registered in February 2017. "My goal is to create an investment company that meets the best world practices," says Vinokurov. "Marathon Group" will focus on transactions primarily in four areas - pharmaceuticals, FMCG and retail, transport infrastructure and agriculture.

The projects will be financed at first by Vinokourov's own funds and his partner Sergey Zakharov, who also leaves A1 (he was the executive director of the investment group). As Vinokurov said, Zakharov is already involved in financing all projects that were previously considered only his investments. They worked together in the "Sum" group, where Zakharov held the post of vice president for corporate development and legal issues. Prior to that, he also practiced M & A practices and capital markets at the Clifford Chance law firm in Moscow and London as an advisor and at various times served on the boards of directors of Cherepovetsky Azot, Fesco, Souz Petrolium SA and Summa Telecom. The distribution of shares between partners Vinokurov does not disclose, the source of RBC, close to the businessman, says that Vinokurov is the controlling shareholder. In the "Marathon Group" Zakharov will take the post of chairman of the board and will be responsible for the operational management of the holding. Vinokurov will become the president of the group and will be engaged in strategy, development and personnel.

How many funds the investors of "Marathon Group" earned during the period of work "for hire", they do not disclose, but Vinokurov notes that "for the development of projects the amount is sufficient". As Forbes wrote with reference to his sources, when moving to the "Sum" group, Vinokurov called Magomedov his salary expectations - "a sum with six zeros", including $ 2 million "lift" for the transfer and $ 2 million of annual salary. In addition, the annual bonus of the manager could be from $ 2 million to $ 6 million. According to one of the interlocutors of RBC, in "Alfa Group" remuneration Vinokurov could be more - around $ 4-6 million per year, without taking into account bonuses.

All projects of the "Marathon" will be formed in subholdings. Now the first is formed - "Marathon Farm". It was headed by Igor Krylov, managing director, who worked 11 years as the general director of the largest Russian pharmaceutical manufacturer Pharmstandard, and also supervised the development of the Medsi Group. This subholding has transferred all the assets owned by businessmen to the pharmaceutical market - the distribution company "SIA Group", the production JSC "Joint Stock Kurgan Society of Medical Preparations and Products" Sintez "and CJSC" Biocom ", which manages the pharmacy chains" Mega Farm "(brands" Yes healthy "and "A-Mega").

Last week it also became known that "Sia Group" bought 30% of the largest producer of household antiseptic products "Bentus Laboratories" (brand Sanitelle) from the VTB Group. According to Vinokurov, in the final stage is another deal in the pharmaceutical market, but the businessman refused to give more detailed comments.

According to Krylov's forecast, the total revenue of Marathon Pharma assets in 2017 should exceed 100 billion rubles. Against approximately 50 billion rubles in 2016