The majority owner of Russian casual dining chain Tinkoff Restaurants has announced his decision to sell his share in the company after 11 years of operation. Oleg Tinkov made the announcement through his Twitter account, telling his audience that he had grown bored of the investment and asking potential buyers to email their offers to his LiveJournal account. Though it’s not clear how much Tinkov’s share is worth, he claims to own 70% of the company after selling some share to Mint Capital in 2008. The chain currently operates nine locations throughout Russia, down from thirteen a year ago.
The Mint Capital investment was designed to aid the expansion of Tinkoff Restaurants with a goal of 50 locations by 2011 but tough economic times have scuttled that plan while also forcing the close of four locations. Analysts expect any buyer who comes along to be a foreign investor rather than one from Russia.
Mint Capital (www.mintcap.ru)
Mint Capital was founded as a private equity investment group in 2000. Its goal is to invest in companies in Russia and the surrounding regions.
Headquartered in Moscow, the company employs ten investment professionals. Mint Capital’s investments are now estimated to be USD 130 million in its two operating funds, Mint I and Mint II.
15/08/2009
Central & Eastern Europe, Rumors & Speculation, Russia, Tourism, Restaurants & Leisure