Stinol Overview - 2000
- Leading Russian refrigerator producer with 40% market share
- Revenues exceeding US$100 million
- Production capacity approximately 1 million units pa
- ISO 9000 certified
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Merloni Overview - 2000
- One of Europe’s leading white goods producers with 10% market share
- Revenues exceeding US$1.3 billion
- Considerable presence in Russia:
15% of white goods market
35% of washing machine market
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In June 2000 Merloni announced the acquisition of a 100% interest in Stinol for US$119 million. Renaissance Capital acted as financial advisor to the vendor. The transaction price implied an EV/Revenues multiple for Stinol in excess of 1.0 which exceeded Merloni’s own EV/Revenues ratio and that of other comparable Western producers.
Renaissance Capital facilitated all aspects of the transaction, including the global search for a strategic acquirer, company valuation, due diligence, deal structuring, sale negotiations, and coordination of all legal documentation.
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