Salford Capital Partners - ProMoney

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SALFORD CAPITAL PARTNERSSlobodan Petrovi}generalni direktor predstavni{tvau BeograduSalfordmenadìrainvesticije od195 milionadolarana BalkanuSalford kupljene firme u petogodi{njemciklusu restrukturira, oporavlja i o~ekujepove}anje njihove vrednostiRizik u Srbiji daleko manji od procenazapadnih zemaljaSalford Capital Partners Inc je fond menad`ment kompanijakojaje u Srbiji napravila pravi mali investicionibum. Ova kompanija je za kratko vreme u~estvovala ukupovini devet preduze}a, i tim putem plasirala oko 195miliona dolara kapitala. Sada kompanije aktivno oporavlja itim putem im podiè vrednost, a kada za dve-tri godine onepostanu stabilne i profitabilne, Salford }e ih prodati iuloèni rizik kapitala i rad naplatiti kroz razliku u ceni.Koliko ste uloìli u preduze}a koja ste kupili?- Od 2003. godine uloìli smo 195 miliona dolaragotovog novca u osam srpskih firmi i jednu u regionu.Najve}i deo tih sredstava oti{ao je direktno u kompanije,a deo novca koji je Salford plasirao potro{en je za kupovinuakcija od malih akcionara. U Srbiji smo kupili petmlekara (Imlek, Novosadska mlekara, Mlekara Subotica,Impaz i Zemun), dve konditorske fabrike (Bambi i Banat)i jednu fabriku vode (Knjaz Milo{). Nedavno je kupljenajo{ jedna mlekara u Banja Luci. U su{tini, za Salford 2003.i 2004. su bile godine akvizicija, 2005. godina je godinarestrukturiranja, a 2006. i 2007. godina treba da budugodine rasta.Ovo je vrlo zna~ajan novac koji je u{ao u Srbiju krozdirektne privatne investicije i u ovoj oblasti Salford jenajve}i fond menadèr u Srbiji. Ne samo da smo najve}i poplasmanu uloènih sredstava, nego smo i jedan od retkihzastupnika fondova koji su do{li u Srbiju da ulaù novacdirektno u kompanije, a zatim ta preduze}a reorganizujemoi restrukturiraju. Sada ve} u Srbiji postoje i portfolio fondovi,koji kupuju akcije na berzi. Ali, osim nas i jo{ jednogfonda, ne postoje oni koji su do{li da ulaù sredstva naovakav na~in, da aktivno pomognu kompanijama da stanuna noge i po~nu dobro da rade.Slobodan Petrovic,General Director of the BelgradeRepresentative OfficeSalfordManages195 MillionUSDInvested theBalkansOver a five-year cycle, Salford restructuresand rehabilitates the acquired companies, witha goal of increasingtheir value. Risk in Serbiais far lower than assessed by developedcountriesSalford Capital Partners Inc. is a fund management companywhich has been behind a real investment boom inSerbia. Over a short period of time, this fund manager hasacquired nine companies and, invested around 195 million USdollars worth of capital. It is now actively restructuring the companiesin order to raise their value. Once these companiesbecome stable and profitable, expected in two to three yearstime, Salford will exit these investments and compensated forits invested capital risk and work through difference in price.How much have you invested in the companies you haveacquired?- Since 2003, we have invested 195 million US dollars worthof capital into eight Serbian companies and one in the region.The largest part of these funds was allocated directly into thecompanies, while a portion of funds was used to purchase sharesfrom the small shareholders. We have bought in Serbia five dairycompanies (Imlek, Novosadska Mlekara, Mlekara Subotica,Impaz and Zemun), two confectionery producers (Bambi andBanat) and one water company (Knjaz Milos). Recently, anotherdairy factory in Banja Luka was purchased. In essence, 2003 and2004 were the years of acquisitions for Salford, 2005 is the yearof restructuring, while 2006 and 2007 will be the years of growth.This is a substantial amount of capital invested into Serbiathrough private equity investments, sphere in which Salford isthe top fund manager in Serbia. Not only are we the biggestaccording to the size of invested funds, but we are also amongthe rare private equity fund managers whose aim is to reorganizeand restructure the purchased companies. Portfolio funds arenow active in Serbia, and are purchasing shares on the stockexchange. However, apart from us and one other fund, no oneelse has come to invest money directly into companies, and toactively assist them to stand on their feet and start working well.Intervju / Interview23
SALFORD CAPITAL PARTNERSIntervju / InterviewZa{to ste u Srbiji izabrali oblast hrane i pi}a za ulaganje?- Procena je bila da je Srbija prete`no agrarna zemlja,koja se u velikoj meri oslanja na poljoprivredu. Procenilismo da Srbija u tim oblastima ima potencijala, da ima dobrusirovinsku bazu i da ona treba da bude odsko~na daska zaceo region, gde nameravamo da {irimo svoje aktivnosti naisti na~in.Mi aktivno gledamo i region, ve} smo kupili jednumlekaru u Banja Luci, razmatramo investicije u mlekare uHrvatskoj iMakedoniji, analiziramo trì{ta mineralnih voda uMakedoniji i Bosni.Za{to ste kupili preduze}a koja su bila u problemima?- Salfordova strategija je kao {to je ve} pomenuto da zara~un fondova koje zastupa kupuje preduze}a, da ihrestrukturira, oporavi i u~ini profitabilnim, i da iza|e iz tihprojekata u onom trenutku kada kompaniji vi{e nije potreban,zato {to su one postale stabilne i jake.To je poslovna filozofija, vizija i strategija i mi smo setoga dràli u Srbiji i indentifikovali kompanije koje imajuveliki potencijal, ali su im potrebna finansijska sredstva,aktivna podr{ka menad`mentu i ja~anje zna~ajnih funkcijau okviru kompanije.U me|uvremenu se o~ekuje i da }e doma}e ekonomijeoja~ati ~ime }e se smanjiti rizik investicija, ali }e se i stoperasta umanjiti i pribliìti stopama koje su uobi~ajene urazvijenijim zemljama.Ve}i rizik - ve}i povra}ajSalford je fond menad`ment kompanija koja se baviplasiranjem i upravljanjem direktnim investicijamame|unarodnih investicionih fondova.Strategija i vizija Salforda je da prvenstveno plasira investicijeu zemljama u tranziciji gde su rizici dosta ve}i, ali uzdobro poznavanje lokalnih prilika, ti rizici mogu znatno dase umanje i o~ekivani povra}aj na investicije uve}a. Zasada je Salford investirao u biv{im sovjetskim republikama,kao {to su Gruzija i Ukrajina, u Rusiji i na Balkanu.Na Balkanu je odabrana Srbija, jedna od poslednjihzemalja jugoisto~ne Evrope koja je u{la u tranziciju.Strategija za investicije u Srbiji je prera|iva~ka industrijahrane i pi}a, sa krajnjim ciljem da se napravi jedan regionalniholding u ovoj oblasti poslovanja.Ovim putem }e se stvoriti jake i internacionalno prepoznatljivekompanije koje }e mo}i uspe{no da se takmi~e naregionalnom trì{tu.Kakva je dalja poslovna strategija Salforda za ova preduze}ai koju ulogu on ima u upravljanju?- Ove godine planiramo da objedinimo proizvo|a~e mlekau jedno preduze}e i da konditori tako|e postanu jednakompanija. Zajedno sa kompanijom za proizvodnju mineralnevode to }e postati jedan holding, koji prema planu trebada ima oko 400 miliona dolara prihoda u 2005. godini.Na{ zadatak je da popravimo brend i korporativni imid`tih firmi, da oja~amo prodaju i marketing, kao i da finansijeorganizujemo na zapadni na~in. U proizvodne kapaciteteuglavnom ne mora zna~ajno da se ulaè, jer su postoje}iproizvodni procesi i oprema uglavnom zadovoljavaju}i idobro funkcioni{u.Why have you chosen to invest into food and beverageindustry in Serbia?- Our assessment was that Serbia was predominantly anagrarian country, largely relying on this industry. We estimatedthat Serbia had a potential in this area, due to good raw materialbase and that the country should be a springboard for theentire region, where we intend to spread our activities in thesame manner.We are actively monitoring the region as well, we have purchaseda dairy company in Banja Luka, we are consideringinvestments in dairy companies in Croatia and Macedonia, andare analyzing the mineral water markets in Macedonia and Bosnia.Higher Risk - Higher ReturnSalford is a fund management company engaged in theplacement and management of private equity investmentson behalf of international funds. Salford's strategy and visionis primarily to allocate investments in transitional economieswhere the risks are much higher, but with a good knowledgeof local conditiond, these risks can be considerably reducedand the expected return on investment increased. So far,Salford has invested in former Soviet Republics, such asGeorgia and Ukraine, in Russia and in the Balkans. Thecountry chosen in the Balkans was Serbia, one of the lastcountries of South Eastern Europe to embark upon transition.The strategy for investments in Serbia focuses on theprocessing food and beverage industry, with the ultimategoal of creating a regional holding company in this industry.This will lead to the creation of strong and internationally recognizablecompanies which will be able successfully to competein the regional market.Why have you acquired companies with problems?- Salford's strategy, as already mentioned, is to purchase companiesfor the account of the funds it represents, to restructurethem, rehabilitate and make them profitable. Then to withdrawfrom these projects at the moment when it is no longer neededwithin the companies due to the fact that they have become stableand strong. This is the business philosophy, vision and strategyand we abided by it in Serbia. We identified the companieswith a large potential, but in a need of financial resources, activemanagement support and the strengthening of important internalfunctions.Also, we expect that the domestic economies will strengthenwhich will reduce the risk of investments, but the growth rateswill also be reduced and converge to the usual rates in developedcountries.What is Salford's further business strategy for these companiesand its role in the management?- This year we are planning to integrate milk producers intoone company as well as-merge confectionery producers.Together with the company producing mineral water, thesecompanies will form a holding, which is expected to have anincome of around 400 million US dollars in 2005.Our task is to improve the brand and corporative image ofthese companies, to intensify sales and marketing efforts, and toorganize finances in the western manner. There is mostly noneed for any major investments in the production capacities,since the existing production processes and equipment are usuallysatisfactory and are functioning well.24
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Salford Capital Partners - ProMoney

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