FAS has approved the acquisition of three St. Petersburg-based importers of bananas by Japanese Sumitomo Corporation

Fyffes
Fyffes

Japanese Sumitomo Corporation and its Irish subsidiary Swordus Ireland Holding addressed a petition for the acquisition of OOO “Fyffes fruit imports”, OOO “F logistik” and OOO “Feniks-impeks” in mid-January according to the website of the Federal Antimonopoly Service. Japanese company got the rights to control over these companies through the acquisition of 100% stake in the Irish Fyffes.

The deal between the Japanese Sumitomo and the Irish Fyffes became known in early December. Swordus Holding Ireland and Fyffes announced the acquisition of all shares in Fyffes for 751 million euros at a price of 2.23 euros per share.

Irish Fyffes has annual turnover of 1.2 billion euros and is engaged in farming and deliveries of bananas, pineapples, melons and mushrooms. Share in OOO “F logistik” and OOO “Feniks-impeks” Fyffes acquired through its “daughter” company “Caleb holdings limited” in may 2016. And according to the register in March 2016 OOO “Fyffes fruit imports” has been registered.

Prior to the transaction with Fyffes, both companies – OOO “F logistik” and OOO “Feniks-impeks” belonged to Maxim Sayapin (100% ). Now he is left with 25% in OOO “F logistik” and OOO “Feniks-impeks” and 24,96% in OOO “Fyffes fruit imports”.
Sayapin – former top manager of JFC company of Vladimir Kekhman. Until 2011 he served as Deputy General Director for strategic development at ZAO “Gruppa JFC”, then as CEO of ZAO “NFK JFC” and a member of the Board of CJSC “Gruppa JFC”.

In August 2016, OOO “F logistik” acquired at bankruptcy auction of ZAO “Gruppa JFC” the warehouse complex with chambers for ripening bananas in Novosibirsk for over 40 million rubles. According to its website “Feniks-Impeks” currently owns 15 chambers in St. Petersburg, 10 in Nizhny Novgorod, and 15 in Novosibirsk.

According to the ZAO “Gruppa JFC” bankruptcy trustee Igor Maslov that he outlined in the conclusion about presence of signs of deliberate bankruptcyin may 2016 – OOO “Feniks-Impeks” in 2014 purchased bananas for $ 1.6 billion from “Guppa JFC”. This deal along with the other eighteen deals Maslov considered as concluded at a disadvantageous conditions deals for “Gruppa JFC”.

According to “Infoline-Analytics” imports of fresh bananas in Russia in 2016 amounted to 1.26 million tons (in 2015 – 1.25 million tons) with $929,9 million in turnover. The share of the three companies “F logistik”, “Feniks-impeks” and “Fyffes fruit imports”, accounting for about 4% of the Russian market of bananas imports according to the General Director of “Infoline-Analytics” Michael Burmistrov.

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