VIYM Fund acquired shares in the Russian GNC franchisee – seller of vitamins and sports nutrition

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Fund managed by VIY Management (VIYM) of Andrei Yakunin has acquired a minority stake in the seller of vitamins and sports nutrition “Rusvit” according to VIYM’s managing Director Dmitry Shitsle and co-owner of “Rusvit” Mikhail Kuchment.

“Rusvit” develops a network of shops of vitamin-mineral complexes, biologically active additives (BAA) and sports nutrition with GNC’s master franchise of the American GNC Holding. In Russia the brand operates 15 stores in Moscow. The share of sports nutrition in the structure of sales “Rusvit” – 42%, goods for beauty and health – 58%; the products under the brand GNC is 60% of sports nutrition sales, as per statment of “Rusvit” CEO Elena Egorova.

According to EGRUL register sole owner of “Rusvit” is “Genrus Cyprus Limited”. And according to the Cyprus registry there are three owners of “Genrus Cyprus Limited”: “Jive Investments Limited” (23%) and “Nimat Holdings Limited” (76,9%) both are British Virgin Islands companies, and the Russian citizen Alexander Volgin (0,1%).

All money from the transaction will go to the capital of the company and invested in its development, said Mr. Shitsle. The Fund receives the share that will allows them to participate in the Board of Directors meetings and make key decisions. The main objective is to expand its retail in Moscow and Russia’s biggest cities, also prioritize the development of Internet-sales and partner network which will require increased inventories said Mr. Kuchment. Among the partners of “Rusvit” – online-pharmacy “Apteka”, online hypermarket Ozon, supermarkets “Azbuka Vkusa”, said Mr. Yegorov.

“Rusvit” revenue in 2015 amounted to 63.6 million rubles, net loss – 92,7 million rubles. VIYM is interested in industry associated with health care, for example, the Fund has invested in a network of clinics “Family doctor,” explains Mr. Shitsle. The segment, which features the GNC is being formed and it has a large growth potential, he added.

The largest player in the retail of sports nutrition market is the “Vitawin” company founded by the son of Boris Rotenberg – Roman.

In 2016 the Russian market of vitamin-mineral complexes, nutritional supplements and sports nutrition increased by 5% and exceeded RUB 100 billion, of which 35% are vitamins and minerals, 60% supplements, 5% sports nutrition. According to Euromonitor International last year it amounted to 95.7 bln roubles (+6%). In the coming years the market will grow 5-10%. In the medium term GNC plans to occupy about 2-3% of high-quality vitamins market, minerals and dietary supplements and nearly 5% of sports nutrition.

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