Consortium including Baring Vostok invests in Karo Film
Baring Vostok Private Equity, UFG Private Equity, the Russian Direct Investment Fund (RDIF) and media entrepreneur Paul Heth have taken a controlling stake in Russian cinema business Karo Film Group.
The deal also includes approximately $100m working capital to open new multiplex cinemas over the course of the next three years.
Company
Karo is a Moscow-based operater of movie theatres. Founded in 1997, the company now operates 31 theatres across Russia, with 197 screens. It has outlets in Moscow, St Petersburg, Nizhniy Novgorod, Samara, Kazan, Kaliningrad and Surgut. It has around 12 million visitors annually. In 2012, the company is expecting to achieve year-end turnover of $190m.
People
Paul Heth will join Karo as new CEO upon completion of the deal. Co-founder Leonid Ogorodnikov will remain in the position of chairman of the group, while co-founder Oleg Andreev will retain a stake in the business.
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