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RUSSIA - Mint Capital invests in Russian chocolate sweets brand Fruzhe

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Mint Capital has signed a $9m direct equity investment agreement with Naturalnye Produkty (Natural Products), the Russian manufacturer of chocolate sweets under the Fruzhe brand. The investment will be used to improve the company's marketing, sales and distribution. Upon Mint Capital's initiative the company invited Hans Güldenberg, the former head of Nestle Russia, to its board of directors.

The Russian chocolate confectionary market is one of the biggest in the world with a total volume of 400,000 tons and sales of almost $3bn in 2006. As incomes go up, low price chocolate products are being replaced by premium brands. In 2006, the overall consumption of chocolate in Russia rose only by 1 percent, while the premium segment enjoyed a more than 15 percent increase.
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