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rasko
| Industry | Glass Container |
| Location | Russia |
| Fund | Agribusiness Partners International, L.P. I & II |
| Date Invested | July 1998 |
| Date Exited | September 2007 |
| Website | http://www.rasko.ru/en |
| Description | In 1998 API invested $15.0 million in the Rasko glass container company located in Vladimir Region in the small village of Anopino, Russia. Rasko was an existing operating entity that had been privatized by management of the company. At the time of investment, Rasko was marginally profitable and produced 90 million bottles /year with existing old-style Russian rotary production technology. With the API investment, Rasko proceeded to build a new factory in Anopino and upgraded the existing factory. In 2000, the company expanded to Voronezh, Russia and acquired a television tube manufacturer that was converted to glass container production. Rasko grew to become one of the leaders in glass container production by 2007 when the fund exited this business. At that time, the company was producing 850 million bottles /year with revenues of $73 million on an annual basis. Rasko was sold to the management of the company at a valuation $43.6 million net to API, again reflecting a great return to the fund, cash on cash of 2.8 times and an IRR of 13.3%. Rasko was a model citizen in the communities that it served sponsoring many local charities and building a new church for the people in its home town of Anopino. |
