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Experience
Listed below are selected projects we have completed, grouped under key areas of expertise (region, industry, or service line).
Further down are more detailed descriptions of selected projects, including client profile, project goals, scope of work, and project outcome.
You can also refer to corresponding presentations to see our experience in other regions, industries, or service lines. Feel free to contact us if you need further details.
Asia Pacific region (APR)
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Viability assessment; optimal format, priority product selection for expansion of reagents' and other solutions' production localization in Russia for major Japanese diagnostic equipment manufacturer (2020-2021)
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Concept development, industry, project selection; structuring potential strategic partnerships for Russian-Asian VC fund portfolio companies' next commercialization phase in new Asian markets (2020-2021)
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Turkmenistan macroeconomic, political and oil&gas and petro-/gas chemical industry situation and trend analysis, outlook development; major investment project feasibility analysis and performance review for leading Japanese bank (2018-2019)
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Regulation analysis, defining optimal course of conduct for investigations into Chinese active substance for major Russian pharmaceutical manufacturer (2019)
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Analysis of project for launching women’s oncology center in Russia, review of Russian subsidiary’s performance, elaboration of key directions for new strategy development for major Japanese producer of radiology equipment and supplies (2016-2017)
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Market entry and investment opportunity analysis, potential deal structuring for two separate Japanese investors in Russian healthcare – Central European Russia and Far East regions, respectively (2017)
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Market, project risk, regulatory framework, financial viability analysis; regulation simplification proposal and roadmap development for Russian authorities; business model selection and deal structuring advisory for two Japanese investors in Russian healthcare; situational support for clinic launch – JV created, rehabilitation clinic launched in Vladivostok (2017)
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Expansion strategy development for major Chinese trade intermediation and logistics firm active in Russia; structuring and implementation advisory for key business projects, including expansion of client’s automotive component plant in Russia together with Chinese car major (2015-2016)
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Concept, realization plan and financial model development for large transportation infrastructure project in Russia in the interests of leading engineering and industrial companies of an APR country (2012-2015)
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APR oil&gas data and analytics market analysis, concept and entry strategy development for leading Eastern European market player (2015)
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Russian oil&gas engineering market entry strategy, client segmentation, M&A, strategic partnership advisory for leading Japanese engineering company (2014)
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Major Russian LNG project market, financial, technology and political risk analysis for Japanese EPC operator in the wake of Ukraine political crisis (2014)
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Russian Far East greenhouse horticulture market analysis; selection of region, operating model; financial model development, taking into account choice of technology; JV creation support for leading Japanese engineering company (2013-2014)
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Russian beauty drink market entry advisory for leading Japanese soft drink maker (2013)
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Russian, world market entry strategy; B2B video conferencing, storage product shaping; business plan for SaaS VCS subsidiary of financial services major – product launched, deal underway (2012)
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Market research, business strategy, integration and M&A advisory for mHealth company entering APR markets – deal closed, expansion underway (2010-2012)
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Russian agriculture, fodder feed, meat processing sector analysis and forecasting for major Southeast Asian agribusiness holding’s acquisition of meat processing plants in Russia (2010)
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Analysis of broad range of economic sectors in China, Hong Kong, India and Southeast Asia, and market entry strategy advisory for Asian and Western strategic and portfolio investors (2006-2008)
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Sell-side advisory for venture projects and buy-side deal structuring advisory in China (2006-2008)
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Biotech, cleantech (including hydrogen-related) portofilo company, technology analysis, potential partnership structuring for commercialization and scaling in new APR markets in the interests of Russian-Japanese VC fund (2020-2021)
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Performance review, financial modeling, efficiency improvement recommendations for all assets of largest Russian independent oil refining group (including oil product storage, gas station, trading, etc. assets) in the framework of large troubled bank's DD and restructuring advisory (2019-2020)
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Turkmenistan oil&gas, petro-/gas and other chemical markets’ analysis, estimation, outlook development, risk profiling, project feasibility analysis for major Japanese bank (2018-2019)
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Independent oil refinery feasibility study, performance review, concept and operational efficiency optimization recommendation development, petrochemical business assessment for Russia’s biggest investment fund as minority shareholder and main creditor (2017)
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Major oil product terminal project analysis, export and domestic market forecasting, business model development for owner of large oil export terminal in Krasnodar region (2017)
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APR oil&gas data and analytics market analysis, concept and entry strategy development for leading Eastern European market player (2015-2016)
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Business strategy, restructuring program, financial model development and efficiency improvement recommendations for oil product storage, transportation, wholesale, retail, and quality assurance divisions of Russian state-owned vertically-integrated oil company (2013-2015):
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Urals, Siberia, Western European Russia market analysis; competitiveness and attainable market share assessment; detailed financial model compilation; efficiency improvement plan development, taking into account primary and secondary logistics options; oil product terminal and laboratory network modernization program
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Staff management and motivation market practice analysis; motivation system improvement recommendation for key structural business units
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Staff quantity model development for 6 nationwide service, wholesale and retail divisions
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Multi-functional gasoline station and rest area concept and financial model development, location selection on M1-M11 highways
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Russian oil&gas engineering market entry strategy, client segmentation, M&A, strategic partnership advisory for leading Japanese engineering company (2014)
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Major Russian LNG project market, financial, technological and political risk analysis for Japanese EPC operator in the wake of Ukraine political crisis (2014)
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CNG, LPG market analysis and strategy review for Russian state-owned vertically-integrated oil company (2012-2013)
Oil&Gas, Chemical
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Viability assessment; optimal format, priority product selection, regulation and market demand analysis for expansion of reagents' and other solutions' production localization in Russia for major Japanese diagnostic equipment manufacturer (2020-2021)
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Analysis of potential Covid-19 treatment options and technologies for Russian clients working in healthcare and biotechnologies (2020-2021)
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Selecting potential partners for Japanese eHealth market leader, arranging negotiations on new products to bring to market in Russia and Japan (2019-2020)
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Regulation analysis, defining optimal course of conduct regarding regulator’s investigations into Chinese active substance for major Russian pharmaceutical manufacturer (2019)
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Japanese market entry prospect and optimal method assessment for leading Russian minimally invasive surgical equipment manufacturer (2018)
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Market analysis, segment selection, entry strategy development, market share estimation for launch of groundbreaking ELISA diagnostic equipment by major Russian player (2018, ongoing)
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Nuclear medicine center project concept development, Russian region selection, viability analysis, support for negotiations with Russian authorities for 3 Japanese investors in Russia (2017-2018)
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Women’s oncology center project analysis, Russian subsidiary performance review , turnaround new strategy development for Japanese radiology equipment and supplies major (2016-2017)
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Project risk, regulatory framework analysis; regulation simplification proposal development for Russian authorities; business model selection for two Japanese healthcare investors (2017)
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Concept, strategy, financial model and KPI system development; structuring deals with Japanese investors in leading Russian network of MRI centers and multi-functional outpatient clinics (2016)
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Minority stake purchase in Russian network of diagnostic laboratories and antibody manufacturer by healthcare-focused PE fund and private investor (2013)
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Russian beauty, functional drink market entry advisory for leading Japanese soft drink maker (2013)
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Skin treatment equipment market analysis and forecasting, operating model selection, market entry strategy development for Russian plasma technology company (2012-2013)
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Market analysis; product concept, market and clinical trial strategy development; IP valuation; fundraising for Russian mHealth device maker’s global expansion (2010-2013)
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Fundraising, creation of JV for India between leading Russian eHealth player and Indian healthcare-focused PE fund (2012)
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Russian and global immunology market analysis, market entry and clinical trial strategy development for major Russian pharmaceutical company (2010)
Healthcare, Biotechnologies
M&A Deals
Year | Company | Business description | Buyer | Country | Price of 100% |
|---|---|---|---|---|---|
2017 | Rehabilitation clinic in Vladivostok | JV by two Japanese investors for clinic in Russia | JGC, Hokuto Social Medical Corp. | Japan, Russia | $3mn |
2016 | Industrial-scale raspberry producer | Large raspberry-growing business w/R&D base | Diversified strategic investor | Russia | Confidential |
2014, 2017 | Greenhouse in Khabarovsk region | Non-core asset of machinery manufacturer | JGC Corporation | Japan | $14+25mn |
2013 | Network of diagnostic labs | Specialization in antibody production | PE fund in healthcare/ strategic investor | Russia | Confidential |
2011 | Leading Russian eHealth player and mHealth startup | Presence in Russia, CIS, Western Europe and India | PE fund in healthcare/ strategic investor | India/ Russia | Confidential |
2010 | Spectrum | B2B telecom operator | EBRD, GIMV | Kazakhstan | Confidential |
Restructuring Projects - case studies
Client - Biggest shareholder of large troubled Russian bank with significant portfolios
in heavy industry and real estate; potential new investor in the bank
(2019-2020)
Project goals
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Due Diligence (DD) of a large troubled Russian bank, experiencing serious difficulties due to criminal proceedings against the previous biggest shareholder, in the interests of the new biggest shareholder, who until recently had been a minority shareholder in the bank
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Assessing whether it makes sense for a new investor, who is on good terms with the current largest shareholder, to enter the bank's capital;
preliminary deal structuring -
Financial modeling and operational efficiency improvement recommendations for the bank's large affiliated credit portfolio in heavy industry; plus assessment of current situation and prospects for the bank's large asset and credit portfolio in real estate development
Scope of work
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DD of asset and liability portfolios, financing statements, internal policy documents and regulations, current litigation processes, and other documentation
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Analysis of observance of key ratios and other requirements of government regulators, especially the Russian Central Bank (CBR)
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Review of bank's strategy and product portfolio; calculation of net interest income, margins and effectiveness by product and line of business
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Performance review, financial modeling, assessment of prospects, development of recommendations for operational efficiency improvement of heavy industry assets, affiliated with the bank (several large manufacturing facilities, transport and logistics infrastructure, trading companies, sales network)
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Appraisal report validation, analysis of market prospects, asset liquidity, and other parameters of the bank's large portfolio of equity and debt assets in real estate development (residential, industrial, and commercial) in various Russian regions
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Assessment of risks of further criminal proceedings, especially regarding the bank's transactions with affiliated assets in heavy industry and real estate; analysis of possible violations by the bank's management team
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Estimation of capital and asset deficiency vs. capital adequacy and liquidity ratios, calculation of required additional equity financing by the bank's current and potential new shareholders
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Making conclusions on required next steps by the bank's biggest shareholder and other large shareholders regarding the bank's future; on the viability and possible terms of new shareholders entering the bank's share capital, being invited by the current biggest shareholder
Project results
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Comprehensive report compiled on the current condition, risks and prospects of the bank, and its portfolios in heavy industry and real estate development
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Recommendations and step plans developed for different scenarios, depending on whether shareholders decide to rescue or dissolve the bank; together with a set of criteria for current and potential new shareholders to decide whether to continue investing in and supporting the bank
Client - Large bank owned by one of the biggest Russian investment funds, biggest creditor of troubled
oil refinery and related assets
(2017-2018)
Project goals
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Performance review, feasibility study of increasing capacity of an oil refinery, which is a troubled asset of a major bank, owned by one of Russia's biggest investment funds, together with a group of related assets
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Establishing the reasons for debt servicing and repayment problems; making proposals on debt restructuring (around RUB 32bn), and developing an operational efficiency improvement program for the oil refinery
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Assessing alternative concept options for the refinery, including via launching petrochemical manufacturing
Scope of work
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Due diligence and performance review of the bank's borrowers, comparing declared operational and financial parameters (input and output prices, accounts receivable and accounts payable, profit margins, etc.) with industry benchmarks for each individual legal entity and for the group, as a whole
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Checking the actual condition of refinery infrastructure vs. the borrower's reports; detailed verification of refinery construction and servicing documentation; making a report on the refinery's actual technological condition, and level of adequacy of the technology scheme and construction process
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Review of the financial model, provided by the borrower to the bank and investment fund (which also owns a stake in the refinery), pointing out errors in assumptions and methodologies; compiling our own sophisticated financial model, taking into account alternative concept options for the refinery
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Developing a comprehensive operational efficiency improvement program (from supply chain to sales), and capital expediture optimization plan
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Analysis of debt restructuring options, making a final judgment on whether the refinery should remain in operation and receive further funding from the bank
Project results
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We discovered that the group as a whole has a positive profit margin, in contrast with the losses shown to the bank by the key shareholder, which have contributed to the refinery being refinanced multiple times by the bank
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Serious breaches were uncovered in the refinery's construction process, which have led to serious delays of unit launch schedules and seriously inflated the total budget, compared to industry benchmarks
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Our final conclusion, after almost a year of work, was that it makes absolutely no sense for the refinery to continue its operations, either in the current concept, or in any of those proposed by the borrower, due to the toughening of industry regulation in 2017-2021
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We judged that launching petrochemical production is not viable even if capacity is increased to 4mn tons, as planned, due to a weak market environment
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We strongly recommended the bank to carry out a phased shutdown of the refinery, and determined the loan loss ratios
Client - Group of Russian and Middle East investors in large production of middle and premium segment jewelry in Russia
(2015-2016)
Project goals
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DD of one of the biggest middle-to-premium segment jewelry manufacturers in Russia, owned by a group of Russian and Middle East investors, including a large gold processing, refining and smelting company, which financed the Russian entity in part via bank loans
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Forensic study of possible violations by the company's Russian management team
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Developing an operational efficiency improvement porogram for the loss-making Russian entity
Scope of work
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Comprehensive review of the company's development history and current financial and market position, determining the reasons for highly unsatisfactory financial performance
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Company audit, and identification of possible related party transactions by the company's management
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Comparing purchase and sales transactions, and jewelry item characteristics with industry benchmarks; assessing the adequacy of the company's business model, product range, market positioning and pricing policy during the crisis period of 2014-2016 (Western sanctions, market liquidity shortage, weak demand)
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Scenario analysis of investment payback possibilities and the company's prospects
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Developing a comprehensive efficiency improvement program, covering the product range; supply chain, production and sales management protocols, working capital management; operational expense structure, and marketing strategy
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Coordinating transfer of authority from the company's management to a duly appointed representative of the shareholders
Project results
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Serious violations were uncovered in gold and gemstone purchases, as well as jewelry sales, on the part of the company's management; detailed substantiations were provided to shareholders
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Inefficient working capital management was also revealed (inventories and accounts receivable), which may have been driven both by the management's personal interests, and insufficient competencies
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A scenario financial model was developed, which showed that the company should update its product range, smelt and redo a significant part of jewelry inventories, and cut costs drastically to minimize investment losses, while the business stands by for market demand recovery
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We developed and instituted a set of measures to transfer authority from the company's management to a duly appointed representative of the shareholders
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After implementing the measures in the efficiency improvement program, the company finally went out of the red and strengthened its positions in current and new market segments, waiting for consumer demand to rebound
Client - One of the biggest Russian pesticide manufacturers - troubled asset of the Russian subsidiary
of a major foreign bank
(2012-2013)
Project goals
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Upgrading and optimizing market strategy to boost operating margin and market share
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Improving operational efficiency to give the company breathing room to develop a debt restructuring solution for the company and its main creditor
Scope of work
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Analyzing the current situation at one of the market leaders, which descended into pre-bankruptcy state after the start of the global financial crisis; comprehensive business process efficiency and financial condition review; financial statement consolidation and defining key risks for the bank
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Detailed pesticide market analysis by type of crop and pesticide; market market forecast across products and regions
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Competitiveness analysis and enhancing the company's strategy, taking into account possibilities for winning back existing clients and gaining ground in new market segments, as well the current and projected profitability of the company's 40+ product types
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Development of detailed operational efficiency improvement guidelines, including via cost-cutting in core and non-core business units, and redesigning business processes and organizational structure
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Financial model compilation, incorporating debt restructuring solutions in discussion with the main creditor, and accounting for the possibility of attracting a new strategic investor
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Creating a debt restructuring plan in order to allow the company to resume normal operational activity and minimize risks for the bank; developing a KPI system and mechanisms for the bank to monitor the company's performance
Project results
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A new company strategy was developed, and the management structure redesigned, which allowed boosting the gross margin by 12 pps to 43%
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A detailed set of measures was compiled and fully implemented, aimed at reducing operational costs in core and non-core business units (leasing out area in production facilities, reselling pesticides and other chemicals, etc.)
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A debt and business restructuring plan was developed, allowing to fully repay debt outstanding worth RUB 600mn, attract minimally sufficient new financing, and regain market leader status within a 7-year timeframe
Client - One of the leading Russian manufacturers of polystyrene and polypropylene roll and plastic packaging, insolvent and struggling to break even
(2012)
Project goals
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Optimizing the company's product strategy and compiling a convincing financial model, to help attract funding for the company, which just a year prior narrowly avoided default thanks to a new investor, who bought out a stake in exchange for debt repayment
Scope of work
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Market trend analysis in polystyrene (PS) and polypropylene (PP) roll (PSR and PPR, respectively), raw materials (PS and PP), end products (packaging for dairy and meat products, in-flight catering, food product wholesale and retail, cafes and restaurants, etc.)
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Product competitiveness analysis utilizing detailed financial modeling to check pricing levels, and interviews with industry experts, existing and potential clients
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Surveying around 70 market players and industry experts on market prospects for the company's products (PSR and PPR), raw materials (PS and PP), and end products (plastic packaging)
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Developing recommendations for broadening the product range from 4 to 11 types of roll, starting making PPR (due to upcoming launch of massive new PP capacity and expected drop of PP prices), altering customer segment priorities, and preparing to launch end product (plastic packaging) manufacturing
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Detailed forecasting of market segment growth rates, and average prices for PSR and PPR, PS and PP
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Building a financial model and business plan, making conclusions on prospects of business development, and PPR and packaging production launch projects
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Calculating appropriate financing volume, taking into account debt outstanding; selecting optimal debt product and performing deal structuring
Project results
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The loan volume has been reduced 5 times, and the duration 3 times, compared to the company's initial credit request; the loan purpose has been changed from replenishing working capital to investment financing
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PSR customer segmentation has been changed in favor of the fastest growing packaging market segments, and PPR production was started, as recommended. As a result, in the first 6 months since the start of the project PPR sales exceeded PSR (which also grew substantially), and the company became profitable for the first time in 5 years since production was started
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The company has started production and sales of plaastic packaging after receiving a bank loan, having drastically improved financial results
Client - Leading Russian player in online videoconferencing and other cloud services - troubled asset
of two largest Russian banks
(2010-2012)
Project goals
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Market analysis and service range prioritization, developing the product concept and financial plan for the most promising services
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Determining the causes for inefficiency and insolvency, developing optimization measures
Scope of work
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Analyzing target cloud computing market segments in Russia, APR and Western Europe, including available business models, to define the best directions for business development
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Comparative analysis of prospects of existing and planned services, as result of which the company's products in online education and expertise were recommended to be merged, allowing creating a highly investment attractive service
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Developing the "ideal product" concept for each service, covering market positioning, client segmentation, end user product mix, functionality, interface, and pcicing policies
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Assessing business units' management effectiveness, and developing recommendations for forming the management team, organizational structure, and business process system for new services
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Creating detailed product development plans, and accompanying every step of service creation, development and go-to-market processes
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Structuring additional financing from existing and new investors
Project results
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We chose one out of five of the company's services, created by merging online education and expertise platforms, as the only product that can be profitable on its own. The product was launched by the product team, active sales were started, with leading universities, business schools, and Russian R&D centers becoming its clients
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Additional funding was received from current shareholders, and the product was spun off for development by the project team; funding from a new strategic investor was also obtained
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Our team's project manager became a board member of the spun off new service, taking on responsibility for overseeing concept and product development
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The company's core product (SaaS VCS) was deemed to be attractive only as part of telecom operators' or diversified IT companies' product range. Thus, we made recommendations on business restructuring and the optimal timeframe for selling the product to new strategic investors
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All other existing and planned services were considered to be unprofitable and recommended to be phased out. Guidelines were developed for transferring the most valuable employees to remaining business units