Lacra Synthesis bought a network “Paints. House of Malyar «
The large Russian producer of Lacra Synthesis paintwork has invested in the retail business. The company bought the network « Paints. House of Malyar ”, numbering more than 60 stores. The consumer demand for varnishes and paints is reduced after the housing construction market, the competition in the segment is growing, so the time to buy an asset could be selected successfully from the point of view of the price, experts say.
The only owner of the Warehouse LLC, the main legal entity of the network « Paint. The House of Malyar « , became LLC » Inmakso lacra « , follows from the Unified State Register of Legal Entities. Inmakso lacra is the structure of the producer of paint and varnishes (LKM) “Lacra Synthesis”. In this company and “Painting Warehouse” “Kommersant” did not respond.
Tatyana Pushkova, director of the business assessment and assets of the consulting company, estimates the potential value of the transaction at 200–250 million rubles. Investbanker Ilya Shumov leans to 200 million rubles.
Lacra Synthesis has existed in the market since 1993, the volume of production is 65 thousand tons per year. This is a large Russian manufacturer, says Sergey Fedotov director of the Soyuzraska Association. The company produces paints, enamel, putty, primers, decorative plasters under the brands Parade, Krass, Lakra. Earlier, the company bought Russian assets of foreign manufacturers – Flint Group and BASF (see “Kommersant” dated August 20, 2024).
In Lacra Synthesis and Inmakso lacra, 97.5% belong to Mikhail Dvinsky, 2.5%-Gennady Sobko, follows from SPARK. The total revenue of structures for 2024 amounted to 18.1 billion rubles, adding 6.8% a year to the year. The total net profit decreased by 23%, to 1 billion rubles.
Warehouse Krasov LLC is registered in 2017. The founders of the company, before the change of owner, was Denis Cardapolov. According to SPARK, the company’s revenue in 2024 amounted to 692.2 million rubles, adding 2.5% of the year to the year. Net profit decreased from 24.6 million to 305 thousand rubles. To the network « Paints. Malyar’s house ”includes 62 retail objects in Moscow, suburbs, Yaroslavl, Voronezh, Tula and Ufa.
Gennady Averyanov, vice president of the Russian Union of Chemists, says that LKM producers are rarely actively developing their own retail. They already have so many implementation opportunities – this is a profile retail, large networks, marketplaces, he explains.
The expert suggests that the purchase of « Paints. The House of the Malyar ”may be associated with the Lacra Synthesis strategy, aimed, for example, to strengthen the position of the assortment and image of the company.
The head of the Department of M&A and restructuring the BGP Capital business, Ivan Peshkov, believes that for Lacra Synthesis there was no economic meaning to purchase chains of stores, this will not help increase the sale of his own products. An approach can be justified only if the manufacturer plans to create a monobrand network on its base, which promotes only its products. These have, for example, Dulux or Dufa.
The conjuncture of the paintwork market is complicated. The surplus of LKM manufacturers has been formed, in addition, there is a high competition between Russian companies, the positions of Chinese and Turkish players are strengthened, Tatyana Pushkova lists. This, according to her, leads to a decrease in the margin of business and affects the quality of LKM. The expert does not exclude that the acquisition by the manufacturer of his own trading network can be considered to expand the client base, in order to develop sales and retain a market share.
Sergei Fedotov says that over the past year the volume of production of decorative LKM has decreased by 1.5%. In the first quarter of this year, a negative trend could be preserved. The expert explains that the demand was below last year due to a reduction in the availability of mortgage lending. Although the share of imports, according to Mr. Fedotov, is 5% of the total consumption of decorative LKM construction purposes. Ilya Shumov does not exclude that Lacra Synthesis can consider difficulties in the construction market as a promising period for concluding transactions due to the ability to buy assets cheaper.
