15 January 2015 – The private equity fund, advised by Elbrus Capital, became one of the shareholders in CIAN GROUP, the leader among Russian property websites. Deal structure included both sale of existing shares and subscription for new shares. Size of the investment and stake acquired were not disclosed.
CIAN GROUP will use investment proceeds to finance regional expansion and further product development, as well as to increase its brand awareness.
“The deal with Elbrus Capital is important to us from many perspectives, including the one that it helps us diversify the shareholder structure. We welcome a new professional financial investor with established track record of investing in large Internet and media businesses and supporting them in their further regional development and expansion” – commented Maxim Melnikov, CEO of CIAN GROUP.
“It’s not the first time investment in Internet and online classifieds sectors for Elbrus Capital. Recently it was announced that the fund became a shareholder in HH.ru, the leading online recruitment portal. We believe that Elbrus Capital resources and experience will facilitate the successful implementation of CIAN GROUP strategy” – said Mikhail Lukianov, Strategy and Investment Director at CIAN GROUP.
“CIAN GROUP is an example of successful and promising Internet company which resources are one of the most sought and popular in Runet. We are confident that online classifieds sector will continue growing even in turbulent economic times in the country, and CIAN, with its strong management team, supported by the founders and the shareholders, will achieve further superior results” – commented Dmitri Krukov, Managing Partner at Elbrus Capital.
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