RDIF and Mitsui announce first Russian-Japanese Investment Platform deal
Press release, 06.02.2014
Moscow, February 6, 2014 - The Russian Direct Investment Fund (RDIF) announces that Mitsui & Co., Ltd. (Mitsui), one of the biggest Japanese trading firms which has extensive experience across business sector including commercial laundry and textile management, has agreed to join RDIF as investor in Cotton Way company.
Cotton Way is Russia’s leading commercial laundry and textile management company. Mitsui will significantly contribute to improve the operation and management of Cotton Way by introducing international best practices and offering significant experience and knowledge.
This transaction will be the first investment deriving from the Russian-Japanese Investment Platform (RJIP) which was created by RDIF, Vnesheconombank (VEB) and the Japan Bank for International Cooperation (JBIC) in 2013.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said:
“Mitsui’s investment in Cotton Way brings significant strategic advantages that will enable the company to further strengthen its market leading position. This example of successful cooperation between Russia and Japan is another important step in continuing to strengthen the partnership between our two countries."
Hiroshi Meguro, Chief Regional Representative in CIS countries of Mitsui & Co., Ltd., said:
“We are excited to initiate this partnership with Cotton Way as the first deal under Russian-Japanese Investment Platform. Our business activities in Russia are already widely spread across sectors from natural resources to services. We will continue seeking attractive and meaningful investment opportunities in Russia as part of our strong partnership with RDIF.”
Alexander Utkin, CEO of Cotton Way, said:
“Mitsui represents not only a strategic investor for our company, but a strategic partner in the development of the Russian textile rental industry. We are confident that by partnering with Mitsui, which has proven expertise in working effectively in corresponding sectors, we will be equipped to take new steps in developing a progressive strategy for our company.”
Russian Direct Investment Fund (RDIF) was established in June 2011 to make equity co-investments primarily in Russia alongside reputable international financial and strategic investors. Based in Moscow, RDIF’s management company is a 100% subsidiary of Vnesheconombank. Further information at www.rdif.ru
Russian-Japanese Investment Platform – was formed by VEB, RDIF and JBIC to develop economic cooperation, trade and investment between Russia and Japan, as well as to promote investments of Japanese companies in Russia. Under the agreement RDIF and JBIC would each invest up to $500 million under the Platform.
Mitsui & Co., Ltd. (Mitsui) is multilaterally pursuing business, utilizing its global operating locations, network and information resources, that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects. The company is based in Tokyo, Japan. Further information at: www.mitsui.com
Cotton Way is the market leader for industrial laundry and textile rental services in Russia. The company has 12 manufacturing units and 30 warehouse complexes around the country. Its offices are located across cities in Russia that have a population over a million such as Moscow, St-Petersburg, Kazan, Nizhniy Novgorod, Novosibirsk and Omsk. The company employs over 2000 people. Cotton Way has the quality certification mark RAL-GZ 992/1. Further information at www.cotton-way.ru
Contacts for additional information:
Russian Direct Investment Fund
Director, Media Relations Department
М: +7 964 726 1773
Andrew Hayes/ Maria Ignatova/ Elena Kuza/ Charlie Barker
Tel +44 (0) 20 7796 4133