In February 2013, WNISEF sold its stake in AVK, the second largest confectionary manufacturer in Ukraine, to the company. The sale yielded a 5.6x C-o-C return on equity.
During WNISEF’s period of investment, the company entered new markets – Russia, Belarus and Kazakhstan among others, captured market share, introduced new products and new brands, built a new manufacturing facility in Donetsk and acquired and modernized a manufacturing facility in Dnipropetrovsk which ensured the consistent premium quality of its products.
AVK saw steady growth across all product categories. It emerged as the leader of the chocolate candy market segment as a direct result of ongoing efforts to sharpen the company’s focus on high-margin product development.
WNISEF contributed to AVK’s success by providing the company with capital to grow and post investment value-added activities such as introduction of western corporate governance principles, implementation of a world-class management information system, strong marketing support, as well as numerous management trainings and seminars.