This large sector covers the production and sale of consumer goods, as well as various consumer services including electronic commerce and health care. Since 1996, Baring Vostok funds have invested over $400 million in 13 companies from this sector.


Georgia’s largest mineral water producer, and one of the region’s brands. Exited in 2002
Tbilisi, Borjomi, Georgia
Large minority stake
Sale to a strategic investor

In October 2002, the fund sold its share of the company to IDS Group.

Commercial production of Borjomi mineral water started in 1981. Baring Vostok’s Fund was one of the first investors after the creation of GG&MW.

Development stages:

  • A strategy was developed to protect the brand from numerous fakes, along with a programme for eliminating counterfeit production.
  • A number of patent disputes regarding the brand were settled in the Russian Federation. A Russian patent was obtained for the brand, which had been well known to the Russian public since Soviet times.
  • During the 1998 crisis, the company did not experience any significant difficulties and in 1999 sales (number of units) were up by 40%.
  • By 2002, sales exceeded 101 million units, reaching $22.7 million. Profit margins reached 19%.

Other projects


04 September 2012

The OZON Group has today announced financial results for its second quarter ended June 30, 2012.

The company’s growth rate is reported at 78% in USD, up to $232M, and 91%* in Rubles, up to 7.1B Rubles.

"After coming off of a benchmark year for The OZON Group, 2012 began with the pivotal acquisition of which has strengthened the already fortified leadership of OZON in the marketplace," said Maelle Gavet, CEO of OZON Holdings. "Efforts for the past six months have been concentrated on furthering the growth of OZON as a whole while blending and to band together seamlessly. It has been a very organic and prolific progression."

02 May 2012 closes $ 75 million fund-raising from Accel Partners and Baring Vostok Private Equity Fund IV to accelerate Russian expansion.

<p>, the largest online classifieds website in Russia, announced today that it has received $75 million in new funding from Baring Vostok Private Equity Fund IV, Accel Partners, and existing investors Kinnevik and Northzone. The new funds will be used to further fuel the company’s strong growth throughout Russia and to continue attracting world-class talent.</p>