Our firm is global and our expertise is cross-sector. We are dynamic and agile in deploying capital for strategic opportunities. We invest time and
capital working with best practice partners to realise the value of these opportunities by completing successful exit strategies.
SECTOR: Oil & Gas
COMPANY: Indago Petroleum
SOLD TO: Mirabaud
Meridian Capital Limited acquired a 69% stake in oil and gas exploration and production company Indago Petroleum in 2005. In the same year, Indago successfully completed a USD$120mln public offering on the AIM Market of the LSE. In 2007, it sold all of its production and development assets in the UAE, retaining the exploration acreage in Oman. In 2009, Meridian successfully completed its exit from this investment.
SECTOR: FMCG / Dairy
During the period 2005-2010, Meridian Capital Limited provided the fast growing Russian dairy producer, Unimilk, with development and acquisition capital and partnered with its founders to create what became the second largest player in the Russian dairy market and one of the leading producers in Ukraine. In 2010, Unimilk merged with Danone’s Fresh Dairy Products business in the CIS area, creating the largest dairy manufacturer in Russia and other Former Soviet Union countries. In 2016, Meridian successfully exited from its remaining interest in the investment.
SECTOR: Real Estate
COMPANY: Galeria, St Petersburg Russia
SOLD TO: Morgan Stanley Real Estate Fund
In St Petersburg, Meridian Capital Limited is responsible for the prize-winning development of the iconic Galeria Shopping Mall, located in the heart of St Petersburg on the juncture of the city’s most famous thoroughfare Nevskii Prospekt. The shopping and entertainment centre was developed from the ground up. It opened in November 2010 with 250 stores. The shopping centre incorporated 7 floors with a total buildable area of 192,000m2. Galeria transformed the shopping experience in St Petersburg and quickly became the city’s most visited mall, helping to create jobs and generate wealth. In 2012, after full lease-out of the building, Meridian sold it to the Morgan Stanley Real Estate Fund (MSREF). This was reported to be one of the largest real estate transactions in CEE and FSU Region.
“The seven-figure number will make the Galeria sale Russia's largest commercial property deal ever - and coincides with other possible good signs for the Russian property market.”
World Property Journal
“Investors are also fighting for a relatively limited number of available assets, with Moscow and St Petersburg being the only two cities in the country where you’ll find property assets of the size and scale of Galeria.”
“US investment bank is set to acquire St Petersburg’s largest shopping mall for about $1.1bn, through its Morgan Stanley Real Estate Fund (MSREF), according to people familiar with the situation. The transaction, which is expected to be completed within the next few weeks, would be the largest single property sale in Russia and comes as investment into the country’s property market is declining. The Meridian Capital Limited-owned Galeria centre sits in the centre of St Petersburg. The 1m square foot site is occupied by 300 retailers believed to be paying rents of about USD$300 per square foot. It is this prospect of steady rental income, rather than capital growth, which attracted MSREF to the asset, the people said.”
Whether it is in developed or emerging markets, Fast-Moving Consumer Goods (FMCG) account for a high ratio of consumer spending. As such FMCG remain one of the key anchors for the retention of value in investment portfolios due to their resilience and brand power. With 20 years of experience of FMCG in emerging markets, the sector remains one of our key areas of focus. Our investments in FMCG have largely been in the dairy and ice-cream sector. Meridian Capital Limited has been in partnership with Food Union CEO Andrey Beskhmelnitsky since 2000. Together, we built Unimilk in Russia and sold it to Danone, creating the largest dairy company in Russia at the time. We continue to work with Andrey to focus on international investments and are currently developing a global dairy and ice cream company in Food Union.
We create value across borders with investments supported by deep country-specific knowledge and high-end operational experience. We actively look at new markets for growth with favourable demographic trends that would help drive the expansion. We strategically invest in state-of-the-art production facilities that can create high-quality products and capture key market share. We consistently reinforce focus on the highest food safety and quality standards at any production facilities.
Since it was established in 2012, Food Union has become one of the largest dairy and ice cream producing companies in Europe. The company has drawn on Northern Europe’s dairy heritage, making high-quality brands and raw milk, sustainability and cutting-edge industrial technologies its hallmarks. This approach has reaped rewards. Meridian Capital's dynamic investment approach has enabled Food Union to realise ambitious growth plans. Meridian Capital's investment in 2013 was crucial for Food Union’s acceleration and expansion beyond the borders of Latvia. The company exports to more than 25 countries internationally, with the main markets being the Baltics, China, Poland, the Netherlands, Great Britain, Azerbaijan and Russia. Meridian Capital's decision to invest further capital - USD$55mln - in February 2017, on top of its existing stake, drove Food Union’s expansion and consolidation in China. PAG, one of Asia’s largest private equity firms, invested USD$170mln alongside Meridian Capital and in 2018 Food Union began production in two newly completed dairy factories in China.
Selected Consumer Goods Investments:
- Food Union (Partner | PAG)
Meridian Capital Limited invests in commercial and residential property and development opportunities in iconic locations. In New York City we have been in partnership with Extell, one of Manhattans leading developers, to identify iconic investments for over 15 years. Historically, in St. Petersburg, Russia we acquired an empty plot of land and developed it into a Grade A shopping mall, Galeria. The mall was sold in 2012 to the Morgan Stanley Real Estate Fund (MSREF), at the time one of the largest ever real estate transactions in the Former Soviet Union. Equally, we look opportunistically at various markets such as Turkey, Indonesia or Japan where value can still be found.
Selected Real Estate Investments:
- International Gem Tower, New York City (Partner | Extell) Download: Extell partnership
The investment by Meridian Capital Limited and its shareholders into Novaport assisted with the development, improvement and modernization of local airports to international standards and bolstered regional economic development and tourism in Russia through improved connectivity. The investment was exited in late 2019.
We invest in companies and people with a successful track record in oil and gas. Meridian Capital Limited remains interested in investing a portion of its portfolio in higher-risk opportunities with the potential for significant returns. We invest opportunistically in early stage exploration, helping growing firms to raise pre-IPO capital or fund it ourselves. We review key global oil and gas projects to ensure that they are economically viable and invest in quality teams and assets.
Meridian Capital Limited invests in world-class hospitality assets in spectacular locations. We are passionate about using these investments to support the local environment, community and economy, whilst delivering high-end hospitality standards. From luxury hotels, restaurants and forward-thinking oceanic expeditions, our luxury hospitality portfolio delivers unmatched experiences.
Selected High-end Hospitality Investments:
- Meridian Adventure
- Four Seasons Bora Bora
- Hidden Bay Teos Private Resort
Meridian Capital Limited believes in empowering people through access to capital. Easy Microfinance is a microfinance institution in Myanmar, which was created by Meridian Capital in 2015 and received a microfinance license in the second half of 2016. The shares of Easy Microfinance are held by a Singaporean holding company, MC Projects Limited, of which the ultimate shareholders are Meridian Capital (55%) through its Meridian Capital CIS Fund, and Delta Capital (45%) through its Myanmar Opportunities Fund II.
Selected Impact Oriented Investments:
- Easy Microfinance (Partner | Delta Capital) Download: Easy Microfinance