Great Circle invests in Russian Logistics
A Stamford, Conn.-based investment company said it has invested $21.1 million in STS Logistics, a Moscow-based freight forwarding, warehousing and customs services provider.
STS plans to use the funds to develop a network of Russian warehouses and open new offices to complement 30 existing offices in Russia and the CIS.
“We needed this investment to realize our aggressive expansion plans,” said Rustam Yuldashev, chief executive officer of STS Logistics. “We are very excited to have teamed up with such a strong and knowledgeable Western investor. This will help us to grow our business and operate at the highest Western standards in terms of corporate governance and transparency. With this investment, we will now be able to create a network of eight to 10 modern warehouses for 100,000 square meters total in Russia, Ukraine and Kazakhstan.”
The companies said STS has “particular expertise in complex movements of oversized and non-standard goods associated with major projects throughout Russia and the CIS,” and that customers include Intel, Komatsu, Ford and Mars.
Great Circle Capital said this was its second investment in the Russian logistics sector. Last year Great Circle invested in Russian Logistic Service a specialist in “fast-moving consumer goods” logistics and warehousing.