Invest Plus closed the deal to buy IKEA Industry Novgorod

AK&M 24 March 2023 18:30

Invest Plus has closed a deal for the purchase of IKEA Industry Novgorod, an IKEA production site in Podberezye, Novgorod Region. This was reported to the Kommersant newspaper by a representative of the St. Petersburg Stolex.

The deal to buy out the IKEA factory was made out to an SPV company, says Elena Feoktistova, managing partner of RP-Consulting, quoted by the newspaper, which means that the business will develop independently and will not be part of Stolex.

Earlier, a government commission approved a deal to sell IKEA plants in Russia.

Stolex was founded in the early 1990s in St. Petersburg by Evgeny Osipov. After his death, the business was transferred, among others, to his son, Vadim Osipov. The company produces furniture plates, countertops and facades for kitchen furniture, also supplied by IKEA, at its four sites in the Leningrad region. Revenue in 2021 amounted to 5.8 billion rubles.

IKEA has suspended sales in IKEA stores, online store and Studios in Russia since March 4, 2022. On July 5, the company launched the sale of goods on its website for everyone, which lasted until August 15. Later, Yandex Market opened sales of goods purchased from the Russian division of IKEA.