Danone-Unimilk is the number one dairy products producer in Russia. CIPEF V’s initial investment was in Unimilk, formed in 2004 when its founders re-acquired the company in a management buyout. In November 2010, we approved the merger of Unimilk and Danone’s CIS dairy business to form a new joint venture (JV), which created the leading player in the Russian and CIS dairy markets. CIPEF V became a shareholder in the enlarged business. The Danone-Unimilk merger validated our original investment thesis that global strategic buyers would be interested in acquiring a leading player in the Russian and CIS dairy market.
