Sberbank Investments buys stake in Bochkarev (formerly Heineken Russia)

Russia | Russia’s largest bank, Sberbank, has acquired through its subsidiary Sberbank Investments a 9.1 percent stake in Bochkarev Breweries, previously known as United Breweries (OPH), which itself was the renamed Russian unit of Heineken. As of 1 November, Bochkarev Breweries is the new name of Russia’s third-largest brewery. The Russian news site Kommersant reported on 30 October that local observers value the investment between RUB 1.3 billion and RUB 1.7 billion (USD 21 million).

As Sberbank is Bochkarev’s major creditor, the transfer of the stake allows Bochkarev to raise capital without increasing its debt burden. Observers believe that Sberbank bought the stake at a significant discount and will seek a profitable exit after two to five years.

According to Nielsen, in 2024, Bochkarev Breweries accounted for 10.9 percent of Russia’s beer sales, behind Baltika (28.3 percent) and Napitki Vmeste (Drinks Together), formerly AB-InBev-Efes with a 29.5 percent share. Kommersant also reported that in 2024, the revenue of Bochkarev Breweries increased by 18.7 percent, to RUB 48.45 billion (USD 606 million). Net profit amounted to RUB 2.48 billion (USD 31 million), against RUB 13.8 million in 2023.

Back to the roots

Russia history buffs will remember that the Bochkarev beer brand was invented by Bravo International, an Icelandic-owned brewery in St Petersburg in the late 1990s, before it was acquired by Heineken in 2002.

Observers say that Bochkarev may now become the firm’s flagship brand. Strong brands are needed by Russia’s brewers in the context of an overall decline in sales and the disappearance of some popular foreign licence brands.