The Russian entrepreneur Oleg Tinkov, who is known as Russia’s “Richard Branson“, has sold the remaining majority stake in his beer restaurant chain Tinkoff Restaurants to private equity fund Mint Capital. The transaction was first announced by Oleg Tinkov on his Twitter account. Just a month ago, he first revealed via his Twitter account that he wanted to exit the restaurant business. Oleg Tinkov is also an active LiveJournal blogger.
Mint Capital invested $10 million in exchange for a minority stake in Tinkoff Restaurants in August 2008. The fund brought in a new management team and eventually decided to buy out the entire restaurant business from Tinkov.
Oleg Tinkov started his business career in 1993 with a chain of consumer electronics stores Tekhnoshok in St. Petersburg that he sold for $7 million in 1997. Oleg opened the first Tinkoff beer restaurant in St. Petersburg in 1998. Separately, Oleg Tinkov started a frozen foods business Darya and beer brewery. In 2002, Darya was sold for some $25 million to Planeta Management Services. Oleg Tinkov focused on his brewery and restaurant businesses. In 2005, the brewery business, excluding Tinkoff Restaurants was sold to InBev for $200 million. In early 2006, Oleg Tinkov started a consumer credit card banking business Tinkoff Credit Systems.