TINEX

Tinex is the largest chain of supermarkets in Macedonia, having grown from a single location with 15 employees in 1994 to its present size of 12 stores with over 300 employees. SEAF-Macedonia completed its $540,000 investment in February 2001, with the funds used for the renovation of one store, the establishment of three new store locations, and the installation of new information system for supply chain management. Tinex plans to reach a total of 20 stores by the end of 2002. Tinex has been able to achieve excellent locations for its neighborhood supermarkets under favorable terms.

Using experience in part from SEAF's investment in Spar Polska, SEAF's BSU prepared research for Tinex that focused on supermarket management, and identified possible courses and conferences. In addition, the BSU gathered information on recent acquisitions of grocery chains, including target pricing, cash flows, and book values. Technical assistance was also arranged from an experienced, Western supermarket company consultant that covered general strategy issues as well as inventory control, location selection, and IT development. SEAF-Macedonia has contributed to enhanced management reporting and logistics, and SEAF has negotiated with Cornell University for the university’s food management program to undertake a study of the Macedonian grocery market and Tinex in particular.

This investment also illustrates the benefits of SEAF's network of funds. Tinex is seeking to develop its experience of supermarket retail and wholesale in the Polish market, and, to this end, SEAF is leveraging its extensive network of contacts and general background knowledge, particularly through SEAF's funds in Poland, CARESBAC-Polska and the North Fund.
 

 

Investment Support 

TINEX

Tinex is the largest chain of supermarkets in Macedonia, having grown from a single location with 15 employees in 1994 to its present size of 12 stores with over 300 employees. SEAF-Macedonia completed its $540,000 investment in February 2001, with the funds used for the renovation of one store, the establishment of three new store locations, and the installation of new information system for supply chain management. Tinex plans to reach a total of 20 stores by the end of 2002. Tinex has been able to achieve excellent locations for its neighborhood supermarkets under favorable terms.

Using experience in part from SEAF's investment in Spar Polska, SEAF's BSU prepared research for Tinex that focused on supermarket management, and identified possible courses and conferences. In addition, the BSU gathered information on recent acquisitions of grocery chains, including target pricing, cash flows, and book values. Technical assistance was also arranged from an experienced, Western supermarket company consultant that covered general strategy issues as well as inventory control, location selection, and IT development. SEAF-Macedonia has contributed to enhanced management reporting and logistics, and SEAF has negotiated with Cornell University for the university’s food management program to undertake a study of the Macedonian grocery market and Tinex in particular.

This investment also illustrates the benefits of SEAF's network of funds. Tinex is seeking to develop its experience of supermarket retail and wholesale in the Polish market, and, to this end, SEAF is leveraging its extensive network of contacts and general background knowledge, particularly through SEAF's funds in Poland, CARESBAC-Polska and the North Fund.