Smak Bakery in Yekaterinburg Changes Ownership
Closed Combined Unit Investment Fund (ZPIF) «RSHB AgroM» has become the sole shareholder of JSC «Pervy Khlebokombinat», JSC «Smak» (the bread factory in Yekaterinburg), Management Company «M-Group» (the organization managing JSC «Makfa»), «Mishkinsky Produkt», «Arktika-Servis» and a dozen other assets seized from Mikhail Yurevich«s family in 2024. The information was updated in the Unified State Register of Legal Entities and counterparty verification services in mid-January 2026. Our colleagues from 74.RU report on the fund»s origins and consulted lawyers about this reshuffle.
Change in Founder
As of 16 January 2026, JSC «Pervy Khlebokombinat», and as of 24 January — JSC «Smak» came under the full control of ZPIF «RSHB AgroM». Previously, the founder was listed as the Russian Federation. The fund is managed by LLC «RSHB Asset Management» — one of the structures of Rosselkhozbank.
A new founder appeared for Management Company «Agromakfa» — from the end of December 2025, and for companies «Emitent Consulting», «Mishkinsky Produkt», «Mishkinsky KHP», «Temp Interservis», «Prostory» and «Arkom» — from 15 January 2026, and for Management Company «M-Group», JSC «Novaya Pyatiletka», «Temp Avtotekh», «Arktika Servis», «Express-Cargo», «Ramkon» — from 16 January 2026.
The described changes [with the founders of nationalized assets] — are a classic example of «packaging» assets for their subsequent management or, more likely, sale to a strategic investor, experts indicated.
Is the Fund State-Owned?
According to experts, the transfer of companies from direct state structures (RF, Rosimushchestvo) and LLC «Kapital» (a structure of RSHB) to ZKPIF «RSHB AgroM» means that assets are consolidated in a single «portfolio» under the management of a professional management company.
ZPIF (closed-end unit investment fund) — is a form of collective investment where investors« money is pooled under the management of a professional management company for investment in various assets.
«A closed combined unit investment fund — is not a legal entity and not a »state structure« in the usual sense. It is a property complex (a separate »bag« of assets), transferred to trust management. Formally, in the registers, the owner will be listed as the management company (probably a structure of the RSHB group), acting in the interests of the unit holders (unitholders),» explained managing partner of YK «Genesis» Artem Denisov. «Is this fund state-owned? If the sole unitholder of the fund is Rosselkhozbank (100% owned by the state), then de facto the assets remain under indirect state control. However, the legal form of ownership has changed from direct to indirect (through the fund).»
Naturally, ordinary citizens have a question: why is this being done? According to experts, transferring to ZKPIF solves three key tasks typical for working with non-core or nationalized assets.
«First, pre-sale preparation (M&A) — selling fund units is much easier and faster than selling shares of many separate JSCs and stakes in LLCs (»Pervy Khlebokombinat«, »Smak«, »Management Company M-Group« and others). A transaction with units does not require cumbersome approvals, re-registration of each object, and often allows bypassing some bureaucratic procedures mandatory for direct sale of state property,» explained Artem Denisov. «Second, confidentiality (sanctions protection) is maintained. The register of unit holders of ZKPIF is closed to public access. In EGRUL, only the management company is visible. This allows hiding the ultimate beneficiary (future buyer or current holder) from sanctions risks and excessive media attention.»
And finally, the fund will help consolidate management, added the expert. The disparate assets of «Makfa» (bread factories, service companies, management structures) are gathered in one hand. This simplifies financial flows: the profit of all enterprises is accumulated in the fund and can be distributed or reinvested centrally, without a complex chain of dividend payments.
«ZPIF — is a fairly effective mechanism that has replaced classic offshore companies for packaging assets and attracting investors, where information about its beneficiaries, as well as their change, will no longer be publicly available,» added managing partner of the law firm «Yug» Yuri Pustovit. «The property of ZPIF is also quite effectively protected from the obligations of the unit holder, and there are a number of tax preferences. This will allow attracting several investors to a single asset when selling it as a whole is difficult.»
The change of owner of nationalized companies to ZKPIF «RSHB AgroM» indicates that the stage of direct seizure by the state is complete, emphasized Artem Denisov.
«Assets are transferred to the market circuit under the auspices of the state bank (RSHB) for »cleansing«, packaging, and, with a high degree of probability, subsequent transfer to a new private owner through the sale of fund units,» the expert summarized.
Earlier we wrote about what will happen to the legendary buns and bread after the change of owner.
The decision that the legendary bread factory in Yekaterinburg and other assets of «Makfa» will pass into state ownership was made on 8 May 2024. The family of Mikhail Yurevich intends to appeal this decision, for more details on the hearing read via the link. Relatives of the ex-governor wanted to buy back «Smak» for 10 billion, but it didn«t work out.
We detailed the history of the legendary bread factory in this article.
