Agromanage AD was formed in January 2009  to provide integrated management services for agricultural land and its associated activities – acquisition, optimization, renting or leasing

We are the only farmland management company in Bulgaria who can manage a large portfolio of fragmented farmland plots without the need to subcontract services from third parties. Agromanage employs a dedicated team of professionals – a team built for this purpose.  Company's highly experienced and professionally qualified staff can advise with confidence and authority on all aspects of farmland management.

While managing ELARG, Bulgaria’s second largest farmland REIT, the Company:

  • Had to deal with over 750 farmers
  • Increased total collected revenue increased from €1.1 million in 2008 to €2.9 million in 2012 while farmland under management fell by some 5,000 ha, sold in order to optimize the portfolio and to pay down debt
  • Negotiated more favorable lease agreements: average rent increased from €56.2 per ha in 2008 to €132.9 per ha in 2012
  • Lowered the duration of the lease portfolio in order to better track the rising EU CAP subsidies and control credit risk
  • Delineated and re-cultivated fallow land holdings in order to bring the land back to productive use and make it eligible for EU CAP subsidies, a step that made these plots rentable and valuable
  • Optimized the overall portfolio quality disposing the farmland with low appreciation potential and acquiring farmland with high appreciation potential, sometimes exiting whole regions altogether
  • Improved transparency and reduced by 50% the fund’s running costs
  • Lowered the management fee by more than 70% and amended the structure to better align the interests of the management and the shareholders (more focus on current yield)
  • Rented land increased from just 68% of land in the portfolio in 2008 to 92% of total land in 2012
  • Rent collection increased from just 75% of receivables in 2008 to over 96% receivables in 2012

Currently Agromanage manage a portfolio of 4,220 hectare of farmland, including 2,569 hectares of our own land and 1,651 hectares on behalf of other farmland investors. The properties under management are mostly in North West Bulgaria near the town of Vidin. Our proprietary ERM (Enterprise Resource Management) farmland management software (EU grant) and our standardized business processes (ISO 9000 certified) allow us scalability in the management of hundreds of thousands of individual properties.

Our average rent increased from €56.2 per ha in 2008 to €132.9 per ha in 2012, to €140.4 in 2014 and we expect rents from € 211.8 by 2016. Rented land increased from just 68% of land in the portfolio in 2008 to 92% of total land in 2012. Rent collection increased from just 75% of receivables in 2008 and 80% in 2009  to over 96% receivables in 2012 and 100% for 2015.


Vesselin Danev

CEO Agromanage AD, based in Sofia

CEO of Agromanage, Vesselin led ELARG’s turnaround in 2009-2011 and its subsequent liquidation in 2012-13. Vesselin negotiated the successful disposition of the funds portfolio of more than 40 thousand individual plots, which was the second largest in Bulgaria, in just 12 months.

Vesselin started his career in 1992 with the law firm of Covington & Burling in Washington, DC, where he concentrated on M&A and Federal Securities Law. Between 1994 and 1995 he was the Director in charge of Treasury and FX Operations with TS Bank in Sofia. Between 1997 and 2006, he was the Executive Director in charge of Morgan Stanley’s Russian and Eastern European ultra-high net worth business.  He stayed on as an Advisory Director to the Firm until December 2008.  In 2003 Vesselin co-founded Sigma Capital.  Sigma developed eight 4 and 5 star hotels on the Bulgarian Black Sea coast.  He continues to lead the business as its CEO.  Vesselin also serves on the Board of Directors of the Dynasty Foundation, a Russian charity.

Vesselin holds a Diploma in Law from the University of Sofia (1991), LLM from the Yale Law School (1992), and an MBA from the Stanford Graduate School of Business (1997). Vesselin was admitted to the New York Bar in 1992.

Andrey Kruglykhin

Chairman Agromanage AD, based in London

Chairman of ELARG, Andrey supervised the fund’s turnaround in 2009-11 and its subsequent liquidation in 2012-13.

He is a turnaround  specialist and a deep value investor. Andrey started his career as a consultant to and later a deputy head of business development of Russian petroleum upstream company RITEK (now part of Lukoil) in 1996. In 2000 Andrey became CEO of Petrol Holding (of Naftex group) in Bulgaria, running downstream and midstream business with almost 500 gas stations and 50 petrol depots. Under his management, Petrol Holding emerged in 2003 from a technical bankruptcy as a well capitalized company with €120.0m of available credit facilities and the largest competitor of Lukoil in Bulgaria, having demonstrated 32% CAGR EBITDA (from BGN15m in 1999 to BGN 60m in 2004). From 2006, Andrey worked for the London office of American hedge fund QVT (AuM $4bn-13bn) where he specialized in deep value opportunities, turnaround and special situations, recovery of assets, minority shareholder rights, and litigation strategies in Eastern Europe and Central Asia. Andrey was a founding partner, chief compliance officer, and head of oil and gas of Worldview Capital Management 2011-2013.  In 2015 Andrey launched Highgate Capital, a London-based activist fund.

Andrey holds MSc in Physics from the Moscow Institute of Physics and Technology (1997), PhD in Petroleum Economics from the Gubkin Russian State University of Oil and Gas (1999), and attended 5/6 modules of Trium Global EMBA issued jointly by LSE, NYU, and HEC (2006). He has also obtained Askeri-ACCA CDipAF (1998) and Certificate in Crisis management from Moscow (1998).

Tsanko Tsankov  

Financial Analyst

Tsanko is a financial analyst.  Most recently he was at Sigma Capital. Tsanko performed financial analysis and modeling and liaised with banks on the arrangement and maintenance of credit facilities of circa EUR 90 million. He was also in charge of the insurance coverage of Sigma’s property portfolio in excess of EUR 150 million.  Previously, between 2002 and 2005. Tsanko worked with STARX Ltd. as a project manager of a consultancy team for development and implementation of quality management systems and processes optimization models.  Between 2000 and 2002 he was a junior financial expert in the Inspectorate of the State Agency of Standardization and Metrology. Between 1997 and 2000 he worked as a specialist in Economic Department of Gabrovo Municipality. Mr. Tsankov holds a Bachelor’s degree in Finance from the Technical University Gabrovo (2000).

 Atanas Damianov 

Manager Leases and Rents

Atanas joined us in October 2009 as a senior expert in Rents and Leases department. He is responsible for contracting of the land leases by regions. Previously, between 2008 and 2009 Atanas worked at Raiffeisenbank Bulgaria EAD as a specialist of small and middle enterprises lending. In the period between 2007 and 2008 he worked as a assets management coordinator at Agrofinance REIT. Atanas started his career in 2002 with Sofia Land Ltd. as assistant manager. He holds a Bachelor’s degree in Marketing (2006) and MSc in Financial Accounting (2009) from the University of National and World Economy.

Konstantin Kanev

Head Expert Leases and Rents

Konstantin joined our team in July 2009 as a Leases and Rents specialist. He is working with the administration of our land contracts, the coordination with our clients as well the collection of our claims. Konstantin holds a diploma in Economics and Business Administration.