Acquisitions in Romania

Volaris Group, an operating group of Constellation Software Inc., acquired Bit Soft, a Romania-based provider of integrated hospitality technology solutions. Bit Soft will join Volaris Group’s foodservice and hospitality software portfolio while maintaining operational autonomy, with the goal of supporting long-term growth and geographic expansion across Europe.

MidEuropa agreed to sell Cargus, a Romanian private courier company, to SAMEDAY, a regional parcel carrier backed by eMAG. The deal remains subject to merger control and foreign investment approvals before closing. MidEuropa cited investments in Cargus’ digital capabilities, including a mobile app and enhanced tracking and returns features, as key initiatives during its ownership.

Mehiläinen, Finland’s largest private healthcare and social care provider, agreed to acquire Regina Maria in Romania and its sister company MediGroup in Serbia (together, the Regina Maria Group) from private equity seller MidEuropa. In connection with the transaction, Hellman & Friedman will join CVC as a major shareholder in Mehiläinen, with closing subject to customary regulatory/anti-trust and investor approvals.

Holand Automotive Group acquired Aston Martin Bucharest, expanding its luxury automotive retail footprint in Romania. The deal adds the Aston Martin Bucharest dealership to Holand Automotive Group’s portfolio of ultra-luxury and premium automotive brand representations across Eastern Europe.

Holand Automotive Group acquired Forza Rossa, the sole Ferrari dealership in Romania, marking the group’s first expansion into Europe. Following the transaction, the dealership is expected to be renamed “Ferrari of Bucharest,” extending Holand Automotive Group’s luxury automotive retail footprint beyond Canada and the United States.

Horus Pharma, a French ophthalmology-focused pharmaceutical company, acquired a significant ownership stake in Inocare Pharm, a Bucharest-based Romanian enterprise specializing in commercialization of ophthalmic medical devices, diagnostic instruments, and eye-health dietary supplements. The investment represents Horus Pharma’s first acquisition outside France and is intended to accelerate its expansion into Romania and broader Eastern European markets, while enabling Inocare to broaden its portfolio and regional reach.

EssilorLuxottica entered into an agreement to acquire 100% of Optical Investment Group (OIG), a leading Romanian optical eyecare and eyewear retailer. The sellers include Innova/6 (a private equity fund from Innova Capital Group) and a group of individual minority shareholders, with closing expected in Q4 2024 subject to regulatory approvals.

Intesa Sanpaolo agreed to acquire (and subsequently completed the purchase of) 99.98% of First Bank S.A. in Romania from J.C. Flowers & Co. (via its controlling shareholder vehicle JCF Tiger Holdings S.A.R.L.). The deal, signed in October 2023 and completed on June 3, 2024, combines First Bank with Intesa Sanpaolo Bank Romania, creating a top-10 bank in Romania; financial terms were not disclosed.

ShortPixel has acquired ReSmush.it, a provider of free image optimization and compression tools, to broaden and enhance its digital optimization services. ShortPixel stated it plans to keep ReSmush.it free while improving the service and potentially adding affordable paid options for next-generation image formats.

MidEuropa-backed Symfonia acquired Softeh Plus, an ERP software provider serving the Romanian healthcare sector. The deal marks Symfonia’s first international acquisition as it expands beyond Poland to build a pan-CEE ERP software champion.

ARES Group, a portfolio company of Highlander Partners, acquired the cardiology activity (cardiovascular surgery and interventional cardiology departments) of Monza Hospital in Bucharest from Policlinico di Monza. The transaction leads to the formation of the MONZA-ARES Group, positioning it as a leading private cardiology provider in Romania. Separately, Brain Hospital will take over other surgical departments at Monza Hospital, including neurosurgery and ENT.

EMI Group, a European provider of industrial access solutions backed by Innova Capital and Morphosis Capital, announced a strategic partnership with KADRA, a leading Romanian supplier of automated access and access management solutions. Effective December 1, 2023, KADRA will join EMI Group while continuing to operate independently as a separate legal entity, strengthening EMI Group’s regional presence in access automation across industrial, logistics, retail, and medical end markets.

MidEuropa agreed to sell (and later completed the sale of) Profi Rom Food ("Profi"), Romania’s leading convenience and proximity supermarket chain, to Ahold Delhaize. The transaction valued Profi at an enterprise value of approximately EUR 1.3 billion pre-IFRS16 (EUR 1.8 billion post-IFRS16) and is described as the largest private-equity-involved grocery deal in continental Europe.

On 30 June 2023, Innova Capital acquired a 51% stake in EMI Group through a combination of a partial buyout and a €15 million capital increase. Founder Jerome France and Morphosis Capital remain invested, with the new funding intended to support EMI Group’s international expansion and future add-on acquisitions in the fragmented industrial access installation and maintenance services market.

All4Labels Global Packaging Group, a Triton Fund V portfolio company, signed an agreement to acquire 100% of Romanian label manufacturer Romprix Exim. The deal will make Romprix a wholly owned subsidiary of All4Labels and supports All4Labels’ growth strategy in Eastern Europe; terms were not disclosed and closing is subject to customary conditions and regulatory approval.

ARES, a Romanian interventional cardiology hospital group backed by Highlander Partners, acquired Cardiomed Cluj, a private outpatient cardiology and imaging clinic in Cluj-Napoca. The combination expands ARES’ outpatient, imaging, and diagnostic capabilities and creates an integrated cardiology services provider in the Cluj region. Cardiomed founder Carmen Mureșan will continue to lead and grow the Cardiomed business within the ARES group.

Dragonfly Biosciences, a manufacturer of CBD oil products, acquired full ownership of Premium Extraction Services Limited, a large-scale ethanol extraction facility. The acquisition expands Dragonfly Biosciences’ vertically integrated supply chain and significantly increases its CBD production capacity to over 1,000 kg per month.

Orion Innovation entered into a definitive agreement to acquire Tellence Technologies, a privately held technology services company headquartered in Bucharest, Romania. The deal will expand Orion’s European delivery footprint by establishing a Romanian R&D and software development center and adding Tellence’s engineering team to Orion’s Digital Product Development organization. Orion is a portfolio company of One Equity Partners.

Highlander Partners, L.P. announced the acquisition of a majority stake in SanoVita, a Romanian healthy and vegetarian food products brand founded in 1995 and headquartered in Râmnicu Vâlcea. SanoVita’s founders (Cornel Soare, Ion Dan, and Dumitru Dan) will partner with Highlander and continue to support the business as Highlander aims to accelerate growth through product innovation, operational enhancements, and strategic M&A.

Highlander Partners L.P. acquired a majority stake in Ares Group (Centrele de Excelenta Ares), a leading private provider of interventional cardiology procedures in Romania headquartered in Bucharest. The founders, Oren Iancovici and Iulian Plescan, will remain in executive roles as Highlander supports expansion through new facilities and enhanced capabilities at existing sites.