ROMANIA Trends and Developments Contributed by: Ileana Glodeanu and Delia Dumitrescu, Wolf Theiss
Growing emphasis on ESG and digital transformation
The private equity (PE) landscape in Romania and the wider Central and Eastern European (CEE) region has entered a period of renewed dynamism and sophisti - cation. After a challenging 2023 marked by subdued deal activity, 2024 and the first half of 2025 have seen a steady rebound in both deal value and volume. This comeback has a strong economic basis, being driven by growth in key industries and an improving invest - ment environment that appeals to both local and international investors. The latest data and insights from leading market participants highlight a market that is not only rebounding but also evolving in terms of structure, scale and strategic focus. Evolution of PE Deals in the CEE Region From small-scale local deals to large-scale international transactions A few years back, the CEE PE scene was largely defined by small, local transactions predominantly conducted by domestic or regional funds – and, occa - sionally, development finance institutions such as the European Bank for Reconstruction and Development (EBRD), the European Investment Fund (EIF) and the European Investment Bank (EIB). These deals primar - ily focused on early-stage funding or growth capital, with minimal international investor participation. Over time, however, and particularly in the past few years, the market has matured significantly. Interna - tional funds have become increasingly active in larger deals, frequently collaborating with local funds or local managers. Meanwhile, local PE funds have developed their own consistent track records, raised larger funds and gained the expertise needed to execute complex cross-border transactions. As a result, the market has become more competitive and attractive to global capital. Expansion of platform and roll-up strategies The fragmented nature of many industries in the CEE has made the region ideal for platform investments and roll-up strategies. PE funds have been instru - mental in professionalising portfolio companies, driv - ing operational improvements and enabling regional expansion. This has been especially evident in the healthcare, consumer and technology sectors, where consolidation has created market leaders capable of securing premium valuations upon exit.
In recent years, environmental, social and governance (ESG) factors, alongside digital transformation, have become important for value creation in the Romanian PE space. Investors increasingly favour companies with strong ESG credentials and advanced digital capabilities, driven both by regulatory requirements and the desire to enhance long-term competitiveness. This trend is expected to intensify as global investors demand higher standards and digital technologies to continue to reshape business models throughout the region. The role of local versus international investors While local and regional PE firms remain key players, international investors have steadily increased their presence. Prominent regional and local funds include MidEuropa Partners, Enterprise Investors, Innova Capital, Abris Capital and Morphosis, while global giants such as CVC Capital Partners, KKR and Ard - ian also maintain a strong foothold. The Romanian PE Landscape: An Overview Market recovery and growth EY’s global report on the Romanian M&A market dur - ing the first half of 2025 (as of June 2025) estimated the total value of M&A deals in the country at USD4.1 billion, up 45% from the first half of 2024. Disclosed deal values jumped 185%, reaching USD2.8 billion, although approximately 73% of transactions did not disclose deal amounts. Deal volume also grew by 9% year on year, with 139 transactions logged – the sec - ond-highest first-half total ever recorded. In terms of deal drivers, PE acquisitions accounted for 9% of the total volume, up from 6% the previous year, contribut - ing USD621 million in disclosed value. Notably, there were four deals exceeding USD100 million, compared to three during the same period of 2024. Overall, these indicators point to a notably resilient and growing Romanian M&A market, outperforming the broader European market’s deal value, which saw a 4% decline over the same period. The positive momentum in Romania is nonetheless mirrored across the CEE region. As per the Invest Europe 2024 Central & Eastern Europe Private Equity
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