Enterprise Investors, the Warsaw-based private equity firm, is actively pursuing investment opportunities in Romania. The firm is looking for opportunities in areas such as consumer goods, financial services, energy transition, and IT, partner Bartosz Kwiatkowski, responsible for investments in Romania, explained.

"In terms of our commitment to Romania, we are actively looking for opportunities in different sectors. The retail consumer goods on the one hand, on the other healthcare or financial services, but also energy transition-related companies and IT," Kwiatkowski said. "We are committed to the country […] Even if we don't buy, we always have Romania on top of our agenda for our portfolio companies."

The size of the local market makes it an important one for the firm. "Every country is important to us. But obviously, Romania, given its size, is at the top of the list. That's why not only myself but also my colleagues here are actively scouting the region," he explained.

Despite concerns related to the geopolitical situation and inflationary pressures, the economies of the CSEE region continue to perform well, EI said. Taking into account the size of individual local economies, the firm is particularly considering investments in businesses with solid growth prospects in the domestic and regional markets. One such company is Snap Outdoor, a distributor of mountaineering and climbing equipment, where EI acquired an 80% stake in 2021. The company owns online retailer 8a, which opened an online store for Romania in 2022.

In the last 12 months, the firm invested or committed to investing in four companies. It invested in the process outsourcing company Bisar, which entered Romania in 2022. EI acquired a 40% stake in Bisar and said it would invest up to EUR 27 million in the company's further growth and expansion targeting the CEE region. It announced it would invest up to EUR 19 million in Renters.pl, the second-largest short-term rental manager in Poland, and acquire a 49.8% share in Goodspeed, Poland's largest provider of temperature-controlled logistics services for ready-to-eat meal producers. It also said it would invest in Advanced Protection Systems, the largest independent Polish manufacturer of radars and comprehensive anti-drone systems.

The fund has so far completed seven investments on the Romanian market, with a combined EUR 200 million in toy retailer Noriel (2016-2022), grocery retailer Profi (2010-2017), HR services firm Smartree (2010-2016), construction materials producers Macon (2006-2018), software company Siveco (2006-2013), supermarket chain Artima (2005-2008), and telecom operator Orange Romania (1999-2005).

It also completed Romanian add-on investments to existing portfolio companies: it provided equity financing to Macon Deva to acquire a majority stake in building materials producer Simcor in 2008; in Safety Broker through Unilink, which it exited after it was acquired by fintech Acrisure; and in Code Factory through Software Mind in 2021.

In July, the European Bank for Reconstruction and Development (EBRD) announced it was committing EUR 80 million to Enterprise Investors' tenth private equity fund. Through its funds, EI invested and committed EUR 2.2 billion in 155 companies and exited 137 companies. Of its exists, 35 were through the stock exchanges in Warsaw (WSE), New York (NYSE), Prague (PSE), and Vilnius (Nasdaq).

(Photo: Enterprise Investors)

simona@romania-insider.com