Black Sea Fund plans to invest 20 million Euro in 2021, aims to complete up to four transactions

Black Sea Fund, a Romanian private equity investment fund focused on transactions with small and medium-sized companies, plans to invest between 15-20 million Euro this year by completing three or four transactions. The fund could finalize two of its transactions by this summer.

The two transactions that could be completed in the summer target one of the largest players in urban mobility and an entertainment production company.

“The very advanced discussions we have are with companies from totally different fields: one company is the leader in a leading-edge, high-tech sector, while the other focuses on a more traditional, light manufacturing sector. This highlights our investment flexibility not only in terms of sectors but also structure (investments in the majority or minority positions, creative incentive schemes, etc)”, says Matei Păun, Founding Partner of the Black Sea Fund and a specialist with over 20 years of asset management and investment banking experience.

The fund is also in discussions with three other companies to complete transactions in the next 12 months. Two of the companies are in the healthcare field, and the third is an IT (automation) service provider.

Black Sea Fund, a private equity investment fund created by Arin Ion, Matei Păun, Cornel Fumea, and Adrian Vasile at the end of 2018, is especially interested in small and medium companies. The investment per company is between three and eight million euros. The fund has a total investment budget of 43 million euros. The most prominent investors are the European Investment Fund (a large part of the resources coming from the Regional Operational Programme, program co-financed by the European Regional Development Fund) and the European Investment Bank.

The Black Sea Fund portfolio consists of investments in the companies Intermedio General Group SA (Theta) and Clinica Dentară SA (DigiRay). These two transactions were completed in 2020. Intermedio General Group SA, which operates under the Theta brand, is one of Romania’s leading suppliers for interior design services (fit-out) and custom furniture, being an integrated provider of turnkey solutions to the office and other commercial spaces. DigiRay is one of the leaders in Romania’s dental imaging sector currently operating a network of 11 locations in seven cities.