Deloitte Romania assisted the investment group Integral Capital Group in the acquisition of the Embryos in vitro fertilization clinic

Deloitte Romania assisted the investment group Integral Capital Group in the acquisition of a majority stake in the in vitro fertilization (IVF) clinic Embryos, located in Bucharest. Following the transaction, concluded in February 2025, the three founding doctors of the clinic remain minority shareholders and members of the management team. The development stage subsequent to this acquisition involves expansion by opening new clinics in other large cities in the country, as well as their integration into a pan-regional specialized platform, which would include other entities that will be taken over in neighboring countries.

The acquisition marks the expansion of Integral Capital Group’s portfolio in Romania, following the takeover of Medima Health imaging network and of the vending operator O’Fresh.

“The takeover of this top Romanian clinic marks an important moment for us. With the continued support of the founders, we are confident that we will strengthen the clinic’s position in its market and will turn it into an anchor for our strategy to develop a regional IVF platform. We thank the Deloitte team, which acted as a trusted financial advisor in the various phases of the process, starting with the due diligence, then in the signing phase of the sale-purchase agreement and in the completion of the transaction, marking a new successful collaboration for an M&A transaction,” said Evtim Chesnovski, Partner, Integral Capital Group.

The Deloitte Romania team involved in the project provided assistance to Integral Capital Group in the financial due diligence phase, as well as support services in the transaction, and was made of Radu Dumitrescu, Partner-in-Charge, Vlad Balan, Director, Silvia Stefan and Laura Necsuliu, Managers, as well as Andreea Dobrota, Associate.

“Beyond the excellent collaboration with the Integral Capital Group team, we are also excited about our involvement in this transaction considering what it represents for a local entrepreneurial business. The contribution of resources and of know-how from Integral Capital Group can take Embryos to the next level and turn it into a relevant player at regional level,” said Radu Dumitrescu, Advisory Partner-in-Charge, Deloitte Romania.

The transaction is financed through the NextGenerationEU program, with the financial support of the Government of Romania and the Government of Bulgaria, through the National Recovery and Resilience Plan.

Integral Capital Group, formerly known as Integral Venture Partners, specializes in private equity and growth capital investments in Central and South-Eastern Europe and in the Adriatic region. The fund focuses on small and medium-sized entrepreneurial companies with growth potential. The group has central offices in Budapest and Belgrade, as well as local infrastructure in London, Bratislava, Bucharest and Sofia.

Founded in 2018, the in vitro fertilization clinic Embryos reported a turnover of 6.5 million euros in 2023.