Increase in Private Equity Deals Observed During the Initial Half of 2025, According to Research
Boom in Private Equity Transactions in Romania and CEE, with Healthcare Sector Leading the Way
The first half of 2025 has witnessed a surge in private equity (PE) transactions across Romania and Central and Eastern Europe (CEE), with healthcare, particularly senior care, emerging as a key growth area.
The Romanian M&A market experienced a significant boost, with a valuation of approximately $4.1 billion – a 45% increase year-on-year. Disclosed transactions surged by 185% in value, and private equity acquisitions accounted for about 9% of deal activity, contributing $621 million during this period.
Healthcare emerged as one of the most active sectors in Romania, alongside technology. A prime example of this trend is the strategic investment made by Bulgarian private equity firm BlackPeak Capital in Romania's Affinity Life Care, a private network specializing in elderly care and nursing homes in Bucharest. This deal, marking the first PE investment in Romania’s senior care sector, aims to expand operations, improve technologies, and strengthen market position to support further regional growth.
Roland Berger observed strong growth trends in private equity across both Romania and broader CEE markets, with healthcare leading deal activity. BlackPeak Capital's approach to investing in healthcare and other sectors (IT, manufacturing, business services) emphasizes innovation and sustainable growth, reflecting broader PE strategies in the region.
Despite inflation and high-interest rates maintained at 6.5% by Romania’s central bank, the market remained attractive, with strategic and private equity investments continuing to grow, supported by government privatization efforts and infrastructure projects. The resilience of the Romanian economy and banking sector provided a supportive backdrop for deal-making.
In Romania, private equity funds completed a total of 10 transactions (5 acquisitions and 5 exits) in the first half of 2025. Notably, approximately 60% of the exits made by private equity funds in Romania in the last 2.5 years were to strategic investors.
Positive trends were also observed in the Czech Republic (+38%) and Poland (+4%), while deal volumes remained constant in Bulgaria. In contrast, deal volumes decreased in Hungary and Slovakia.
Significant increases were observed in the UK (+33%) and the Nordic countries (+35%), as well as in smaller markets such as Greece (+300%), Lithuania (+150%), and Turkey (+125%). The Adriatic region experienced a record increase in activity (+160% compared to the same period last year).
However, France, BeNeLux, Italy, Spain, and Portugal continued to register decreases. Most sectors in CEE recorded solid annual growth during this period, except for Consumer Goods & Retail and Business Services & Logistics, which saw a sharp decline.
Two examples of companies with annual revenues over EUR 100 million that were targets of exits are Regina Maria and Cargus, previously owned by Mid Europa Partners.
Alina Florean, Senior Manager at Roland Berger Romania, commented on the maturation of the Romanian market and its solid medium and long-term growth prospects. The trend of increased PE investments in Romania and CEE, particularly in the healthcare sector, is expected to continue, signaling a promising future for this dynamic region.
References:
[1] Roland Berger, "Private Equity in Romania: A Bright Future," 2025.
[2] BlackPeak Capital, "BlackPeak Capital Invests in Romania's Affinity Life Care," 2025.
[3] Mid Europa Partners, "Mid Europa Partners Completes Exits of Regina Maria and Cargus," 2025.
[4] National Bank of Romania, "Monetary Policy Decision," 2025.
[5] European Bank for Reconstruction and Development, "Romania: Economic Outlook," 2025.
Investors are increasingly turning to the healthcare sector for private equity (PE) opportunities, particularly in senior care, as evidenced by BlackPeak Capital's strategic investment in Affinity Life Care, a Romanian elderly care and nursing homes provider. This trend aligns with broader PE strategies in the region aiming for innovation and sustainable growth.
The attractive Romanian M&A market experienced a significant boost, with PE acquisitions contributing approximately 9% of deal activity, as highlighted in Roland Berger's analysis on the growth of private equity across both Romania and the broader Central and Eastern Europe (CEE) markets.
