The parties did not disclose the value of the deal.
Black Sea Fund I was assisted in this transaction by Radulescu & Musoi together with Mazars, while Theta was assisted by Schoenherr & Asociat and Bucharest Partners.
“Theta aims to become the quality leader on the Romanian custom-made furniture and fit-out market and we need a stable financial partners to achieve this goal. We believe our partnership with Black Sea Fund will help us consolidate our market share by bringing in capital that we will invest in new production capabilities and to finance working capital,” said Florin Gheorghe, CEO and shareholder of Theta.
Intermedio General Grup is among the top three player on the local market and is one of the largest providers of fit-out services and custom-made furniture in Romania.
Black Sea Fund invests in Romanian companies with annual revenues of at least EUR5 million and maximum EUR50 million, which have significant potential for growth and become market leaders in their sectors of activity.
The fund invests in significant minority stakes of minimum 25% of its potential target’s voting shares, as a means to achieve investees’ optimal scale and market position needed to achieve a successful exit. The minimum equity ticket per portfolio company typically starts at EUR4 million.