The European Bank for Reconstruction and Development (EBRD), CEECAT Capital and Morphosis Capital announce the successful completion of their investment in La Cocos, following approval from the Romanian Competition Council and the subsequent closing of a transaction with the companies of Schwarz Group. The transaction marks the full exit of the investor consortium and represents a significant milestone in the development of one of Romania’s fastest-growing hypercash retailers.
“For me, this transaction is more than a strategic agreement. It confirms a journey that began in 2014, rooted in a strong belief in a different retail model. La Cocos has grown step by step, through the trust of our customers and the extraordinary dedication of the team that believed in this project from day one. I am grateful to our investors – EBRD, CEECAT Capital and Morphosis Capital for their trust in our vision and for the strategic support and expertise they brought in helping us scale the business. Joining the companies of Schwarz Group gives us the strength, resources and expertise needed to accelerate the further development and rapid scaling of our concept, both in Romania and in international markets. What will not change, however, is the soul of the company, the market-validated concept and the entrepreneurial culture that define who we are,” said Iulian Nica, Founder and Managing Director.
Founded in 2014, La Cocos is a Romanian discount retailer operating a differentiated hypercash model focused on offering an efficient product selection at highly competitive prices. In August 2024, La Cocos founder Iulian Nica partnered with EBRD, CEECAT Capital and Morphosis Capital to accelerate national expansion and consolidate the company as a scalable retail platform. Within one year of investment, La Cocos more than doubled its store network, expanding from three to seven locations across Romania. In 2025, the company generated revenues of 298 million euros, compared to 227 million euros in 2024, reflecting its continued growth trajectory.
“When we met Iulian Nica two years prior to our initial transaction, many believed the Romanian retail market was already too consolidated for a new player to scale rapidly. What we saw instead was a business model built for today’s consumer realities, led by a visionary entrepreneur with a clear opportunity to create real momentum. Subsequently, we worked closely with Iulian and the management team to shape the growth plan and accelerate execution, supported by securing the capital required to scale the business. We are proud that since then, La Cocos has evolved into one of the most compelling value retail concepts in Romania. We are grateful to our co-investors and to the entire La Cocos team for their commitment and delivery, and we are pleased to now pass the baton to the companies of Schwarz Group to support the company’s next stage of expansion,” stated Simona Gemeneanu, Partner, Morphosis Capital.
“La Cocos has demonstrated that a highly efficient, value-focused retail concept can scale rapidly even in a competitive market. Since the consortium’s investment in 2024, the company has expanded at an accelerated pace across Romania, strengthening its operational platform and proving the scalability of its model. From a regional perspective, we see strong structural demand for efficient, value-driven retail formats across Central and Eastern Europe. The transaction with the companies of Schwarz Group offers La Cocos a unique opportunity to continue its growth trajectory and unlock further opportunities beyond its domestic market. I could not be more thankful to our consortium partners with whom there has been seamless cooperation, and I also want to thank Iulian for his vision, his boundless energy and above all else his sense of humour and transparency. Schwarz’ gain is our loss,” said Anthony Stalker, Partner at CEECAT Capital.
“The EBRD’s mission is to support strong local companies and help them scale responsibly, with a focus on governance and long-term economic impact. Romania has exceptional entrepreneurs, and La Cocos is a strong example of a local business that has rapidly evolved into a nationally significant platform. This investment reflects our broader commitment to fostering competitive, resilient private sector champions. We are proud to have supported this growth story and believe this transaction highlights how Romanian companies can attract strategic international partners and expand beyond their domestic market,” stated Tamas Nagy, Co-Head of EBRD Private Equity.
La Cocos was the first Romanian retail concept to introduce a tiered pricing system in 2014, offering differentiated prices based on three volume levels. The company serves both B2C customers and small B2B businesses, offering a curated range of consumer goods, including A-brands, through a model built on operational efficiency, high volumes and competitive pricing. The store network is recognized for its “no-frills” approach and strategic positioning in peripheral areas, enabling sustainable cost discipline and strong customer value.
Following the transaction, La Cocos will continue to operate under its established hypercash model, with founder Iulian Nica remaining at the helm of the business. The partnership with the companies of Schwarz Group is expected to support accelerated expansion in Romania and potentially in other countries, while preserving the company’s identity and pricing philosophy.
The investor consortium was advised by Osborne Clarke, Van Campen Liem and locally by Mihaela Mindru Law Office, Act Legal Romania and Biris Goran. The buyer was advised by Noerr and locally advised by Kinstellar.
###
About La Cocoș
La Cocoș is a Romanian retailer that, since its establishment in 2014, has successfully positioned itself in the Hypercash segment. The company currently operates seven stores in Romania and has over 1,400 employees. In 2025, La Cocoș achieved a turnover of approximately 300 million euros. The successful La Cocoș concept is to be further expanded in Romania in the coming years. La Cocoș is part of the companies of Schwarz Group, which also includes the branches Lidl and Kaufland.
About CEECAT Capital
CEECAT Capital is a private equity investment manager that has been investing in small and mid-market companies in CEE and Turkey since 2005. Its investor base includes global financial institutions, pension funds, endowments and family offices, with a mission to create long-term value for all shareholders. CEECAT Capital promotes socially responsible growth and corporate governance, focusing on the impact of portfolio companies on their carbon footprint, diversity and involvement in their local communities. CEECAT Capital works with CEOs and management teams to develop concrete plans to effect meaningful and long-lasting change, not only in their communities but also the wider environment that they operate in. The team operates out of five offices: London, Luxembourg, Bucharest, Belgrade and Istanbul. www.ceecat.com
About the EBRD
The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is a leading institutional investor in Romania. To date, it has invested more than €12.4 billion in 589 projects. www.ebrd.com
About Morphosis Capital
Morphosis Capital Partners BV is a private equity firm established by four entrepreneurs, Simona Gemeneanu, Gabriela Dumitru, Dragos Petre, and Andrei Gemeneanu, supported by an expanded investment team. The fund aims to contribute to developing and transforming Romanian and Central European SMEs. Morphosis Capital invests in high-growth Romanian and CEE companies from sectors such as healthcare, technology, niche manufacturing, consumer products and retail, and B2B services, which have a strong potential for international expansion and an EBITDA between 1 and 5 million euros. Morphosis Capital Fund I’s portfolio includes Medima Health, EMI, Cronos Med and Stay Fit Gym. In 2023, the fund completed its first full exit by selling its minority stake in Dr. Leahu Dental Clinics to Regina Maria, followed by a full exit from DocProcess to AGENA3000 in 2025. Fund II’s portfolio currently includes Romania Education Alliance, EnduroSat and Echo Elderly Care. In 2026, Morphosis Capital sold its stake in La Cocos to Schwarz Group. www.morphosiscapital.com
The European Investment Fund (EIF), the leading financing platform for European SMEs, co-financed through the Regional Operational Programme, the NextGenerationEU with the financial backing of the Government of Romania under the Romania Recovery Equity Fund and the InvestEU Fund of the European Union, is the anchor investor in Morphosis Capital. International and local institutional investors and entrepreneurs, as well as the founders themselves, are co-investors in the fund. www.morphosiscapital.com
This operation is funded by the European Union – NextGenerationEU with the financial backing of the Government of Romania under the Romania Recovery Equity Fund
This operation benefits from support from the European Union under the InvestEU Fund
https://mfe.gov.ro/pnrr/ https://www.facebook.com/PNRROficial/
