Increase in Private Equity Transactions Observed during the Initial Half of 2025, According to Research
Private equity (PE) transactions in Romania experienced a significant surge in the first half of 2025, marking a 14% increase compared to the same period in 2024. This growth was driven primarily by the healthcare sector, which accounted for 9% of the total Mergers and Acquisitions (M&A) deal volume, up from 6% in H1 2024.
The healthcare sector led the PE activity in Romania, with major transactions such as CVC Capital Partners' acquisition of the Regina Maria private healthcare network via its portfolio company Mehiläinen in April 2025. Other significant PE deals involved experiential wellness, as demonstrated by the USD 1.2 billion joint venture between CVC and Therme Group announced in June 2025.
The total private equity deal value for Romania in H1 2025 was USD 621 million, a significant increase from an undisclosed but lower value in H1 2024. Moreover, 4 transactions with disclosed values over USD 100 million occurred in H1 2025, compared to 3 in H1 2024.
Strategic investors still dominated the M&A landscape in Romania with 87% of deal volume in H1 2025, but this was a decrease from 93% in H1 2024, indicating a modest shift toward more PE presence.
Across Central and Eastern Europe (CEE), private equity and venture capital investment grew roughly twice as fast as the European total in 2024, with the region accounting for 2.2% of total European investment value up from 1.9% in 2023. Although specific sectoral data for the entire CEE region’s PE transactions in H1 2025 is not detailed in the findings, the regional trend mirrors Romania's growth, with strong double-digit increases in fundraising, investment, and divestment.
Notable increases in PE activity were observed in the UK (+33%), the Nordic countries (+35%), Greece (+300%), Lithuania (+150%), and Turkey (+125%). Positive trends were also recorded in the Czech Republic (+38%) and Poland (+4%).
However, France, BeNeLux, Italy, Spain, and Portugal continued to register decreases in PE activity. Most sectors in CEE recorded solid annual growth during this period, with the exception of Consumer Goods & Retail and Business Services & Logistics, which saw a sharp decline.
In Central and Eastern Europe (CEE), the IT and Healthcare sectors accounted for approximately 60% of all Private Equity (PE) transactions in the first half of 2025. Approximately 60% of the exits made by private equity funds in Romania in the last 2.5 years were to strategic investors.
Two notable companies that were the target of exits in 2025 were Regina Maria and Cargus, previously owned by Mid Europa Partners, and had annual revenues of over EUR 100 million. Private equity funds completed a total of 10 transactions (5 acquisitions and 5 exits) in Romania during the first half of 2025.
Deal volumes remained constant in Bulgaria and decreased in Hungary and Slovakia. The Adriatic region recorded a record increase in PE activity (+160% compared to the same period last year).
Alina Florean, Senior Manager at Roland Berger Romania, made a statement that approximately 60% of the exits made by private equity funds in Romania in the last two and a half years were to strategic investors. Florean also added that this trend is a testament to the market's maturation and the solid medium and long-term growth prospects that Romania offers.
In the first half of 2025, private equity (PE) deals focused on the healthcare sector within Romania, as demonstrated by CVC Capital Partners' acquisition of the Regina Maria private healthcare network. Furthermore, investments in the healthcare sector contributed to the total PE deal value in Romania, which significantly increased to USD 621 million in H1 2025.
