Black Sea Fund I, our maiden fund, targets Romanian companies with a sound business model, sustainable competitive advantages and management teams with impeccable reputations
We aim to invest in Romanian mid-sized companies through acquisition of minority and/or majority equity participations. The equity ticket per portfolio company will usually range between EUR 3 and 6mn.
Our potential targets will have typically minimum EUR 5mn in annual revenues (with a ceiling at EUR 50mn annual revenues) and minimum EBITDA of EUR 0.5mn
We focus on transactions which involve a blend of capital increase/direct investments to support growth, combined with partial buy-out of original founders/shareholders (minimum 50% of the invested capital would be allocated to the business).
We have the ability to invest in significant minority stakes of minimum 25% of potential target’s voting shares, as a means to achieve investees’ optimal scale and market position needed to realize a successful exit.