Portofolio Companies


Theta (Intermedio General Group SA) was established in 2008 and has experienced an accelerated growth in recent years, becoming a top 3 player in the fit-out services and custom-made furniture market in Romania. Theta owns its own custom-made furniture factory in Blejoi (Prahova County).


DigiRay (Clinica Dentara SA) is one of the leaders in dental imaging in Romania. Founded in 2008 by Cristian and Anca Popa, DigiRay has experienced a promising development in recent years, becoming the largest player in terms of the number of dental imaging practices in Romania.

As an integrated fit-out provider, Theta is active across all the various office fit-out stages from the manufacturing of custom-made furniture and the supply of standard furniture imported from reputable international manufacturers to the installation of ceilings, floors, furniture and partitions, as well as the installation of power and communication cabling, and internet connectivity.

Theta is providing turnkey solutions for its corporate clients. Its client portfolio includes over 1,500 clients, among which major international corporations such as: UiPath, GSK, Pernod Ricard, BAT, Deloitte, Beiersdorf, NTT, Tetra Pak, Samsung, Coca Cola HBC, TNT, Colliers, Vastint (Ikea), Lidl, Cameron, KMG Rompetrol, Gazprom, ING, Carrefour, Heineken, Skanska, IBM, Schlumberger, Daimler, Audi, Raiffeisen Bank, Astra Zeneca, etc.

Sector: Fit-out Services and Custom-Made Furniture

Main location: Blejoi, Romania

Investment date: June 2020

Managing Director: Florin Gheorghe

Black Sea contact: Cornel Fumea

Website: www.theta.com.ro

At the time of Black Sea Fund’s investment in December 2020, Digiray was operating 11 imaging offices in 7 cities across Romania. Together with its partners, which include about 3,000 independent dental practices, Digiray has served more than 600,000 patients since its inception.

Digiray operates as an “One Stop Shop” in digital dental imaging, a real partner for dentists providing them with radiographs, precise image processing, digital analysis, intra-oral scans, surgical guides, orthodontic alignments and prosthetics. In addition, DigiRay is the only network of radiology clinics in Romania that provides 3D printed surgical guides for all implant systems.

The dedicated, multidisciplinary team, the integration with the dental technique laboratory, the centralized quality control of the investigations, as well as its dedicated digital application save substantial time and resources for all the dentists who choose to collaborate with DigiRay.

Sector: Dental Imaging Services

Main location: Cluj, Romania

Investment date: December 2020

Managing Director: Cristian Pop

Black Sea contact: Matei Paun

Website: www.digiray.ro


Founded by Tibor Fustos in 2001, D-Toys is the biggest Romanian manufacturer of puzzles and children’s games. The Company has a modern factory with 90 employees in Sfântu Gheorghe and is present in the distribution segment in Romania, Germany and France.

With a strong Management team supported by enthusiastic designers, and ambitious development plans, D-toys offers to its customers high quality games and toys with important educational value.  

The company produces educational games, board games and puzzles dedicated to children between 3 and 14 years, among the most famous brands in the portfolio being Jocul Autostrăzilor, Animale din România, Alias, Capitalism Original, Șapte dintr-o lovitură, Bătălie Navală, Dacii și Romanii.

D-toys operates mainly in the B2B segment, focusing on the major international retail networks in Romania, as well as in international markets and online.

Sector: Toys and Games

Main location: Sfântu Gheorghe, Romania

Investment date: September, 2021

Managing Director: Alex Bute

Black Sea contact: Arin Ion

Website: https://dtoys.ro/