EBRD, CEECAT Capital and Morphosis Capital exit La Cocos investment in Romania

• International consortium exits Romania’s La Cocos as it is sold to companies of Schwarz Group
• EBRD, CEECAT Capital and Morphosis Capital announce exit
• Transaction marks development milestone for fast-expanding discount retailer

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.

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..