The European Bank for Reconstruction and Development (EBRD), CEECAT Capital and Morphosis Capital announce the successful completion of the exit of their investment in La Cocos, following the approval of the Romanian Competition Council and the subsequent closing of a transaction with Schwarz Group companies. The transaction marks the complete exit of the investor consortium and represents an important milestone in the development of one of the fastest growing hypercash retailers in Romania.
„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 Cocoș has grown step by step, through the trust of our customers and the extraordinary dedication of the team that has believed in this project from day one. I am grateful to our investors - the EBRD, CEECAT Capital and Morphosis Capital for their confidence in our vision and for the strategic support and expertise they have provided in helping us scale the business. Joining the Schwarz Group companies gives us the strength, resources and expertise 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 us”said Iulian Nica, Founder and CEO.
Founded in 2014, La Cocoș is a Romanian discount retailer operating a differentiated hypercash model focused on offering an efficient selection of products at highly competitive prices. In August 2024, La Cocoș founder Iulian Nica partnered with the EBRD, CEECAT Capital and Morphosis Capital to accelerate national expansion and strengthen the company as a scalable retail platform. Within a year of the investment, La Cocoș doubled its store network, expanding from three to seven locations in Romania. In 2025, the company generated revenues of €298 million, compared to €227 million in 2024, reflecting its continued growth trajectory.
„When I met Iulian Nica two years before our initial transaction, many believed that the Romanian retail market was already too consolidated for a new player to expand 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, backed by securing the capital needed to scale the business. We are proud that La Cocoș has since evolved into one of the most compelling retail value concepts in Romania. We are grateful to our co-investors and the entire La Cocoș team for their commitment and accountability and are delighted to now hand over the baton to the Schwarz Group companies to support the next stage of the company's expansion”said Simona Gemeneanu, Partner, Morphosis Capital.
„La Cocoș has demonstrated that a highly efficient, value-driven retail concept can scale quickly even in a competitive market. Since the consortium's investment in 2024, the company has expanded at an accelerated pace in 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 in Central and Eastern Europe. The transaction with the Schwarz Group companies provides La Cocoș with a unique opportunity to continue its growth trajectory and unlock new opportunities beyond the domestic market. I couldn't be more grateful to our consortium partners, with whom there has been a smooth cooperation, and I also want to thank Iulian for his vision, boundless energy and, above all, his sense of humor and transparency. Schwarz's gain is our loss”said Anthony Stalker, Partner at CEECAT Capital.
„The EBRD's mission is to support strong local companies and help them expand responsibly, with a focus on governance and long-term economic impact. Romania has exceptional entrepreneurs, and La Cocoș is a strong example of a local business that has rapidly evolved into a nationally significant platform. This investment reflects our wider commitment to fostering competitive and resilient private sector champions. We are proud to have supported this growth story and believe that this transaction highlights how Romanian companies can attract strategic international partners and expand beyond their home market”added Tamas Nagy, co-head of the EBRD's Private Equity Department.
La Cocoș was the first retail concept in Romania to introduce a tiered pricing system in 2014, offering tiered pricing on three volume levels. The company serves both B2C customers and B2B small businesses, offering a carefully selected range of consumer goods, including top brands, through a model built on operational efficiency, high volumes and competitive prices. The store network is recognized for its „no frills” approach and strategic positioning in outlying 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. The partnership with the Schwarz Group companies is expected to support accelerated expansion in Romania and possibly other countries, while preserving the company's identity and pricing philosophy.