Kinstellar has advised Integral Capital Group, a leading private equity firm in Central and Eastern Europe, on the acquisition of a majority stake in Calla Clinic, an in vitro fertilization (IVF) clinic in Oradea, Romania, through its subsidiary Embryos. The acquisition is part of Embryos’ regional expansion strategy, which includes the opening of a satellite clinic in Buzau and the acquisition of Adella Clinic in Sofia, Bulgaria earlier this year. Integral Capital Group acquired a majority stake in Embryos in February 2025, enhancing the group’s position in the rapidly growing fertility services market in Romania and Southeast Europe. Calla Clinic has been operating in Oradea for over 13 years, offering a
Kinstellar is pleased to announce that it has advised East Grain, a leading Romanian agribusiness company specialized in grain origination, trading, and logistics, on the acquisition of a 90% stake in Maragro Group, a major local agricultural player headquartered in Giera, Timis county. The transaction represents a major step for East Grain, marking a shift toward integrating value-added activities across the agribusiness supply chain. By combining Maragro’s on-the-ground strengths with East Grain’s scale and resources, the partnership aims to create a more competitive and resilient agricultural platform in Romania. Kinstellar’s team was led by Zsuzsa Csiki (Partner, Co-Head of Corporate/M&A, Romania)
Kinstellar is pleased to announce that our team has assisted Altebra on its merger with Pyronova Group—forming a new European leader in active fire protection under the name “Altenova”. Pyronov a Group is an international fire protection company headquartered in Bratislava, Slovakia. The transaction involves Pyronova and its subsidiaries in the Czech Republic, Hungary, Romania, Serbia, Slovakia, Germany and Ukraine, marking a significant milestone in Altebra Group’s strategic expansion across Central and Eastern Europe. Pyronova is a well-established supplier of innovative fire safety solutions, with a strong regional presence. Altebra Group is a market leader in active fire protection with operations across
Kinstellar is pleased to announce that it has advised Special Flanges, a leading Italian manufacturer of high-performance forged components, on the acquisition of 100% of the shares in Vilmar, a Romanian industrial company with over 50 years of experience in the production of engineered equipment for critical applications. The transaction marks Special Flanges’ first direct investment in Romania and represents a key milestone in the group’s strategic expansion across Central and Eastern Europe. The acquisition was carried out by the Wise Equity V fund managed by Wise Equity SGR – through its subsidiary Special Flanges – and involved the transfer of Vilmar from the French group Genoyer. The integration will create
Kinstellar is pleased to announce that, together with Milbank as lead counsel, it has advised Advent, a leading global private equity investor, on the acquisition of TBI Bank, a leading digital challenger bank in Southeast Europe, from 4finance Holding. The transaction is subject to customary regulatory approvals. The deal was led by Milbank as international lead counsel, with Kinstellar providing legal support across Romania, Bulgaria, and Turkey. TBI Bank is a fast-growing financial institution serving over 2.4 million clients across more than 32,000 merchant partner check-out points. With a presence in five countries including Bulgaria, Romania, and Turkey, TBI Bank has built a robust digital infrastructure and
Kinstellar is pleased to announce that it has advised EMMA Capital Group, a private investment group, on its acquisition of Diamedix, one of Romania’s largest independent medical equipment distributors. The deal, closed through EMMA Capital’s subsidiary Emma Zeta, marks a significant expansion of the group’s footprint in the medical technology and diagnostics sector across South-eastern Europe. The transaction includes the acquisition of Diamedix Impex, along with its five subsidiaries operating in Romania, Moldova, Bulgaria, and Ukraine. Kinstellar provided comprehensive legal support on all aspects of the transaction, including due diligence review, guidance on structuring/closing, foreign direct investment (FDI)
Kinstellar is proud to announce that it has advised Mpac Group, a leading UK-based company specializing in packaging automation, on the cross-border acquisition of the CSi Palletising group, a leading provider of end-of-line automation and palletising solutions. The EUR 56 million deal includes the indirect acquisition of two Romanian subsidiaries, CSI Romania and Alpha Las, and is aligned with Mpac Group’s strategy to enhance its delivery of comprehensive automation solutions while integrating specialized manufacturing expertise into its global supply chain. Kinstellar’s legal team delivered comprehensive support on all Romanian law aspects of the transaction, with Osborne Clarke acting as lead counsel. Kinstellar
Kinstellar is proud to have advised Ardian, one of the world’s leading private equity investment companies, on the Romanian side of the transaction for the acquisition of a majority interest in Vista Vision, a leading provider of healthcare services specialising in ophthalmic and refractive surgery. The transaction includes the indirect acquisition of 100% of the shares in two Romanian subsidiaries, Vista Vision and SIM Vision. Headquartered in Milan, Vista Vision was founded in 2003 and currently operates 12 clinics across Italy and five in Romania. The company is a leader in opthalmology healthcare, specialized in laser eye surgery for the correction of myopia and cataract surgery. Kinstellar’s legal team
Kinstellar is proud to have advised the majority shareholders of Agrotex (one of the most important suppliers of cereals and agricultural inputs on the local market) on the sale of a significant stake to Promat Comimpex, a renowned agriculture player now controlled by the Ameropa Group. The deal will complete after the necessary consents and approvals have been obtained. Our assistance on this mandate was coordinated by Zsuzsa Csiki (Partner, Head of Corporate M&A in Romania) together with Mădălina Perte (Managing Associate) and involved a very talented and resilient team: Claudia Popescu (Special Counsel) and Ioana Popescu (Associate). Kinstellar Romania has emerged as a premier legal advisor in