CEECAT Capital, EBRD and Morphosis Capital exit La Cocos investment in Romania
CEECAT Capital, EBRD and Morphosis Capital exit La Cocos investment in Romania
March 3, 2026 – CEECAT Capital, The European Bank for Reconstruction and Development (EBRD), 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.
"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.
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.