EBRD, CEECAT, Morphosis exit Romania's retailer La Cocos

The European Bank for Reconstruction and Development (EBRD) and private equity firms CEECAT Capital and Morphosis Capital have sold their shareholding in Romania's La Cocos as the discount retailer is sold to German supermarket chain Schwarz Group.

La Cocos, which operates a unique hypercash model, offers a streamlined product selection at highly competitive prices. It was founded in 2014 and was acquired by the EBRD along with CEECAT Capital and Morphosis Capital in 2024.

Within a year of this investment, the retailer more than doubled its store network, growing from three to seven locations across Romania. In 2025, La Cocos reported revenues of €298 million, up from €227 million in 2024, underscoring its strong growth trajectory, the EBRD said in a press release on Tuesday.

Financial terms of the transaction were not disclosed.

The EBRD said that 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 European lender stated.

Why it matters:

The sale of La Cocos to Germany's Schwarz Group highlights the growing appeal of Romania's discount retail sector and the success of private equity-backed expansion strategies. It underscores how strategic investment can rapidly scale local businesses while maintaining their unique market approach, with potential for regional growth under an international retail giant.