Provectus funds Seatbelt acquisition with equity from PCP SEE Fund II, UniCredit loan

Croatia's Provectus Capital Partners said on Monday it has completed the acquisition of a majority stake in Romania's occupational health and safety (OHS) services provider Seatbelt Consulting.

The transaction was financed through a combination of equity provided by PCP SEE Fund II and acquisition financing provided by UniCredit Bank Romania, acting as sole lender, Provectus said in a press release.

Seatbelt's founder, Bogdan Neagu, remains a significant shareholder in the company, which serves over 1,300 corporate clients across Romania, Provectus noted.

Southeast Europe-focused Provectus agreed to buy the majority stake in Seatbelt for an undisclosed amount in June, marking its first investment in Romania and the OHS sector.

The following month, Provectus expanded into Bulgaria, with a deal to buy the majority shareholding in a local diversified private healthcare platform.

Also in July, Provectus signed an agreement to sell 49% in Arsano Medical Group Croatia to Zavarovalnica Triglav, the parent company of Slovenia's insurer Triglav Group. Following completion of the transaction, Provectus will remain the majority shareholder alongside Triglav.

Provectus has raised more than €250 million in capital and built a portfolio of eight companies, supported by over 40 add-on acquisitions. It operates through three offices, reflecting its expanded regional footprint and consolidation strategy.