Romanian private equity fund Morphosis Capital invests in leading chain of medical aesthetics clinics

Morphosis Capital Fund I, a private equity fund focused on Romanian SMEs, announced on November 10 that it closed an investment in Cronos Med, a leader in the medical aesthetics market.

“The deal value is within the standard range of Morphosis Capital Fund I, between EUR 5 and 10 million. The capital infusion from Morphosis Capital will contribute to the consolidation of Cronos Med’s position as a national leader in the medical aesthetics sector and the expansion of the network of clinics in key cities across Romania,” reads the press release.

Following this transaction, Morphosis Capital forms a partnership with the founder of Cronos Med, Dr Constantin Stan, and Andreea Berecleanu, a minority shareholder, to develop the largest chain of medical aesthetic clinics in Romania.

The transaction was facilitated by the law firm RTPR, advising both Morphosis Capital and Cronos Med. Mazars provided financial and tax due diligence, while Candesic, a leading healthcare consulting firm headquartered in London, provided commercial due diligence. The Romanian Competition Council approved the investment on August 25, 2021.

Cronos Med was founded in 1991 in Bacau by surgeon Constantin Stan, who has over 30 years of experience in aesthetics and plastic surgery. The company operates a premium network of specialist medical centres for aesthetic and plastic medicine, running three clinics and a hospital in Bucharest and Bacau.

Cronos Med Group is the largest medical aesthetics chain by turnover in Romania. In 2020, despite the difficult pandemic year, it recorded a turnover of EUR 4.3 million. In the last three years, Cronos Med registered a Compound Annual Growth Rate of almost 40%.

The investment in Cronos Med is the fifth transaction for Morphosis Capital, which currently holds stakes in DocProcess, Medima Health, Dr Leahu Dental Clinics, and EMI. It is also the third and last investment of Morphosis Capital Fund I in the healthcare sector.

(Photo source: the company)