La Cocos, a fast-growing Romanian discount retailer operating a differentiated hypercash model, has been sold to companies of Schwarz Group following the full exit of its investor consortium, which included the European Bank for Reconstruction and Development, CEECAT Capital, and Morphosis Capital.
The transaction, completed after approval by the Romanian Competition Council, marks the end of the consortium’s investment, which began in August 2024, to accelerate national expansion. Within one year of investment, La Cocos expanded its store network from three to seven locations across Romania. In 2025, the company generated revenues of €298 million, up from €227 million in 2024.
Founded in 2014 by Iulian Nica, La Cocos introduced a tiered pricing system based on three volume levels and built a “no-frills” retail format positioned in peripheral areas to maintain cost discipline and competitive pricing. The company serves both B2C customers and small B2B businesses through a curated range of consumer goods, including A-brands.
The investor consortium supported the retailer’s store rollout, operational scaling and capital structuring, positioning the business as a scalable national platform and ultimately facilitating a strategic sale to Schwarz Group. Under the new ownership, La Cocos is expected to accelerate its expansion in Romania and potentially enter international markets, while continuing to operate under its established hypercash model. Founder Iulian Nica will remain at the helm of the business.
The deal reflects continued strategic interest in value-focused retail formats across Central and Eastern Europe and underscores international buyers’ appetite for scaled, resilient consumer platforms in the region.
KEY QUOTES:
“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,”
Iulian Nica, Founder And Managing Director, La Cocos
“When we met Iulian Nica two years prior to our initial transaction, many believed the Romanian retail market was already too consolidated for a new player to scale rapidly. What we saw instead was a business model built for today’s consumer realities, led by a visionary entrepreneur with a clear opportunity to create real momentum. Subsequently, we worked closely with Iulian and the management team to shape the growth plan and accelerate execution, supported by securing the capital required to scale the business. We are proud that since then, La Cocos has evolved into one of the most compelling value retail concepts in Romania. We are grateful to our co-investors and to the entire La Cocos team for their commitment and delivery, and we are pleased to now pass the baton to the companies of Schwarz Group to support the company’s next stage of expansion,”
Simona Gemeneanu, Partner, Morphosis Capital
“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,”
Anthony Stalker, Partner, CEECAT Capital
“The EBRD’s mission is to support strong local companies and help them scale responsibly, with a focus on governance and long-term economic impact. Romania has exceptional entrepreneurs, and La Cocos is a strong example of a local business that has rapidly evolved into a nationally significant platform. This investment reflects our broader commitment to fostering competitive, resilient private sector champions. We are proud to have supported this growth story and believe this transaction highlights how Romanian companies can attract strategic international partners and expand beyond their domestic market,”
Tamas Nagy, Co-Head Of EBRD Private Equity
