Wolf Theiss advises INVL Baltic Sea Growth Fund on the acquisition of Romanian household paper products manufacturer Pehart

Bucharest, 14 July 2025 – Wolf Theiss advised Lithuania-based INVL Baltic Sea Growth Fund, the largest private equity fund in the Baltic region, on its acquisition and financing of a majority stake in Pehart Group, the leading producer of household and industrial paper products in Romania and owner of Pufina brand. The transaction closed on 11 July 2025.

The Wolf Theiss Corporate/M&A team, led by Partner Ileana Glodeanu, provided legal assistance to INVL Baltic Sea Growth Fund on all Romanian law aspects of the transaction, including structuring advice, the legal due diligence report and transactional support. Counsel Mihai Coadă and Associates Elena Drăgan, Vlad Catană and Marius Moldoveanu, also from the Corporate M&A team, contributed to the completion of the transaction

Wolf Theiss’ Banking & Finance team, led by Partner Claudia Chiper, which included Senior Associate Smaranda Văcaru and Associate Ana Florea, provided legal assistance to both INVL Baltic Sea Growth Fund and Pehart Group on the refinancing of existing facilities, as well as on the acquisition facility granted by a syndicate of banks comprising International Finance Corporation (IFC), Banca Transilvania and ING Bank Romania, which collectively provided facilities exceeding EUR 150 million to both INVL Baltic Sea Growth Fund and Pehart Group.

Additionally, Wolf Theiss involved a wider team from several other practice groups, including the: Competition & Antitrust team, for merger clearance and foreign direct investments approval from the competent regulatory authorities, comprising Partner Anca Jurcovan and Associates Maria Popescu and Claudia Andreescu; the Real Estate & Construction team, comprising Counsel Dana Toma and Senior Associate Antonia Nica; the Employment, with Senior Associate Ioana Iacob; the Projects team, with Senior Associate Vladimir Plugărescu; the Dispute Resolution team, with Senior Associate Gabriela Pătrăşcan and the Data Protection, IP & TMT team with Associate Nina Lazăr.

“We greatly appreciated the professionalism and dedication of the Wolf Theiss team throughout this transaction. Their in-depth legal expertise and collaborative approach were instrumental in navigating the complexities of the deal and ensuring a smooth and successful closing.”

– Vytautas Plunksnis, Partner at INVL Baltic Sea Growth Fund, INVL Baltic

“This transaction marks a significant milestone for Pehart Group as we enter a new phase of development alongside INVL Baltic Sea Growth Fund. We are confident that this partnership will strengthen our position both locally and regionally. We are grateful for the expert legal guidance provided by the Wolf Theiss team, whose professionalism and commercial understanding contributed to the successful completion of this important deal.“

– Gabriel Stanciu, CEO, Pehart Group