Wolf Theiss advises INVL Baltic Sea Growth Fund on the acquisition of Pehart
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 comprisingInternational 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.
