BlackPeak aiming to wrap up EUR 120m fundraise by year end

BlackPeak held a first close for the fund on EUR 68.5m in June, with a target of EUR 120m.

BlackPeak will focus on growth equity investments of EUR 5m-10m in SMEs based in Romania, Bulgaria, Slovenia, Croatia and Serbia. Ideal targets will be European leaders in an industrial niche or leading players in their domestic markets looking to expand across the south-east Europe region or globally.

The new vehicle will aim for an average of three to five transactions a year, Ivanov said. Its average holding period will be five years.

The GP aims to make two acquisitions by the end of this year, Ivanov said. The Sofia-based sponsor is in active talks with around 20 potential targets, eyeing companies in sectors such as ICT, niche manufacturing, business services, food, and healthcare, he added.

BlackPeak prefers to acquire minority stakes, as its strategy is to team up with founders and leave most of the value within the business, thus keeping the entrepreneurs motivated to develop it further, Ivanov said.

It could do some deals via co-investments with other minority stakes buyers in case the equity ticket is larger or there is a need for specific market expertise, he added.

BlackPeak was established in 2014 by Ivanov, Ivailo Gospodinov, Kiril Ivanov and Angel Stefanov. Earlier this year, the team was expanded with Niklas Pichler, previously at Mezzanine Management, joining as managing partner and Dorian Macovei, formerly at EMSA Capital, joining as managing director.

BlackPeak's first investment vehicle backed 12 companies, including climbing walls business Walltopia, energy conversion technology producer International Power Supply, and software developers Bulpros and Software Group, among others.

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