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IMAP Strengthens its Foothold in CEE with new Partner BICF in Romania

IMAP welcomes BICF as its exclusive corporate finance partner for M&A activities in Romania, further expanding its reach in the CEE region.

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IMAP welcomes BICF as its exclusive
corporate finance partner for M&A
activities in Romania, further expanding
its reach in the CEE region. BICF’s
Founder and Managing Partner, Bogdan
Illiescu, and Partner, Alin Pop talk to
'VIEXMRK:EPYIEFSYXXLIƤVQŭWLMWXSV]
ERHEGXMZMXMIWERHITPEMRW[L]6SQERME
hasbeenanunder-servedmarkettodate
]IXMWFIGSQMRKMRGVIEWMRKP]EXXVEGXMZIXS
MRZIWXSVWIWTIGMEPP]JSVWXVEXIKMGW[LMGL
VIQEMRXLIQSWXHSQMRERXTPE]IVW
IMAP Strengthens its
Foothold in CEE with new
Partner BICF in Romania
/ IMAP IN FOCUS STRENGTHENING
FOOTHOLD IN CEE
BOGDAN ILIESCU
Founder  Managing Partner
BICF - IMAP Romania
bogdan.iliescu@imap.com
ALIN POP
Partner
BICF - IMAP Romania
alin.pop@imap.com
Proven Credentials  Established Team
-'*MWEFSYXMUYIMRZIWXQIRXFEROJSYRHIHWM]IEVW
ago and located in Bucharest. Together, our team have
EGGYQYPEXIHSZIV]IEVWSJITIVMIRGIMRGETMXEP
QEVOIXWGSVTSVEXIƤRERGIQIVKIVWERHEGUYMWMXMSRW
GETMXEPVEMWMRKERHZEPYEXMSRW;ILEZIWYGGIWWJYPP]
GPSWIHSZIVXVERWEGXMSRWERHEHZMWITVMQEVMP]
shareholders, senior management teams, boards, as
[IPPEWMRZIWXSVWSR1 %QEVOIXIRXV]WXVEXIKMIW
business planning, valuations, capital markets and
business restructuring and development.
Leveraging our extensive experience in corporate
finance and capital markets, we have an extensive
service portfolio enabling us to offer our clients:
• Y]ERHWIPPWMHIEHZMWSV]
• Sale preparation
• 1IVKIVEHZMWSV]
• )TPSVEXMSRSJGSQTER]ŭWPMWXMRKSTTSVXYRMX]
• Capital structure  capital raising options
• Valuation exercises for management information
• %WWMWXERGIEJXIVPMWXMRKXSGSQTP][MXLVIKYPEXSV]
reporting obligations
Romania – Opportunity for Investors in a Previously
Under-Served Market
%WGERFIWIIRFIPS[XLIVIEVIQER]JEGXSVWXLEX
together, create favourable market conditions which
LEZIPIHXS6SQERMEFIGSQMRKERMRGVIEWMRKP]
attractive market for investors.
As of 2021, 54.3% of Romania’s population lived in urban centres, compared to 45.7% in
rural areas
IMAP IN FOCUS /2
STRENGTHENING FOOTHOLD IN CEE
One of the highest growing economies in the region with strong growth prospects. According
to the latest Eurostat information, in Q2 2022, it experienced one of the highest GDP growth
rates (2.1%) among the EU Member States. Furthermore, the European Commission
predicts that Romania’s GDP is estimated to grow 4.2% in 2022 (YoY) and 4.5% in 2023 (YoY)
IRIJMXWJVSQQEGVSIGSRSQMGWXEFMPMX]VIJSVQWWYTIVZMWIHF]-RXIVREXMSREP*MRERGMEP
-RWXMXYXMSRWMRGPYHMRKXLI-RXIVREXMSREP1SRIXEV]*YRH)YVSTIEREROJSV6IGSRWXVYGXMSR
and Development, and the International Finance Corporation
8LIXLPEVKIWX)YVSTIERGSYRXV]F]TSTYPEXMSR QMPPMSR EJXIV4SPERHERHXLIWIGSRH
largest in Central Eastern Europe
Romania joined NATO in 2004 and became a full member of the EU in 2007
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Romania GDP evolution (EUR mn)
CAGR 5.7%
138,521
139,320
142,929
150,522
160,288
167,494
186,399
206,072
224,179
220,487
240,154
Source: Eurostat
,MKLP]WOMPPIHQYPXMPMRKYEP[SVOJSVGIERHPS[PEFSYVERHSTIVEXMRKGSWXW[MXLEREZIVEKI
gross labour cost of €8.5 per hour
Holds a BBB-/Baa3/BBB- Investment Grade Sovereign Rating
3/ IMAP IN FOCUS
STRENGTHENING FOOTHOLD IN CEE
Romanian MA Market Highlights
If we look at the evolution of the MA market in
6SQERMESZIVXLIPEWXƤZI]IEVW[IWIIXLEX[EW
EVIGSVH]IEV[MXLHIEPWGPSWIHERHERHIEPZEPYI
SJƅQMPPMSRLMKLIVXLERMRFYXGSRWMHIVEFP]
PS[IVXLERMRERHEXƅQMPPMSRERHƅ
QMPPMSRVIWTIGXMZIP]-R[LMPIPIWWHIEPW[IVI
closed, 185 in total, the average deal value and total
market size surpassed all expectations, at €36 million
ERHƅQMPPMSRVIWTIGXMZIP]
-RXLI8IGLRSPSK]MRHYWXV][EWSRGIEKEMRF]
far our top performer in terms number of deals closed,
JSPPS[IHF]YWMRIWW7IVZMGIW'SRWYQIV 6IXEMPERH
,IEPXLGEVIGEQIMRNSMRXXLMVHJSPPS[IHF]YMPHMRK
4VSHYGXW 7IVZMGIW[LMGLSZIVXSSO)RIVK] 9XMPMXMIW
to come in fourth.
Evolution of the Romanian MA Market in the Last Five Years
Avg. deal size (EUR mn)
Closed transactions Total market size (EUR mn)
2018 2019 2020 2021 2022
31 29 10 13 37
141
1,907
1,541
785
1,461
3,018
135 172 194 185
;MXLWSQIPSGEPTPE]IVWEGGYQYPEXMRKQSVIHV]
powder and an increasing number of Romanian
FEWIH4)LSYWIWPSGEPFY]IVWEVIGSQTIXMRKSR
HIEPW[MXLMRXIVREXMSREPTPE]IVW
Building Products
 Services
Consumer
 Retail
Financial
Services
Healthcare
8IGLRSPSK]
Transport
 Logistics
8%
16%
5%
2%
14%
39%
1%
14%
Business
Services
1%
)RIVK]
 Utilities
Materials,
Chemicals
 Mining
185
DEALS
IN 2022
Note:
(1) Transactions and investor types include: MA, Private Equity
(incl. LBOs), Strategic investors, VCs  Angel Investors
(2) Only transactions with disclosed values were used in the
computation of the total and average deal sizes
Sources: PitchBook and BICF analysis
Food
 Beverages
• Growing consumption in line
with the income increases
• Positive trend towards healthier
organic products
Building
Products
• Increased need for
new constructions and
refurbishments
• There are still sub-sectors
within the strong local
players
Agriculture
 Farming
• Top geographical location
• Leading producer within the CEE
region combined with medium
decline of agricultural areas
•'YVVIRX HMJƤGYPX WMXYEXMSR MR 9OVEMRI
• Long-term growth in demand for food
Renewable
Energy
• Large number of new
developments boosted by the
abnormally high electricity prices
• Increased consumption due
to the limited gas imports and
lifestyle changes (such as
adoption of electrical cars)
-RXIVQWSJLSXWIGXSVWJSV1 %RIX]IEV[ILEZI
identified seven industries as having strong growth
potential in Romania in which we are seeing more and
more focus from both foreign and local investors:
Positive MA Outlook in Romania for 2023
8LISZIVEPPKISTSPMXMGEPWMXYEXMSRMWJEMVP]WXEFPI
Following a three-month governmental crisis in late
2021, the two main opposing political forces have
joined together to form the current government with
the intention of rotating the prime minister after 18
months. The macroeconomics are balanced with a
5% growth in GDP growth in the first three quarters
FYX[MXLERMRJPEXMSRVEXISJ [LMGLXVMKKIVIH
an important rise in interest rates. There are high
hopes that Romania will become part of Schengen
in 2023 and the Cooperation and Verification
Mechanism (CVM) will be lifted, both of which are
expected to further increase the confidence of
foreign investors.
-RXLIƤVWXLEPJSJXLI9OVEMRMER[EVLEHERIKEXMZI
impact on investor appetite, however, sentiments have
RS[GEPQIHERHXLIVIEVITPIRX]SJXVERWEGXMSRW
on-going. Looking at the effervescence of the MA
PERHWGETI[IITIGXXSFIEZIV]KSSH]IEVERH
XSGSQTIRWEXIXLIHIGVIEWIHYVMRKXLIƤVWXLEPJSJXLMW
]IEV;IWIIPEVKIXVERWEGXMSRWLETTIRMRKEPVIEH]ERH
XLMWXVIRH[MPPGSRXMRYIRIX]IEV
The EU Resilience Plan will boost the investments
in infrastructure and good portion of the funding
[MPPFIHMVIGXIHXS[EVHKVIIRIRIVK]XVERWMXMSRERH
digitalization, both sectors being on the radar of
foreign investors. Furthermore, the trend to re-locate
manufacturing capabilities from South East Asia (and
PEXIP]JVSQXLI'-7VIKMSR [MPPGVIEXISTTSVXYRMXMIW
JSVTVSHYGXMSRTPEXJSVQWXSFIEGUYMVIHF]WXVEXIKMG
investors.
We estimate that PE, both local and international, will
EGGIPIVEXIMRZIWXQIRXWMR6SQERMEEWXLIVIEVIQER]
RI[P]JMRERGIH4)WJSGYWMRKSR6SQERMESV'))
[LMGLEVIIEKIVXSHITPS]XLIMVJYRHWMRXSXLIQEVOIX
XSEZSMHMRƥEXMSRIJJIGXW%RSXLIVHVMZMRKJEGXSVJSV
increased PE investments on the local market are
the European Investment Fund fund-of-funds co-
financing schemes which are both, increasing the
number of funds and providing capital to existing PEs
for lunching new funds.
Romania’s strong and sustained economic growth,
GSQFMRIH[MXLXLIEZEMPEFMPMX]SJWMKRMƤGERXGSRWSPMHEXMSR
opportunities has caught the interest of Pan-European
JYRHWERH[IEVIWIIMRKWSQIPEVKITPE]IVWGSRWMHIVMRK
MRZIWXQIRXWSRXLIPSGEPQEVOIX,MWXSVMGEPP]XLIPSGEP
QEVOIX[EWHSQMREXIHTVMQEVMP]F]JSVIMKRMRZIWXSVWFYX
VIGIRXP]HYIXSWSQIPSGEPTPE]IVWEGGYQYPEXMRKQSVI
HV]TS[HIVERHXLIMRGVIEWIMRRYQFIVSJ6SQERMER
FEWIH4)LSYWIWPSGEPFY]IVWLEZIFIKYRGSQTIXMRK
SRHIEPW[MXLMRXIVREXMSREPTPE]IVW
Due to both macroeconomic considerations and the
IQIVKIRGISJMRHYWXV]PIEHIVWEGVSWWQSWXWIGXSVW
WXVEXIKMGERHƤRERGMEPMRZIWXSVWEVIMRGVIEWMRKP]PSSOMRKEX
Romania as a “go to” market with potential for high returns.
Joining IMAP – Expanding our International Reach 
Services Portfolio
;LIR[IJSYRHIHXLIGSQTER][I[IVIHIHMGEXIHXS
advising Romanian entrepreneurs and focused on our
local market. However, following several successful
cross-border transactions we found ourselves a
preferred MA advisor for international companies as
[IPP8LIVIJSVIEW[IMRGVIEWMRKP]FIKERXSPSSOFI]SRH
Romania, we also began to look for a reputable global
partner whose access to international investors and
IWXEFPMWLIHVIPEXMSRWLMTW[MXLOI]TPE]IVW[SYPHLIPTYW
strengthen our international foothold. Furthermore, we
[IVIPSSOMRKXSMQTVSZIXLIUYEPMX]SJSYVWIVZMGISJJIVMRK
and with IMAP ranked one of the top-ten global mid-
QEVOIXEHZMWSV]TEVXRIVWLMTWERHSZIVITIVMIRGIH
professionals in 41 countries, we can guarantee superior
EHZMWSV]ITIVXMWIXSSYVGPMIRXW[LIVIZIVXLI]EVI
Our objective is to become the number one MA advisor
MR6SQERMEERHTEVXRIVMRK[MXL-1%4MWXLIƤVWXWXIT
to achieving this. At the same time, with our MA
experience, having closed over 150 transactions, along
with our knowledge and connections in the local market,
BICF also strengthens IMAP’s foothold in the CEE.
7MRGINSMRMRK-1%4[IEVIEPVIEH]GSPPEFSVEXMRK[MXL-1%4
GSPPIEKYIWMRIPKMYQ'^IGL6ITYFPMG+IVQER],YRKEV]
India, Poland, and Spain on various sell-side projects we
GYVVIRXP]LEZIEW[IPPEWITPSVMRKRI[STTSVXYRMXMIW
IMAP IN FOCUS /4
STRENGTHENING FOOTHOLD IN CEE
Technology
• One of the highest numbers of IT specialists
in the region
• Large pool of emerging companies within
the sector
• Recent success stories of start-ups from
Romania driving interest
• Entrance of larger VC funds on local market
Industrials
• Numerous companies developed
thanks to the good economic
development over the last decade
• Skilled workforce
• In-shoring of various industries
Real Estate
• High economic growth and
increasing disposable income due
to COVID
• High percentage of old housing
stock

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IMAP Strengthens its Foothold in CEE with new Partner BICF in Romania

  • 1. IMAP welcomes BICF as its exclusive corporate finance partner for M&A activities in Romania, further expanding its reach in the CEE region. BICF’s Founder and Managing Partner, Bogdan Illiescu, and Partner, Alin Pop talk to 'VIEXMRK:EPYIEFSYXXLIƤVQŭWLMWXSV] ERHEGXMZMXMIWERHITPEMRW[L]6SQERME hasbeenanunder-servedmarkettodate ]IXMWFIGSQMRKMRGVIEWMRKP]EXXVEGXMZIXS MRZIWXSVWIWTIGMEPP]JSVWXVEXIKMGW[LMGL VIQEMRXLIQSWXHSQMRERXTPE]IVW IMAP Strengthens its Foothold in CEE with new Partner BICF in Romania / IMAP IN FOCUS STRENGTHENING FOOTHOLD IN CEE BOGDAN ILIESCU Founder Managing Partner BICF - IMAP Romania bogdan.iliescu@imap.com ALIN POP Partner BICF - IMAP Romania alin.pop@imap.com Proven Credentials Established Team -'*MWEFSYXMUYIMRZIWXQIRXFEROJSYRHIHWM]IEVW ago and located in Bucharest. Together, our team have EGGYQYPEXIHSZIV]IEVWSJITIVMIRGIMRGETMXEP QEVOIXWGSVTSVEXIƤRERGIQIVKIVWERHEGUYMWMXMSRW GETMXEPVEMWMRKERHZEPYEXMSRW;ILEZIWYGGIWWJYPP] GPSWIHSZIVXVERWEGXMSRWERHEHZMWITVMQEVMP] shareholders, senior management teams, boards, as [IPPEWMRZIWXSVWSR1 %QEVOIXIRXV]WXVEXIKMIW business planning, valuations, capital markets and business restructuring and development.
  • 2. Leveraging our extensive experience in corporate finance and capital markets, we have an extensive service portfolio enabling us to offer our clients: • Y]ERHWIPPWMHIEHZMWSV] • Sale preparation • 1IVKIVEHZMWSV] • )TPSVEXMSRSJGSQTER]ŭWPMWXMRKSTTSVXYRMX] • Capital structure capital raising options • Valuation exercises for management information • %WWMWXERGIEJXIVPMWXMRKXSGSQTP][MXLVIKYPEXSV] reporting obligations Romania – Opportunity for Investors in a Previously Under-Served Market %WGERFIWIIRFIPS[XLIVIEVIQER]JEGXSVWXLEX together, create favourable market conditions which LEZIPIHXS6SQERMEFIGSQMRKERMRGVIEWMRKP] attractive market for investors. As of 2021, 54.3% of Romania’s population lived in urban centres, compared to 45.7% in rural areas IMAP IN FOCUS /2 STRENGTHENING FOOTHOLD IN CEE One of the highest growing economies in the region with strong growth prospects. According to the latest Eurostat information, in Q2 2022, it experienced one of the highest GDP growth rates (2.1%) among the EU Member States. Furthermore, the European Commission predicts that Romania’s GDP is estimated to grow 4.2% in 2022 (YoY) and 4.5% in 2023 (YoY) IRIJMXWJVSQQEGVSIGSRSQMGWXEFMPMX]VIJSVQWWYTIVZMWIHF]-RXIVREXMSREP*MRERGMEP -RWXMXYXMSRWMRGPYHMRKXLI-RXIVREXMSREP1SRIXEV]*YRH)YVSTIEREROJSV6IGSRWXVYGXMSR and Development, and the International Finance Corporation 8LIXLPEVKIWX)YVSTIERGSYRXV]F]TSTYPEXMSR QMPPMSR EJXIV4SPERHERHXLIWIGSRH largest in Central Eastern Europe Romania joined NATO in 2004 and became a full member of the EU in 2007 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Romania GDP evolution (EUR mn) CAGR 5.7% 138,521 139,320 142,929 150,522 160,288 167,494 186,399 206,072 224,179 220,487 240,154 Source: Eurostat ,MKLP]WOMPPIHQYPXMPMRKYEP[SVOJSVGIERHPS[PEFSYVERHSTIVEXMRKGSWXW[MXLEREZIVEKI gross labour cost of €8.5 per hour Holds a BBB-/Baa3/BBB- Investment Grade Sovereign Rating
  • 3. 3/ IMAP IN FOCUS STRENGTHENING FOOTHOLD IN CEE Romanian MA Market Highlights If we look at the evolution of the MA market in 6SQERMESZIVXLIPEWXƤZI]IEVW[IWIIXLEX[EW EVIGSVH]IEV[MXLHIEPWGPSWIHERHERHIEPZEPYI SJƅQMPPMSRLMKLIVXLERMRFYXGSRWMHIVEFP] PS[IVXLERMRERHEXƅQMPPMSRERHƅ QMPPMSRVIWTIGXMZIP]-R[LMPIPIWWHIEPW[IVI closed, 185 in total, the average deal value and total market size surpassed all expectations, at €36 million ERHƅQMPPMSRVIWTIGXMZIP] -RXLI8IGLRSPSK]MRHYWXV][EWSRGIEKEMRF] far our top performer in terms number of deals closed, JSPPS[IHF]YWMRIWW7IVZMGIW'SRWYQIV 6IXEMPERH ,IEPXLGEVIGEQIMRNSMRXXLMVHJSPPS[IHF]YMPHMRK 4VSHYGXW 7IVZMGIW[LMGLSZIVXSSO)RIVK] 9XMPMXMIW to come in fourth. Evolution of the Romanian MA Market in the Last Five Years Avg. deal size (EUR mn) Closed transactions Total market size (EUR mn) 2018 2019 2020 2021 2022 31 29 10 13 37 141 1,907 1,541 785 1,461 3,018 135 172 194 185 ;MXLWSQIPSGEPTPE]IVWEGGYQYPEXMRKQSVIHV] powder and an increasing number of Romanian FEWIH4)LSYWIWPSGEPFY]IVWEVIGSQTIXMRKSR HIEPW[MXLMRXIVREXMSREPTPE]IVW Building Products Services Consumer Retail Financial Services Healthcare 8IGLRSPSK] Transport Logistics 8% 16% 5% 2% 14% 39% 1% 14% Business Services 1% )RIVK] Utilities Materials, Chemicals Mining 185 DEALS IN 2022 Note: (1) Transactions and investor types include: MA, Private Equity (incl. LBOs), Strategic investors, VCs Angel Investors (2) Only transactions with disclosed values were used in the computation of the total and average deal sizes Sources: PitchBook and BICF analysis Food Beverages • Growing consumption in line with the income increases • Positive trend towards healthier organic products Building Products • Increased need for new constructions and refurbishments • There are still sub-sectors within the strong local players Agriculture Farming • Top geographical location • Leading producer within the CEE region combined with medium decline of agricultural areas •'YVVIRX HMJƤGYPX WMXYEXMSR MR 9OVEMRI • Long-term growth in demand for food Renewable Energy • Large number of new developments boosted by the abnormally high electricity prices • Increased consumption due to the limited gas imports and lifestyle changes (such as adoption of electrical cars) -RXIVQWSJLSXWIGXSVWJSV1 %RIX]IEV[ILEZI identified seven industries as having strong growth potential in Romania in which we are seeing more and more focus from both foreign and local investors:
  • 4. Positive MA Outlook in Romania for 2023 8LISZIVEPPKISTSPMXMGEPWMXYEXMSRMWJEMVP]WXEFPI Following a three-month governmental crisis in late 2021, the two main opposing political forces have joined together to form the current government with the intention of rotating the prime minister after 18 months. The macroeconomics are balanced with a 5% growth in GDP growth in the first three quarters FYX[MXLERMRJPEXMSRVEXISJ [LMGLXVMKKIVIH an important rise in interest rates. There are high hopes that Romania will become part of Schengen in 2023 and the Cooperation and Verification Mechanism (CVM) will be lifted, both of which are expected to further increase the confidence of foreign investors. -RXLIƤVWXLEPJSJXLI9OVEMRMER[EVLEHERIKEXMZI impact on investor appetite, however, sentiments have RS[GEPQIHERHXLIVIEVITPIRX]SJXVERWEGXMSRW on-going. Looking at the effervescence of the MA PERHWGETI[IITIGXXSFIEZIV]KSSH]IEVERH XSGSQTIRWEXIXLIHIGVIEWIHYVMRKXLIƤVWXLEPJSJXLMW ]IEV;IWIIPEVKIXVERWEGXMSRWLETTIRMRKEPVIEH]ERH XLMWXVIRH[MPPGSRXMRYIRIX]IEV The EU Resilience Plan will boost the investments in infrastructure and good portion of the funding [MPPFIHMVIGXIHXS[EVHKVIIRIRIVK]XVERWMXMSRERH digitalization, both sectors being on the radar of foreign investors. Furthermore, the trend to re-locate manufacturing capabilities from South East Asia (and PEXIP]JVSQXLI'-7VIKMSR [MPPGVIEXISTTSVXYRMXMIW JSVTVSHYGXMSRTPEXJSVQWXSFIEGUYMVIHF]WXVEXIKMG investors. We estimate that PE, both local and international, will EGGIPIVEXIMRZIWXQIRXWMR6SQERMEEWXLIVIEVIQER] RI[P]JMRERGIH4)WJSGYWMRKSR6SQERMESV')) [LMGLEVIIEKIVXSHITPS]XLIMVJYRHWMRXSXLIQEVOIX XSEZSMHMRƥEXMSRIJJIGXW%RSXLIVHVMZMRKJEGXSVJSV increased PE investments on the local market are the European Investment Fund fund-of-funds co- financing schemes which are both, increasing the number of funds and providing capital to existing PEs for lunching new funds. Romania’s strong and sustained economic growth, GSQFMRIH[MXLXLIEZEMPEFMPMX]SJWMKRMƤGERXGSRWSPMHEXMSR opportunities has caught the interest of Pan-European JYRHWERH[IEVIWIIMRKWSQIPEVKITPE]IVWGSRWMHIVMRK MRZIWXQIRXWSRXLIPSGEPQEVOIX,MWXSVMGEPP]XLIPSGEP QEVOIX[EWHSQMREXIHTVMQEVMP]F]JSVIMKRMRZIWXSVWFYX VIGIRXP]HYIXSWSQIPSGEPTPE]IVWEGGYQYPEXMRKQSVI HV]TS[HIVERHXLIMRGVIEWIMRRYQFIVSJ6SQERMER FEWIH4)LSYWIWPSGEPFY]IVWLEZIFIKYRGSQTIXMRK SRHIEPW[MXLMRXIVREXMSREPTPE]IVW Due to both macroeconomic considerations and the IQIVKIRGISJMRHYWXV]PIEHIVWEGVSWWQSWXWIGXSVW WXVEXIKMGERHƤRERGMEPMRZIWXSVWEVIMRGVIEWMRKP]PSSOMRKEX Romania as a “go to” market with potential for high returns. Joining IMAP – Expanding our International Reach Services Portfolio ;LIR[IJSYRHIHXLIGSQTER][I[IVIHIHMGEXIHXS advising Romanian entrepreneurs and focused on our local market. However, following several successful cross-border transactions we found ourselves a preferred MA advisor for international companies as [IPP8LIVIJSVIEW[IMRGVIEWMRKP]FIKERXSPSSOFI]SRH Romania, we also began to look for a reputable global partner whose access to international investors and IWXEFPMWLIHVIPEXMSRWLMTW[MXLOI]TPE]IVW[SYPHLIPTYW strengthen our international foothold. Furthermore, we [IVIPSSOMRKXSMQTVSZIXLIUYEPMX]SJSYVWIVZMGISJJIVMRK and with IMAP ranked one of the top-ten global mid- QEVOIXEHZMWSV]TEVXRIVWLMTWERHSZIVITIVMIRGIH professionals in 41 countries, we can guarantee superior EHZMWSV]ITIVXMWIXSSYVGPMIRXW[LIVIZIVXLI]EVI Our objective is to become the number one MA advisor MR6SQERMEERHTEVXRIVMRK[MXL-1%4MWXLIƤVWXWXIT to achieving this. At the same time, with our MA experience, having closed over 150 transactions, along with our knowledge and connections in the local market, BICF also strengthens IMAP’s foothold in the CEE. 7MRGINSMRMRK-1%4[IEVIEPVIEH]GSPPEFSVEXMRK[MXL-1%4 GSPPIEKYIWMRIPKMYQ'^IGL6ITYFPMG+IVQER],YRKEV] India, Poland, and Spain on various sell-side projects we GYVVIRXP]LEZIEW[IPPEWITPSVMRKRI[STTSVXYRMXMIW IMAP IN FOCUS /4 STRENGTHENING FOOTHOLD IN CEE Technology • One of the highest numbers of IT specialists in the region • Large pool of emerging companies within the sector • Recent success stories of start-ups from Romania driving interest • Entrance of larger VC funds on local market Industrials • Numerous companies developed thanks to the good economic development over the last decade • Skilled workforce • In-shoring of various industries Real Estate • High economic growth and increasing disposable income due to COVID • High percentage of old housing stock