Kinstellar has advised Integral Capital Group, a leading private equity firm in Central and Eastern Europe, on the acquisition of a majority stake in Calla Clinic, an in vitro fertilization (IVF) clinic in Oradea, Romania, through its subsidiary Embryos. The acquisition is part of Embryos’ regional expansion strategy, which includes the opening of a satellite clinic in Buzău and the acquisition of Adella Clinic in Sofia, Bulgaria earlier this year. Integral Capital Group acquired a majority stake in Embryos in February 2025, enhancing the group’s position in the rapidly growing fertility services market in Romania and Southeast Europe.  Calla Clinic has been operating in Oradea for over 13 years, offering a range of services in obstetrics, gynecology, and human-assisted reproduction.  Embryos is now one of the largest networks of IVF clinics in Romania, with a focus on high-quality reproductive healthcare services. The group expects to reach a turnover of EUR 15 million by the end of 2025, further strengthening its regional presence and ability to treat over 2,000 couples annually. Kinstellar’s team advising on the transaction was led by Zsuzsa Csiki (Partner, Co-Head of M&A/Corporate) and Luiza Bedros (Partner, specialized in Healthcare), with the wider transactional and due diligence team including Teodor Lupu (Associate), Andrada Popescu (Managing Associate), Marc Bărăbaș (Associate) and Florin Cojocaru (Financial Advisor, Senior Associate). .

A multidisciplinary team from Clifford Chance Badea, the local office of global law firm Clifford Chance, advised Cris-Tim Family Holding (CFH) in connection with the initial public offering worth RON 454.35 million, which made history on the Bucharest Stock Exchange, valuing the company at RON 1.33 billion. The Clifford Chance team including Mădălina Rachieru-Postolache (Partner), Nicolae Grasu (Senior Associate), Martha Busuiocescu and Cosmin Mitrică (Associates) from the Capital Markets practice, and Radu Costin (Counsel) and Roxana Bărboi (Associate) from the Corporate M&A team, advised the client throughout the project, playing a key role in preparing the entire legal infrastructure for this IPO, including the structuring of the offering, drafting the prospectus, negotiating the contractual documentation to international standards, and advising the issuer with regard to corporate governance aspects throughout the entire process. : .  Radu Timiş Jr, CEO of Cris-Tim Family Holding, says: "Having strong and extremely well-prepared partners by our side, to guide us through such a complex and strictly regulated process was essential for this strategic project’s success. Clifford Chance Badea was such a partner, and we thank them for their support throughout the transaction—from structuring to listing.