Cincinnatus Capital is an independent investment bank that structures and coordinates mergers and acquisitions, funding readiness, and capital & debt advisory projects. Cincinnatus is selectively co-investing in companies it knows well.
Leading equity and debt house for entrepreneurial companies and their founders
We work exclusively on private markets.
We have an unwavering commitment to our values.
We love doing business with our clients.
We relentlessly invest in our community.
About Us
We are a team with more than 50 years of cumulated experience in corporate finance, M&A advisory and topmanagerial positions in operational companies. We have coordinated transactions, exits, acquisitions, and debt financing projects exceeding EUR 500 million. We provide our clients with support on a wide range of strategic and financial aspects, including exitreadiness, exits, acquisitions, divestitures, capital raising, debt financing, and funding readiness. Our team also delivers transaction-focused strategic advice across a wide spectrum of industries to a diverserange of clients: entrepreneurs, large and mid-sized companies, private equity funds, management teams.
David Tiplea
Managing Director
David Tiplea has over 15 years of experience in the professional service sector. After working for Colliers, Ernst & Young, and WOOD & Company. Since 2017, David has been acting as an independent advisor in funding readiness projects, complex financing structures, and M&A transactions. In 2020, he became an advisor of Oxford Analytica, and the European Bank of Reconstruction and Development. As partner in Cincinnatus Capital, David has coordinated transactions and fundraising projects for leading players in sectors such as real estate, and food & non-food consumer goods.
Values
Private, not public
- Confidentiality is primarily our concern:
We don’t speak ourselves out of a deal - Deals are not advertised:
The biggest challenge after success is shutting up about it - Rely on recommendations:
It is far more impressive when others discover your good qualities without your help
Givers not takers
- We give clients significant control on fees
- Our success is not dependent on a singular act of generosity nor the absence of it
Senior expertise
- Each project has a dedicated team of senior sector and subject matter specialistsfrom our partner pool
Discernment and discipline
- We are shrewd in discerning which transactions are viable
- We are disciplined in taking exclusively clients that have skin in the game
Humble, Yet confident
- Humility is paramount. Only one man has the right to boast, and that’s the manwho never does
- Confidence is not the absence of humility
Independence
- We own our business and act as entrepreneurs, for entrepreneurs
- We are free of the concurring conflicts often found in the divisions of large multi-service firms
- We have no pressure to share information with other departments
Services
Mergers and acquisitions
A transaction is a complex process, from the early stages of its preparation to closing. We perform the required financial and strategic analysis, prepare materials, identify investors, evaluate and negotiate offers, coordinate communication with the counterparts and their advisors, manage the due-diligence process, supervise the drafting and negotiation of transaction documents.
And above all we ensure a seamless coordination of the process, which should allow our clients to focus on what is the most important: managing their business in the meantime.
Our M&A activity covers
- Definition of transaction strategy, be it acquisition, exit, merger, or joint-venture
- Execution of sell side mandates, including identification and approach of the most appropriate investors and sponsors
- Execution of buy-side mandates, including sector screening and assessment of targets
- Coordination of mergers or joint – ventures
- Execution of LBOs and MBOs and advisory of management teams
- Coordination of Due diligence and Negotiations
Debt & Capital Advisory
We strive to serve our clients on every step of their business journey and to enable early detection of financing and strategic needs.
We design the most appropriate capital structures and financing alternatives, for the respective stage in company’s development. We represent our clients in relation with the financial counterparties – banks, investment funds, financing corporations – and make sure their interest is well covered.
We offer assistance for
- Capital structure analysis
- Fundraising coordination
- Senior debt
- Project finance and mezzanine
- Acquisition financing
- Leveraged finance
Co-investment Services
At Cincinnatus Capital, our co-investment services are designed to provide strategic partnership opportunities for founders and their families on one hand, and high-net-worth individuals and family offices on the other. We specialize in special situation investments, particularly in Romania, where we believe our deep market knowledge and ability to originate and underwrite deals offer unique opportunities for value creation. Through our co-investment model, we align our interests directly with those of our partners, sharing both the risk and the reward of each investment.
We are highly selective in the co-investments we undertake, only engaging in a small number of carefully vetted opportunities. We look for deals that present significant upside potential, where we have a clear competitive edge, where our re-lationships with founders are strong and built on trust, and where the character of the founders is exemplary – visionary leaders with integrity, resilience, and the ability to execute. We invest with discipline and focus on opportunities that match our governance standards, values, and investment philosophy. Our commitment to these values is unwavering – we are dogged about ensuring that every investment aligns with our core principles.
At Cincinnatus Capital, we don’t have a one-size-fits-all approach. We don’t rush into investments or exits hastily, but when the situation demands, we can move quickly. As patient capital, we don’t have a bylaw that forces us to invest or exit at any given time. Instead, we agree on the timeline and strategy for each deal, ensuring that we are aligned with our partners and act with the necessary flexibility for the specific opportunity at hand.
We primarily partner with high-net-worth individuals and family offices, offering a personalized and tailored approach to co-investment. While we also work with institutional investors and private equity firms, our primary focus is on fostering long-term relationships with families and high-net-worth individuals who seek to invest in carefully structured, high-potential deals.
Business Model
What makes us unique?
For each client, we handpick a dedicated team of experts, carefully selected to align with the requirements of each project. We collaborate with our clients to co-create the project team.
Our adaptable approach ensures that every project benefits from unparalleled expertise, leading to outcomes that surpass those of our competitors. Unlike others who are limited to using their in-house staff, we have the flexibility to choose the most relevant experts for your project, without the constraint of relying on someone simply because they are on the payroll.
This freedom allows us to uniquely craft teams that meet your goals with enhanced precision and relevance. Our team members can be sourced from Romania, Central and Eastern Europe, or even globally, ensuring the right mix of skills and experience for every project.
Board of Advisors
Dan Sandu
Dan Sandu is one of the most seasoned bankers in CEE. In Romania, Dan served as the CEO of Intesa Sanpaolo Bank, Volksbank, Nextebank, Millennium Bank, and Citibank. In most of these institutions Dan has been the first employee having built the institutions from ground up.
Cristian Colţeanu
Cristian has had a lengthy career across international business and government. Christian was president of General Electric in Romania, Bulgaria, and Moldova. In government, Cristian served in the Ministry of Foreign Affairs before becoming Romanian ambassador to Italy from 2003 until 2007.
Chris Frean
Chris Frean is the Head of Economic Diplomacy at the British Embassy in Bucharest, Romania. He previously served as Head of Political and Economic Affairs at the British Embassy in Rabat, Morocco, and has held various diplomatic roles.
Petru Văduva
President of the Investment Commitee for the Tiriac Foundation, Petru is a recognized strategic leader across geographies. He was President of Transgaz, worked for JP Morgan and Uralsib, was Director of SEB Investment Management, Managing Director for Reinassance Capital, Caspian Securities, and Bear Sterns.
Bogdan Sântea
Bogdan Sântea is the CEO of FCB Bucharest, one of Romania’s pioneering and most influential advertising agencies. FCB Bucharest has forged enduring partnerships with leading companies like Vodafone, JTI, Philips, Enel and OMV-Petrom.
Konstantinos Mitzalis
Konstantinos Mitzalis, CEO of Golden Foods Snacks, is a seasoned entrepreneur with a strong background in the food industry. He developed the Tasty Foods and Star Foods brands in Romania, later selling them to PepsiCo. Kostas is scaling up Elmas a producer of nuts & seeds and packaged croissants.
Mihai Bucur
Mihai Bucur has over 10 years of management consulting including EY and Boston Consulting Group. Mihai currently works for UiPath Inc. as Senior Director of Partner Strategy and Planning, out of New York City.
Mircea Tiplea
Mircea is a Partner in Amrop, one of the world’s largest leadership and executive search consultancies, with 69 offices in 55 countries. Mircea has build a 25+ years management career across multinationals including Coca-Cola HBC, private equity backed companies, and own entrepreneurial projects.
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