— Over 20 years of partnership between BCR and Cris-Tim Family Holding, built on both financial and trust capital. BCR has been involved in all key stages of the company’s evolution – from shaping its expansion strategy and managing risk, to strengthening its financial health and preparing it for a new phase of corporate governance and maturity.
— The first Romanian entrepreneurial company and the first local agribusiness to be listed on the Bucharest Stock Exchange (BVB) – a landmark example of successful business succession and sustainable long-term growth.
— Highest retail oversubscription level in the history of the Romanian capital market – 42x (4,200%), or 31.5x after a 5% reallocation from the institutional tranche.
— BCR played a key role in structuring and distributing the offering, with a significant contribution to the demand dynamics from both institutional and retail investors.
— RON 454 million raised through the IPO, at a final offer price of RON 16.5 per share, implying a market capitalization of RON 1.33 billion.
Bucharest, 4 November 2025 – Banca Comercială Română (BCR) announces the successful completion of the initial public offering (IPO) of Cris-Tim Family Holding, the leading Romanian producer in the cold cuts and ready-meals segments. BCR acted as Joint Bookrunner in this landmark transaction for the local capital market, as Cris-Tim becomes both the first Romanian entrepreneurial company and the first local agribusiness to be listed on the Bucharest Stock Exchange (BSE).
For more than two decades, BCR and Cris-Tim Family Holding have shared a long-term partnership based on trust and integrated financial solutions, supporting the company’s investment and expansion plans. Over the years, Cris-Tim has consistently strengthened its performance through continued investment in technology, logistics, and innovation, maintaining a solid balance between product quality, operational efficiency, and talent retention.
“We are pleased to be the long-standing growth partner of Cris-Tim Family Holding, in a collaboration that spans more than 20 years. We thank them for their trust and for the openness with which they have built one of the most recognized and successful stories in Romanian business. We have been together through challenging and decisive moments and, most importantly, we have always managed to make a positive difference. Our relationship has evolved through the way we have jointly looked at the company’s financial health, its risk strategy, and the necessary steps to efficiently support its expansion plans and strategic investments.
The Cris-Tim IPO is a milestone and a validation moment for Romanian entrepreneurship, and I would like to thank all the banks and partners involved. Special thanks go to my colleagues at BCR for their professionalism in contributing to the success of this project and for their continued commitment to supporting the development of the local capital market. Cris-Tim has demonstrated its relevance and ambition through an IPO that marks a series of firsts on the Bucharest Stock Exchange (BVB) and stands as an example of discipline, passion, and competence, elements that transform a family-owned company into a benchmark of maturity and transparency,” said Sergiu Manea, CEO of Banca Comercială Română.
”The Cris-Tim Family Holding IPO is a defining moment for Romania’s capital market and clear proof that a locally built business can operate at the highest standards, earning the trust of both retail and institutional investors. This transaction goes beyond numbers and records, as it represents an investment in food security and in the future of Romanian entrepreneurship, sending a strong signal that leaders in agribusiness can become regional models of performance and transparency.
It has been a true pleasure to work alongside the Cris-Tim team, an example of professionalism and reliability, in a collaboration that shows how expertise and trust create long-term value. For BCR, this transaction once again confirms our role as the strategic partner of Romanian companies on their journey toward maturity, transparency, and global competitiveness” said Cosmina Plaveti, Managing Director Investment Banking, BCR.
The offering attracted exceptional investor interest, recording the highest retail oversubscription in the history of the Romanian capital market - 42x (4,200%), or 31.5x after a 5% reallocation from the institutional tranche. BCR contributed to the success of the offering by providing strong support for both the institutional and retail tranches, through a high level of intermediated demand and active involvement throughout the entire subscription process.
In 2024, Cris-Tim reported revenues of RON 1.12 billion (up 7.1% YoY), EBITDA of RON 166.8 million (up 8.1%), and net profit from continuing operations of RON 84.7 million (up 3%). In the first half of 2025, the company recorded EBITDA of RON 86.2 million (up 12.4%) and net profit of RON 47.5 million (up 29.1% YoY).
The cold cuts segment remains the company’s core business, accounting for over 86% of client contract revenues between 2022–2024 and 88% in H1 2025. The ready-meals segment contributed over 9.4% of revenues between 2022–2024 and 10.6% in H1 2025, with combined revenues from the two main business lines reaching RON 527.1 million in the first half of 2025, up 4.25% year-on-year.