CEE M&A 2026: Buyers, Deals, and Growth Opportunities

CEE M&A is becoming more selective, more regional, and more outward-looking. Poland is producing larger outbound buyers, Romania remains a strong inbound investment market, Croatia is entering a new private equity consolidation cycle, and Hungary faces succession and investor-capacity challenges. For company owners and investors, the opportunity lies in understanding where capital, buyers, and sector demand are moving next.

At IMAP’s Fall Conference in Bucharest in October 2026, Gábor Szendrői of CMBP – IMAP Hungary, Tomislav Boban of IMAP SEE, Marcin Skowronski of Trigon – IMAP Poland, and Bogdan Iliescu of BICF IMAP – IMAP Romania shared their perspectives on how buyer appetite, cross-border capital flows, sector opportunities, financing, and succession are shaping M&A activity across Central and Eastern Europe.

Key Takeaways

• CEE is no longer simply an inbound investment story: regional companies, private equity funds, and family offices are increasingly becoming buyers
• More capital does not automatically mean greater competition in every company sale process
• Sector demand, financing, management capacity, and succession dynamics vary significantly by country
• Cross-border company acquisition opportunities are increasing both within CEE and beyond the region

What Is Driving Mid-Market M&A in CEE in 2026?

The panel highlighted a region moving at different speeds rather than one uniform CEE M&A market.

Poland has developed a growing base of companies with the capital and ambition to acquire internationally. Romania remains predominantly an investment destination, but domestic companies are beginning to acquire both locally and abroad. Croatia and neighboring markets are entering a new phase of private equity-led consolidation, while Hungary faces a growing succession pipeline alongside a need for additional investors.

Poland: More Outbound Buyers, but More Selective Sale Processes

Polish companies are increasingly looking outside their domestic market for growth, supported by highly liquid banks and a growing family office investor base.

At the same time, company sale processes are becoming more selective. As Marcin noted: “Usually, we end up with one or two leaders in the last stage of the process.”

That distinction matters for owners. Strong liquidity in the wider market does not guarantee multiple competitive bids for an individual company. Identifying buyers with a genuine strategic rationale remains critical.

Romania: Inbound Capital Meets Energy and Healthcare Demand

Romania’s investment case is increasingly driven by domestic fundamentals rather than low-cost manufacturing. As Bogdan highlighted, significant opportunities are emerging in Energy, including Gas, Renewables, and Power Generation, alongside continued growth in Private Healthcare.

Rising wages and labor shortages are also reshaping the investment thesis. For potential investors, understanding domestic demand and access to labor is becoming more important than relying on traditional cost arbitrage.

Croatia: Private Equity Creates New Company Acquisition Routes

Croatia and neighboring markets are entering another private equity investment cycle. Regional funds that have successfully deployed and exited their first funds are raising larger successor vehicles and expanding their acquisition searches.

Some are already targeting businesses in Romania and Bulgaria, particularly in IT and Healthcare, while regional companies in Tourism and Food & Beverage are also looking internationally.

Capital alone, however, commented Tomislav, will not determine success, adding: “Within our markets, what we lack is management that can expand outside of our region.”

For investors pursuing buy-and-build strategies, management capacity may be as important as access to acquisition targets.

Hungary: Succession Is Expanding the Company Sale Pipeline

Gábor highlighted a different challenge in Hungary: many companies established in the early 1990s are approaching succession.

Businesses that have not yet professionalized management, reduced founder dependence, or created clearer organizational structures may increasingly move toward a company sale.

At the same time, Hungary was described as having fewer available investors and tighter acquisition financing than Poland, reinforcing the need to consider local financing conditions when assessing CEE transactions.

Where Are the Company Acquisition Opportunities in CEE?

The discussion pointed to several distinct sources of opportunity:

• Regional consolidation: Private equity funds and strategic buyers are targeting fragmented sectors within CEE
• Succession: Founder-led businesses are creating a growing pipeline of potential company sale opportunities
• Outbound expansion: Polish and other regional companies are increasingly seeking acquisitions abroad
• Sector-specific demand: Energy, Healthcare, Technology, Consumer, Industrials, Tourism, and Food & Beverage are generating different opportunities across individual markets
• International diversification: Some CEE businesses are pursuing Western Europe and the United States to reduce geographic concentration and access new growth markets

What Do Recent Deals Reveal About Cross-Border CEE M&A?

The panel cited several transactions and investment situations that illustrate how capital is moving.

One of the clearest examples of regional collaboration came from the Poland–Romania corridor. A Pharmaceuticals transaction discussed during the session originated after advisers connected Polpharma Group’s acquisition ambitions with Biofarm, a long established Romanian drug manufacturer. According to the panel, the transaction was completed within approximately 12 months.

The example reinforces a broader point: knowing where buyers want to go next can be as valuable as knowing which companies are currently for sale.

What Should Company Owners Consider Before a Sale in CEE?

For owners contemplating succession or a company sale, the panel highlighted several practical priorities:

• Start preparing early. Governance, due diligence readiness, management structure, and founder dependence can all affect transaction readiness
• Look beyond international buyers. Regional strategic buyers, private equity funds, and family offices should increasingly form part of the buyer universe
• Focus on buyer rationale, not buyer quantity. A smaller group of highly relevant buyers may be more valuable than a long list with limited strategic fit
• Understand sector appetite. Demand varies materially by country and industry

Earlier preparation can also give owners more options: a sale does not need to begin when succession becomes urgent.

How Should Investors Approach a Company Acquisition in CEE?

For investors, the opportunity is increasingly nuanced.

Before pursuing a company acquisition, the panel’s experience suggests testing four factors:

1. Local financing: Lending conditions can differ significantly between neighboring CEE markets
2. Management capacity: Cross-border expansion requires leadership capable of integrating and growing acquired businesses
3. Workforce availability: Particularly in Romania, headline labor costs do not tell the whole story
4. Local demand: Energy deficits, healthcare needs, consumer demand, and sector fragmentation create different investment cases in different markets

CEE should therefore not be approached as a single investment proposition.

What Is the Next Opportunity in CEE M&A?

CEE’s M&A market is becoming more multidirectional. International investors continue to target the region, but local companies, family offices, and regional private equity funds are increasingly providing capital of their own.

For company owners, that broadens the potential buyer universe - but makes preparation and buyer selection more important. For investors, the opportunity lies in identifying where sector demand, succession, consolidation, financing, and management capability align.

Considering a company sale, acquisition, or succession strategy in CEE? Speak with IMAP’s local advisers to explore relevant buyers, acquisition opportunities, and the market dynamics shaping your transaction.