Romanian private equity fund Morphosis Capital said on Wednesday it has closed an investment in aesthetic medicine network Cronos Med.

“The deal value is within the standard range of Morphosis Capital Fund I, between 5 and 10 million euro ($5.8 million – $11.6 million),” the fund said in a press release.

The capital infusion from Morphosis Capital will contribute to the consolidation of Cronos Med’s position as national leader in the medical aesthetics sector and the expansion of the network in key cities across Romania, the fund noted.

Cronos Med was founded in 1991 in Bacau and operates three clinics and a hospital in Bucharest and Bacau. In 2020, Cronos booked a turnover of 4.3 million euro and in the last three years, it registered a compound annual growth rate of almost 40%.

The investment in Cronos Med is the fifth transaction for Morphosis Capital, which currently holds stakes in DocProcess, Medima Health, Dr Leahu Dental Clinics, and EMI.Romania’s Morphosis Capital invests in aesthetic medicine network Cronos Med