ABOUT US
ABOUT US
ABOUT US
Integral Capital Group is an independently owned private equity and growth capital investment firm focused on the evolving Europe region operating out of hubs in London, Budapest, and Belgrade.
Integral Capital Group is an independently owned private equity and growth capital investment firm focused on the evolving Europe region operating out of hubs in London, Budapest, and Belgrade.
Integral Capital Group is an independently owned private equity and growth capital investment firm focused on the evolving Europe region operating out of hubs in London, Budapest, and Belgrade.
Team
Before founding Integral, Stefan worked with Mid Europa Partners (London), Rhône Capital, and JPMorgan Chase. He holds an MBA from INSEAD, studied at the Wharton School, and earned a BA with honors from the College of Wooster.
Stefan Tzvetkov
Founding Partner
Before founding Integral, Stefan worked with Mid Europa Partners (London), Rhône Capital, and JPMorgan Chase. He holds an MBA from INSEAD, studied at the Wharton School, and earned a BA with honors from the College of Wooster.
Stefan Tzvetkov
Founding Partner
Before founding Integral, Stefan worked with Mid Europa Partners (London), Rhône Capital, and JPMorgan Chase. He holds an MBA from INSEAD, studied at the Wharton School, and earned a BA with honors from the College of Wooster.
Stefan Tzvetkov
Founding Partner
With experience at Oriens Investments and Mid Europa Partners, Barna brings strong regional expertise in private equity. He holds MBAs from the London Business School and Corvinus University, and is a Chartered Financial Analyst.
Barna Papay
Partner
With experience at Oriens Investments and Mid Europa Partners, Barna brings strong regional expertise in private equity. He holds MBAs from the London Business School and Corvinus University, and is a Chartered Financial Analyst.
Barna Papay
Partner
With experience at Oriens Investments and Mid Europa Partners, Barna brings strong regional expertise in private equity. He holds MBAs from the London Business School and Corvinus University, and is a Chartered Financial Analyst.
Barna Papay
Partner
Marko previously led Alba Partners, a corporate finance advisory in Belgrade, focusing on South-Eastern Europe. He holds an MBA from INSEAD and a BA in Mathematics and Economics from Boston University.
Marko Hinic
Partner
Marko previously led Alba Partners, a corporate finance advisory in Belgrade, focusing on South-Eastern Europe. He holds an MBA from INSEAD and a BA in Mathematics and Economics from Boston University.
Marko Hinic
Partner
Marko previously led Alba Partners, a corporate finance advisory in Belgrade, focusing on South-Eastern Europe. He holds an MBA from INSEAD and a BA in Mathematics and Economics from Boston University.
Marko Hinic
Partner
Evtim’s background includes roles at Mid Europa Partners and BNP Paribas. He earned both an MSc and BA from Corvinus University and studied at the University of Southern California.
Evtim Chesnovski
Partner
Evtim’s background includes roles at Mid Europa Partners and BNP Paribas. He earned both an MSc and BA from Corvinus University and studied at the University of Southern California.
Evtim Chesnovski
Partner
Evtim’s background includes roles at Mid Europa Partners and BNP Paribas. He earned both an MSc and BA from Corvinus University and studied at the University of Southern California.
Evtim Chesnovski
Partner
Peter’s investment banking experience spans Morgan Stanley and HSBC in London, Hong Kong, and Milan. He holds MSc and BBA degrees in International Economics and Management from Bocconi University, Milan.
Peter Lipovyanov
Director
Peter’s investment banking experience spans Morgan Stanley and HSBC in London, Hong Kong, and Milan. He holds MSc and BBA degrees in International Economics and Management from Bocconi University, Milan.
Peter Lipovyanov
Director
Peter’s investment banking experience spans Morgan Stanley and HSBC in London, Hong Kong, and Milan. He holds MSc and BBA degrees in International Economics and Management from Bocconi University, Milan.
Peter Lipovyanov
Director
Radu has worked with Deloitte, Ascensor Business Advisors, and Accenture Consulting in Bucharest. He holds an MSc from the University of Southern Denmark and a BA from the Bucharest University of Economic Studies.
Radu Constantin
Director
Radu has worked with Deloitte, Ascensor Business Advisors, and Accenture Consulting in Bucharest. He holds an MSc from the University of Southern Denmark and a BA from the Bucharest University of Economic Studies.
Radu Constantin
Director
Radu has worked with Deloitte, Ascensor Business Advisors, and Accenture Consulting in Bucharest. He holds an MSc from the University of Southern Denmark and a BA from the Bucharest University of Economic Studies.
Radu Constantin
Director
Ivan previously worked in London as an analyst and M&A strategist at Hudson Bay Capital and PwC Strategy&. He is a Chartered Financial Analyst with degrees from Imperial College London and Queen Mary University.
Ivan Abadjiev
Investment Executive
Ivan previously worked in London as an analyst and M&A strategist at Hudson Bay Capital and PwC Strategy&. He is a Chartered Financial Analyst with degrees from Imperial College London and Queen Mary University.
Ivan Abadjiev
Investment Executive
Ivan previously worked in London as an analyst and M&A strategist at Hudson Bay Capital and PwC Strategy&. He is a Chartered Financial Analyst with degrees from Imperial College London and Queen Mary University.
Ivan Abadjiev
Investment Executive
Uros gained hedge fund and banking experience at National Bank of Serbia, Unicredit, and Deutsche Bank. He holds a BSc in International Economics and Finance and an MSc in Finance from Bocconi University.
Uros Jevremovic
Investment Executive
Uros gained hedge fund and banking experience at National Bank of Serbia, Unicredit, and Deutsche Bank. He holds a BSc in International Economics and Finance and an MSc in Finance from Bocconi University.
Uros Jevremovic
Investment Executive
Uros gained hedge fund and banking experience at National Bank of Serbia, Unicredit, and Deutsche Bank. He holds a BSc in International Economics and Finance and an MSc in Finance from Bocconi University.
Uros Jevremovic
Investment Executive
Kinga’s background includes corporate and investment banking roles at Citi and Morgan Stanley, as well as consulting at IFUA Horváth & Partners. She holds an MSc from Corvinus University and a CEMS Master’s from Rotterdam School of Management.
Kinga Andrics
Investment Executive
Kinga’s background includes corporate and investment banking roles at Citi and Morgan Stanley, as well as consulting at IFUA Horváth & Partners. She holds an MSc from Corvinus University and a CEMS Master’s from Rotterdam School of Management.
Kinga Andrics
Investment Executive
Kinga’s background includes corporate and investment banking roles at Citi and Morgan Stanley, as well as consulting at IFUA Horváth & Partners. She holds an MSc from Corvinus University and a CEMS Master’s from Rotterdam School of Management.
Kinga Andrics
Investment Executive
Mate worked in strategy and corporate finance roles at OTP Bank and Falkenburg Corporate Finance. He holds MSc degrees in Management from Católica Lisbon and ESCP, and a BA from Corvinus University.
Mate Lorincz
Investment Executive
Mate worked in strategy and corporate finance roles at OTP Bank and Falkenburg Corporate Finance. He holds MSc degrees in Management from Católica Lisbon and ESCP, and a BA from Corvinus University.
Mate Lorincz
Investment Executive
Mate worked in strategy and corporate finance roles at OTP Bank and Falkenburg Corporate Finance. He holds MSc degrees in Management from Católica Lisbon and ESCP, and a BA from Corvinus University.
Mate Lorincz
Investment Executive
Madalina was previously in Deloitte’s Financial Advisory team and Citi Commercial Bank’s investment division. She holds a BSc in International Business Administration from Rotterdam School of Management, Erasmus University.
Madalina Trandafir
Investment Analyst
Madalina was previously in Deloitte’s Financial Advisory team and Citi Commercial Bank’s investment division. She holds a BSc in International Business Administration from Rotterdam School of Management, Erasmus University.
Madalina Trandafir
Investment Analyst
Madalina was previously in Deloitte’s Financial Advisory team and Citi Commercial Bank’s investment division. She holds a BSc in International Business Administration from Rotterdam School of Management, Erasmus University.
Madalina Trandafir
Investment Analyst
Vena has served as Vice President at Apex Group and investment analyst at the European Central Bank. She holds an MSc from the University of Amsterdam and a BA from the American University in Bulgaria.
Vena Nedeljkovic
Finance Manager
Vena has served as Vice President at Apex Group and investment analyst at the European Central Bank. She holds an MSc from the University of Amsterdam and a BA from the American University in Bulgaria.
Vena Nedeljkovic
Finance Manager
Vena has served as Vice President at Apex Group and investment analyst at the European Central Bank. She holds an MSc from the University of Amsterdam and a BA from the American University in Bulgaria.
Vena Nedeljkovic
Finance Manager
Gerda’s experience includes investor relations at Magyar Telekom and M&A at MOL Group. She holds MSc and BA degrees from Corvinus University of Budapest and an MSc from the Passau University in Germany.
Gerda Gati
IR and ESG manager
Gerda’s experience includes investor relations at Magyar Telekom and M&A at MOL Group. She holds MSc and BA degrees from Corvinus University of Budapest and an MSc from the Passau University in Germany.
Gerda Gati
IR and ESG manager
Gerda’s experience includes investor relations at Magyar Telekom and M&A at MOL Group. She holds MSc and BA degrees from Corvinus University of Budapest and an MSc from the Passau University in Germany.
Gerda Gati
IR and ESG manager
Tijana managed operations at Alba Partners and worked in education sector management in Belgrade. She holds an MA from Belgrade University.
Tijana Dindic
Office Manager
Tijana managed operations at Alba Partners and worked in education sector management in Belgrade. She holds an MA from Belgrade University.
Tijana Dindic
Office Manager
Tijana managed operations at Alba Partners and worked in education sector management in Belgrade. She holds an MA from Belgrade University.
Tijana Dindic
Office Manager
Five ways we create value
Five ways we create value
Five ways we create value
01
01
01
Organic Growth
Organic Growth
Organic Growth
PE firms drive organic growth by enhancing a company's internal capabilities. This includes developing new products, expanding into new markets, and improving operational efficiency. For instance, streamlining operations and investing in technology can reduce costs and increase margins.
PE firms drive organic growth by enhancing a company's internal capabilities. This includes developing new products, expanding into new markets, and improving operational efficiency. For instance, streamlining operations and investing in technology can reduce costs and increase margins.
PE firms drive organic growth by enhancing a company's internal capabilities. This includes developing new products, expanding into new markets, and improving operational efficiency. For instance, streamlining operations and investing in technology can reduce costs and increase margins.
02
02
02
Mergers & Acquisitions
Mergers & Acquisitions
Mergers & Acquisitions
Inorganic growth through M&A allows PE firms to rapidly scale businesses. By acquiring complementary companies, they can expand market share, enter new markets, and achieve cost synergies. Successful integration is crucial to realize these benefits.
Inorganic growth through M&A allows PE firms to rapidly scale businesses. By acquiring complementary companies, they can expand market share, enter new markets, and achieve cost synergies. Successful integration is crucial to realize these benefits.
Inorganic growth through M&A allows PE firms to rapidly scale businesses. By acquiring complementary companies, they can expand market share, enter new markets, and achieve cost synergies. Successful integration is crucial to realize these benefits.
03
03
03
Operational Change
Operational Change
Operational Change
Operational improvements are central to PE value creation. This involves restructuring processes, adopting new technologies, and enhancing supply chain management to boost efficiency and profitability.
Operational improvements are central to PE value creation. This involves restructuring processes, adopting new technologies, and enhancing supply chain management to boost efficiency and profitability.
Operational improvements are central to PE value creation. This involves restructuring processes, adopting new technologies, and enhancing supply chain management to boost efficiency and profitability.
04
04
04
Capital Structure Optimization
Capital Structure Optimization
Capital Structure Optimization
PE firms often restructure a company's capital to optimize the mix of debt and equity. By leveraging debt strategically, they can amplify returns, though this approach carries increased financial risk.
PE firms often restructure a company's capital to optimize the mix of debt and equity. By leveraging debt strategically, they can amplify returns, though this approach carries increased financial risk.
PE firms often restructure a company's capital to optimize the mix of debt and equity. By leveraging debt strategically, they can amplify returns, though this approach carries increased financial risk.
05
05
05
Corporate Governance
Corporate Governance
Corporate Governance
Enhancing corporate governance involves establishing robust oversight mechanisms, such as forming effective boards and implementing performance-based incentives. These measures align management interests with those of investors and can lead to improved decision-making and accountability.
Enhancing corporate governance involves establishing robust oversight mechanisms, such as forming effective boards and implementing performance-based incentives. These measures align management interests with those of investors and can lead to improved decision-making and accountability.
Enhancing corporate governance involves establishing robust oversight mechanisms, such as forming effective boards and implementing performance-based incentives. These measures align management interests with those of investors and can lead to improved decision-making and accountability.
Investment Criteria
Investment Criteria
Enterprise Value
Enterprise Value
Enterprise Value
€10M - 100M
€10M - 100M
€10M - 100M
Ticket Size
€10M - 15M
€10M - 15M
€10M - 15M
Investment pace per year
2-3 DEALS
2-3 DEALS
2-3 DEALS
TARGET SECTORS
Consumer, Business Services, Healthcare, Industrials, TMT
Geographic Focus
Bulgaria, Czech Republic, Hungary, Romania, Slovakia, Slovenia and Adria region
Geographical coverage
Geographical coverage
Geographical coverage
INTEGRAL Capital Group © 2025 All Rights Reserved.
INTEGRAL Capital Group © 2025 All Rights Reserved.