The EMSA Capital approach to carve-outs and special situations
Carve-outs in Central and Eastern Europe come with a particular set of challenges. Many private equity funds avoid carve-outs with incomplete management, shared systems, or no standalone financial history.
However, for EMSA Capital, that complexity is precisely where they stand out. The Central and Eastern Europe-focused investment firm has been active in the region since 1992, pioneering turnaround and performance-improvement investing in a market where this type of investing remains relatively young.
The firm currently manages its third fund, the CEE Special Situations Fund, with capital of over EUR 93 million.
In this interview for Clairfield’s Outlook 2026, Tomas Holly, managing director at EMSA Capital, shares how the firm approaches corporate carve-outs and special situations investing in Central and Eastern Europe:
- Focuses on businesses that are still operating and at least around breakeven, where incomplete management, shared systems, or missing functions create complexity most funds avoid.
- Sources carve-out opportunities through bank workout departments across Austria, Romania, Poland, the Czech Republic, and Slovakia.
- Regularly steps into interim management roles post-acquisition, typically for six to twelve months, before transitioning to professional management.
In this interview, Tomas Holly reflects on what it took to make it work. His central lesson:
“With smaller deals, you often have to invent solutions as you go, because standard structures simply do not fit.”
This interview is included in Clairfield’s Outlook 2026, themed „Refocus: how carve-outs turn less into more.”
Download the full publication here.
