Prior to the overthrow of the Communist regime, the Romanian government operated chains of retail stores throughout the country. During privatization, many of these chains became independent companies selling the same goods with little change to their business methods: most were either loss-making or breaking even. NCH funds formed Winmarkt from 2001-2007 by acquiring many of these former state-owned retail chains and subsequently separating the urban malls (~30-60 tenants/mall) in the top fifteen cities from the rest of the real estate assets. We modernized these top commercial centers and developed the retail concept under the name Winmarkt, which became a national brand. In 2008, NCH funds exited Winmarkt through a sale to a publicly listed Italian operator.