CORPORATE PROFILE February 2020
CORPORATE PROFILEFebruary 2020
2
TABLE OF CONTENTS
Company Overview
SECTION A
Regional Overview
Services
Client-Oriented Approach
4
5
6
Regional Leaders
SECTION B
Leading Financial Advisor in
Serbia and SEE
Unparalleled Privatization
Track Record
Leading Advisor on Banking
Sector Transactions
8
9
10
Credentials
SECTION C
Selected Transactions
Management
12
19
3 7 11
COMPANY OVERVIEW
SECTION A
4
REGIONAL OVERVIEW
▶ Hefestos Capital is
the leading M&A
and corporate
finance advisor in
the region of
Southeast Europe
▶ Diversified client
base includes
domestic and
international
corporations,
governments,
financial institutions,
high net worth
individuals and
entrepreneurs
The largest M&A and corporate
finance firm in Serbia, with over
$11 bn in closed transactions
Serbia
Bulgaria
Active in M&A, restructurings,
public - private partnerships,
industry analysis, macro analysis
and investment management
BiH
Active in M&A, restructurings,
public - private partnerships,
industry analysis, macro analysis
and investment management
Slovenia
Active in M&A,
restructurings, public -
private partnerships,
industry analysis, macro
analysis and investment
management
North Macedonia
Active in M&A, restructurings,
public - private partnerships,
industry analysis, macro analysis
and investment management
Montenegro
Active in M&A, restructurings,
public - private partnerships,
industry analysis, macro analysis
and investment management
Croatia
Active in M&A, restructurings,
public - private partnerships,
industry analysis, macro analysis
and investment management
Albania
Active in M&A, restructurings,
public - private partnerships,
industry analysis, macro analysis
and investment management
Romania
Active in M&A, restructurings,
public - private partnerships,
industry analysis, macro analysis
and investment management
5
SERVICES
▶ Mergers and acquisitions
▶ Privatizations
▶ Restructurings
▶ Principal investments
▶ Project financing
▶ Structured financing
▶ Public–Private Partnerships (PPP)
▶ Daily market trends in the region of
Southeast Europe
▶ Changes in legislation, especially
in relation to quality of investment
setting
▶ Sector and industry analysis
▶ Expert analysis of investment
opportunities
▶ Management of Clients’ investment
portfolio
▶ Private equity investments
CORPORATE FINANCE
INVESTMENT MANAGEMENT
RESEARCH
6
Client’s RequirementsClient’s Objectives
CLIENT-ORIENTED APPROACH
▶ Leader in every investment banking service
▶ Blend of regional and international partnerships
▶ Uniquely relevant market experience
▶ Access to key institutions and individuals
▶ Understanding of regional and global strategies
▶ First rate market intelligence
▶ Skilled handling of negotiations/trade-offs
▶ Rigorous preparation of deliverables
▶ Innovative structure
▶ Specialized professionals
▶ Teamwork dedicated to client’s needs
▶ Largest and most efficient team in the region
THE
CLIENT
Understanding of Market Environment
Efficient Process Management
Fully Committed Professionals
Skilled Advisory Team
Strategy development
and formulation
Full
understanding
of assets via
comprehensive
due diligence
Thorough analysis and
understanding of
domestic and regional
markets
Full understanding of
the value through top
of the line valuation
Communication and
incentive alignment
with all relevant
stakeholders
Flawless detail-
oriented
execution and
closing
REGIONAL LEADERS
SECTION B
8
LEADING FINANCIAL ADVISOR IN SERBIA AND SEE
► Hefestos has emerged as an advisor of choice to both government and private clients over the last
sixteen years, thanks to its unparalleled track record in the South Eastern Europe
• The largest privatization advisor both in transaction value and number of transactions in SEE
• The largest sell-side advisor to the Privatization Agency of Serbia in terms of transaction value
• #1 buy-side advisor in the privatization (both in terms of transaction value and number of transactions)
• The leading merger & acquisition advisor in the private sector
▶ Extensive experience in various transactions with governments and governmental agencies
(privatizations, restructurings, PPPs, joint ventures, financings, etc.)
▶ Total transaction
value exceeding
USD 11 bn which is
more than three
closest competitors
combined
▶ Successfully advised
on almost all major
privatizations in
Serbia
The Banker’s Deal of
the Year Award – Sale
of mobile operator Mobi
63 has been awarded as
the best deal in South
Eastern Europe in 2006
Advisor Value (USD bn)No. of
Transactions
Hefestos Capital 11,0 15
BNP Paribas 2.8 4
Rothschild 2.5 2
JP Morgan 1.8 2
Lazard 1.5 2
Raiffeisen Investment 1.5 2
Merrill Lynch 1.2 1
Credit Suisse 0.2 1
M&A and Corporate Finance Advisory in Serbia
and SEE (2002 – 2019) Estimated Cumulative Transaction Value (USD bn)
Advisors on 30 Largest Transactions in
Serbia (2002 – 2019)
0
2
4
6
8
10
12
HefestosCapital
BNPParibas
Rothschild JP Morgan Lazard RaiffeisenInvestment
Prominent Market Positioning
Source: Hefestos Research
9
UNPARALLELED PRIVATIZATION TRACK RECORD
▶ Hefestos participated in almost every single landmark privatization deal in Serbia over the last 18
years
• Advised on 9 out of 10 largest privatizations in Serbia (4 times on the sell-side and 5 on the buy-
side)
• Market share on 10 largest privatizations in terms of transaction size is 66% (completed
transactions only) and 97% (all transactions in which Hefestos participated)
▶ Proven privatization transaction capabilities coupled with in-depth understanding of the Serbian
Government’s objectives and constraints
▶ Developed excellent business relationship with the Serbian Government, various ministries,
Privatization Agency, and other numerous governmental agencies
Note: Transaction size includes purchase price and investment commitments
Hefestos has an
outstanding
privatization expertise,
having advised not
only almost all major
privatizations in Serbia,
but also many
transactions in SEE
Advised Seller/Buyer
Advised Non-winning Buyer
# Date Deal Industry Size (USD m)
1 Jul-06 Telenor acquisition of Mobi63 Telecoms 1,916
2 Jan-08 Gazprom Neft acquisition of NIS Oil & gas 1,402
3 Dec-09 JV of Republic of Serbia with Fiat Automobiles Automobile 1,022
4 Sep-03 Philip Morris acquisition of DIN Consumer 629
5 Aug-06 Stada acquisition of Hemofarm Pharma 621
6 Sep-03 InBev acquisition of Apatinska pivara Consumer 517
7 Dec-06 NBG acquisition of Vojvodjanska banka Banking 508
8 Dec-07 MIG and Verano Motors acquisition of RKB Real estate 522
9 Nov-07 Fondiaria SAI acquisition of DDOR Insurance 323
10 Sep-03 Lukoil acquisition of Beopetrol Oil & gas 244
10 Largest Privatizations in Serbia (2002 – 2019)
10
LEADING ADVISOR ON BANKING SECTOR TRANSACTIONS
▶ Hefestos Capital is the largest advisor in the banking sector in the SEE region
by total transaction value
by number of transactions
▶ Advised seller or buyer on virtually all landmark banking transactions in the region
▶ Hefestos Capital has particularly achieved success in advising on “first mover” transactions which
enabled international banks to establish presence in the region
#1
#1
#1 sell-side advisor to
the Deposit Insurance
Agency, acting on
behalf of the Serbian
Government
Total value of
transactions in the
banking sector
advised by Hefestos
was USD 1.5 bn
Advisor RankDeal Size
(USD bn)
Deal
Count
Hefestos Capital 1 1.5 7
Nomura 2 1.0 2
JP Morgan 3 0.5 1
Rothschild 4 0.5 1
BNP Paribas 5 0.5 4
BDO BC Excel 6 0.5 4
Altis Capital 7 0.4 4
CSFB 8 0.2 1
ING 9 0.2 2
Banking Sector Advisory Roles in The Region
Leading Banking Advisors in Serbia (USD bn) Serbian Banking League Table
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
HefestosCapital
Nomura JP Morgan Rothschild BNPParibas
BDO BCExcel
Note: Transactions from 2005 to 2019
Source: Bloomberg, Hefestos Research
CREDENTIALS
SECTION C
12
SELECTED TRANSACTIONS
Sell-side advisor
2016
Sale of medical devices supplier
Undisclosed
Sale to Hemofarm
EUR 18.5m
Sale of transport and logistic
company to
EUR 8m
Purchase of assets & brand from
Undisclosed
Advisor to EPS – Electric Power
Industry of Serbia on the selection
of strategic partner for TE-TO Novi
Sad
Undisclosed
Joint venture of Republic of Serbia
and Fiat Group Automobiles
USD 960m
Buy-side advisor Sell-side advisor
Advisor to the Republic of Serbia
Sell-side advisor
Medical Services
Serbia
2018Ongoing Transport and Logistic
Montenegro
Confectionary
Serbia
2016Pharmaceutical
Serbia
Energy
Serbia
Automobile Industry
Serbia
2014
2017
Lead advisor
Consumer
USA
Sale of cosmetics company
Anastasia Beverly Hills
Undisclosed
2013
Sell-side advisor
Advisor on sale of Forest
Enterprises to Alco Group
Undisclosed
2013
Sell-side advisor
Biomass fuels
Serbia
Durables
Serbia
Privatization of Simpo Vranje
Undisclosed
2013
Sell-side advisor
Sale of ground handling
company LAT
Undisclosed
2012
Sell-side advisor
Aviation
Lebanon
Oil & gas
Kosovo and Romania
Development of retail network in
Romania and Kosovo
Undisclosed
2012
Advisor to NIS Gazprom Neft
Sale of Knez Petrol Zemun
Undisclosed
2012
Sell-side advisor
Oil and Gas
Serbia
Oil & gas
Romania
Secondary public offering of
OMV Petrom’s shares
USD 770m
2011
Joint bookrunner
Oil and Gas
SEE Region
Retail network optimization for NIS
Undisclosed
2011
Buy-side advisor
Pharmaceutical
Serbia
Privatization of Galenika
Undisclosed
2010
Co-lead sell-side advisor with
Rothschild
Retail
Serbia
Sale of Familija retail chain
Undisclosed
2010
Lead sell-side advisor
Media
Serbia
Capital increase and sale of
shares in B92
Undisclosed
2010
Sell-side advisor
Market Research
SEE Region
Merger between Strategic Marketing
and Puls and sale to Ipsos SA
Undisclosed
2009
Sell-side advisor
PRIVATIZATIONS AND M&A
Energy Management & IT
France
Acquisition of 100% stake
Undisclosed
2019
Advisor to Schneider Electric
Industries SASSell-side advisor
Sale of 51% stake
Undisclosed
Processing Equipment
Serbia
2019
13
SELECTED TRANSACTIONS
Lead buy-side advisor
2007
Privatization of NIN by Ringier
USD 1.4m
Acquisition of RK Beograd by
Marfin Financial Group and
Verano Motors
USD 530m
Advisor to Serbian Government on
concession for highway
Horgos-Pozega
Undisclosed
Privatization of Jat Airways
Undisclosed
Privatization of IHP Prahovo by
Neochimiki
USD 7.4m
Co-lead sell-side advisor with Rothschild Advisor to the Republic of Serbia Advisor to Marfin and Verano Motors
Publishing
Serbia
20082009 Infrastructure
Serbia
Aviation
Serbia
2007Real Estate
Serbia and Montenegro
Chemical
Serbia
2008
Advisor to Neochimiki
Mining
Serbia
Acquisition Vencac by Kaolin
USD 7.4m
2007
Buy-side advisor
Acquisition of Sumadijalek by
Alapis
USD 2.9m
2007
Buy-side advisor
Pharmaceutical
Serbia
Oil & gas
Serbia
Acquisition of Naphtha Refinery
Belgrade by Neochimiki
USD 46m
2007
Advisor to Neochimiki
Buy-side advisor
Undisclosed
2007
Buy-side advisor
Metals
SEE Region
Sale of Mobi63 to Telenor
USD 1.9 bn
2006
Co-lead sell side advisor with
Rothschild
Telecommunications
Serbia
Infrastructure
Serbia
Acquisition of Vojvodinaput by Strabag
USD 9.2m
2006
Buy-side advisor
Telecommunications
Bosnia and Herzegovina
Advisor in the intended acquisition of
Telekom Srpske
USD 853m
2006
Buy-side advisor with
Deutsche Bank
Metalurgy
Montenegro
Acquisition of Niksic Iron Mill
USD 6.6m
2006
Buy-side advisor
Mining
Serbia
Acquisition of RTB Bor
Undisclosed
2006
Buy-side advisor
Construction
Materials
Serbia
Acquisition of Vunizol Surdulica by
Knauf
USD 10m
2005
Buy-side advisor
PRIVATIZATIONS AND M&A
14
SELECTED TRANSACTIONS
Buy-side advisor
2004
Buy-side advisor
Undisclosed
Acquisition of a water bottling company
Undisclosed
Intended acquisition of
Knjaz Milos
USD 149m
Acquisition of C Market
retail chain
Undisclosed
Acquisition of several companies in the
food industry
Undisclosed
Buy-side advisor Buy-side advisor Buy-side advisor
Retail
SEE Region
20042005 Beverages
Serbia
Retail
Serbia
2004Beverages
Serbia
Food
SEE Region
2004
Buy-side advisor
Oil & gas
Serbia
Acquisition of Beopetrol
by Lukoil
USD 240m
2003
Advisor to Lukoil
Privatization of DIV to
British American Tobacco
USD 98m
2003
Co-lead sell side advisor with
Morgan Stanley
Tobacco
Serbia
Tobacco
Serbia
Privatization of DIN to
Phillip Morris
USD 635m
2003
Co-lead sell side advisor with
Morgan Stanley
Privatization of Jelen Do by
Nasicecement
USD 23m
2003
Buy-side advisor
Construction
Materials
Serbia
Acquisition of B92
Undisclosed
2003
Buy-side advisor
Media
Serbia
Pharmaceutical
Serbia
Acquisition of Velefarm
Undisclosed
2003
Buy-side advisor
Tourism
Serbia
Privatization of Putnik, Belgrade by
Uniworld
USD 68m
2003
Buy-side advisor
Construction
Materials
Serbia
Privatization of Polet by Nasicecement
and Toza Markovic
USD 49m
2003
Buy-side advisor
Beverages
Serbia
Acquisition of two breweries
Undisclosed
2003
Buy-side advisor
Pharmaceutical
Serbia
Privatization of Zdravlje Leskovac by
Pharmaco (Actavis)
USD 45m
2002
Buy-side advisor
PRIVATIZATIONS AND M&A
15
SELECTED TRANSACTIONS
Sell-side advisor to Municipal Bank
2008
Sale of majority stake in
Municipal Bank Sofia
Undisclosed
Acquisition of Kosovsko-Metohijska
Banka
Undisclosed
Acquisition of a bank in Bosnia &
Herzegovina
Confideantial
Sale of the Croatian subsidiary
UndisclosedObtaining greenfield banking
license
in Serbia
USD 22m
Advisor to PBB in equity raising
Undisclosed
Sell-side advisor to Veneto Banca Buy-side advisor Advisor to Privredna Banka BeogradSell-side advisor
Bulgaria 20112011 Bosnia & HerzegovinaCroatia 2010Kosovo Serbia Serbia 20082011
Advisor to Bank of Moscow
Serbia
Strategic Advisory
Undisclosed
2008
Advisor to Meridian Bank
- Credit Agricole Group
Advisor to Komercijalna banka
in equity raising
Undisclosed
2008
Buy-side advisor
Serbia Romania
Advisor to Banca Italo Romena
in equity raising
Undislosed
2008
Advisor to Veneto banca
Acquisition of a bank in Albania
Undisclosed
2007
Buy-side advisor
Albania Serbia
Takeover bid for acquisition of
minority stake in Panonska Banka
USD 26m
2007
Advisor to Intesa Sanpaolo
Acquisition of Vakufska bankaUndisclosed
2007
Buy-side advisor to Societe
Generale
Bosnia & Herzegovina
Serbia
Acquisition of a Serbian bank
Undisclosed
2007
Buy-side advisor
Croatia
Acquisition of Centar Banka
Undisclosed
2006
Buy-side advisor
Macedonia
Acquisition of Postenska Banka
Skoplje
Undisclosed
2006
Buy-side advisor to ING
Serbia
Sale of state-owned capital in
Vojvodjanska Banka to NBG
USD 488m
2006
Sell-side advisor to DIA
Serbia
Sale of state-owned capital in
Panonska Banka to Sanpaolo IMI
USD 176m
2006
Sell-side advisor to DIA
Croatia
Acquisition of Splitska banka by OTP
Bank
Confidential
2006
Buy-side advisor to OTP bank
BANKING & INSURANCE
SECTOR
16
SELECTED TRANSACTIONS
Buy-side advisor
2005
Acquisition of MB Banka Nis
Undisclosed
Acquisition of Zepter Banka
Confidential
Acquisition of Crnogorska
Komercijalna banka (CKB) by
Basic Element
Undisclosed
Acquisition of UPI Banka Sarajevo
USD 32 m
Sale of Nova Banjalucka banka to
Bank Austria
USD 44m
Acquisition of Podgoricka banka
USD 27.5m
Buy-side advisor Buy-side advisor Buy-side advisorBuy-side advisor
Serbia 20062006 MontenegroBosnia & Herzegovina 2005Serbia Bosnia & Herzegovina Montenegro 20052005
Sell-side advisor
Serbia
Sale of state-owned capital in
Niska Banka to OTP Bank
USD 20 m
2005
Sell-side advisor to DIA
Acquisition of Banca Italo-Albanese
Sh.A. Tirana
Confidential
2005
Buy-side advisor to FIBank
Albania Montenegro
Acquisition of Atlasmont banka by
Basic Element
Undisclosed
2005
Buy-side advisor to Basic Element
Acquisition of Nacionalna stedionica
– banka by EFG Eurobank
USD 106m
2005
Lead buy-side advisor
Serbia Serbia
Takeover bid for acquisition of
minority stake in Jubanka
USD 24m
2005
Advisor to Alpha Bank
Acquisition of Delta banka
by Banca Intesa
USD 463m
2005
Buy-side advisor to Banca Intesa
Serbia
Romania
Advisor to Banca Transilvania
in equity raising
Undisclosed
2005
Advisor to Banca Transilvania
Serbia
Acquisition of Jubanka a.d. Beograd
Undisclosed
2004
Buy-side advisor to Société
Générale
Serbia
Acquisition of Eksimbanka Beograd
Undisclosed
2004
Buy-side advisor to Banca Intesa
Slovenia
Advisor to Nova KBM in equity
raising
Undisclosed
2004
Advisor to NKBM
Serbia
Divestiture of minority stakes in
AIK banka and Kulska banka
Undisclosed
2003
Sell-side advisor
Serbia
Private placement of newly issued
common shares of Nacionalna
Stedionica Banka
USD 3.4m
2002
Advisor to Nacionalna Stedionica
Banka
BANKING & INSURANCE
SECTOR
17
SELECTED TRANSACTIONS
Lead advisor
2011
Financial restructuring and
reorganization of RTB Bor Group
Restructuring and strategic advisory of
furniture company Simpo
USD 202m
Restructuring strategy for a pool
of agricultural companies
Undisclosed
Restructuring of Zastava Vozila Group
USD 434m
Reorganization plan
Undisclosed
Advisor to the Republic of Serbia Lead advisor Lead advisor
Mining
Serbia
20142014 Agriculture
Serbia
Automobile Industry
Serbia
2013Durables
Serbia
Oil and gas
Serbia
2013
Lead advisor
Paper
Serbia
Reorganization plan
Undisclosed
2010
Lead advisor
Reorganization plan
Undisclosed
2010
Lead advisor
Cosmetics
Serbia
Chemicals
Serbia
Restructuring and strategic advisory
to MSK Kikinda
Undisclosed
2008
Lead advisor
Equity and debt raising
Undisclosed
2006
Lead advisor
Food
Serbia
Restructuring and strategic advisory
USD 163m
2005
Lead advisor
Media
Serbia
Holding
Serbia
Restructuring and strategic advisory of
Genex group
USD 186m
2004
Lead advisor
Textile
Serbia
Debt raising from European Investment
Bank for Jagger
USD 1.9m
2002
Lead advisor
Banking
Serbia
Private placement for Nacionalna
stedionica-banka
USD 2.8m
2002
Lead advisor
Banking
Serbia
Private placement for Nacionalna
stedionica-banka
USD 4.7m
2002
Lead advisor
Packaging
Serbia
Asset Purchase Financing
USD 1.3m
2001
Lead advisor
RESTRUCTURING AND
FINANCING ROLES
18
SELECTED TRANSACTIONS
Investment Advisory and M&A
2005
M&A M&A Investment Advisory and M&AM&A
Banking and Insurance 20062006 Banking and InsuranceBanking and Insurance 2005Real estate Tobacco Real estate 20052005
M&A
Construction 2005
Investment Advisory
2005
Investment Advisory and M&A
Hotels Hotels 2005
Post-transaction Advisory
2005
Valuation and M&A
Trade Construction 2005
Investment Advisory
2005
M&A
Banking and Insurance
Construction 2005
Investment Advisory and M&A
Trade 2004
M&A
Trade 2004
Investment Advisory and M&A
Consumer 2004
M&A
Trade 2003
M&A
Banking and Insurance 2002
Valuation
REAL ESTATE ADVISORY
19
MANAGEMENT
Milutin Nikolic, MBA
Milutin has over 25 years of investment banking experience in
Europe and USA. He is co-founder of Hefestos, the largest
investment banking firm in SEE and the key dealmaker in many
large deals in the region. He advised many record-breaking
transactions, and holds BSc from universities of St. Gallen and
Lausanne and MBA from Harvard university.
Milica started her career as an investment banker. She is a
part of Hefestos Financial Advisory since 2017. In
accordance with her field of expertise she is currently
advising clients on a number of high profile transactions in
health care and utilities. Milica holds BA from IE Business
School.
Milica Cvetanovic
Pavle has over 20 years of investment banking experience in
Southeast Europe and USA. Together with Milutin, Pavle founded
Hefestos, the largest investment banking firm in SEE that has
advised numerous transactions with cumulative value of over $11
billion. Pavle holds BA from Clark University.
Pavle Kavran
Milan has over 15 years of investment banking experience in
Southeast Europe. Key deals include advisory role on awarding
concession on Airport Nikola Tesla operations to Vinci Airports,
and the largest privatizations in the region. Milan holds BA from
University of Belgrade.
Milan Blazic
Zorka started her career as a researcher in the centre for
applied research, working on both academia and industry.
She currently runs Hefestos Research and analysis team
comprised of three people. Zorka holds BA from University
of Belgrade.
Zorka Radlovic
Aleksandar started his career as a broker. He has worked
for Metalfer Steel Mill where he started working in the
finance and sales sector. He’s a part of Hefestos Financial
Advisory team since 2017.
Aleksandar Kovacevic
CONTACT
Hefestos Capital d.o.o.
Zira Business Center, Cvijiceva 129, 11000 Belgrade, Serbia
+381 11 30 20 000
www.hefcap.com