corporate profile - hefcap.com corporate profile.pdf · corporate profile february 2020. 2 table of...

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





Slovenia

Active in M&A,

restructurings, public -

private partnerships,

industry analysis, macro

analysis and investment

management

North Macedonia





Montenegro





Croatia





Albania





Romania





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

http://www.simpo.co.yu/


13


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


14


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


Morgan Stanley

Tobacco

Serbia

Tobacco

Serbia

Privatization of DIN to

Phillip Morris

USD 635m

2003


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


http://www.mercator.si/trgovina/

http://www.mercator.si/trgovina/

15


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


Panonska Banka to Sanpaolo IMI

USD 176m

2006


Croatia

Acquisition of Splitska banka by OTP

Bank

Confidential

2006

Buy-side advisor to OTP bank

BANKING & INSURANCE

SECTOR

16


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


Niska Banka to OTP Bank

USD 20 m

2005


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


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


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


Hotels Hotels 2005

Post-transaction Advisory

2005

Valuation and M&A

Trade Construction 2005

Investment Advisory

2005

M&A

Banking and Insurance

Construction 2005


Trade 2004

M&A

Trade 2004


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

[email protected]

corporate profile - hefcap.com corporate profile.pdf · corporate profile february 2020. 2 table of...

Documents