2. 2
Company Presentation
About NECA
World-class advice in Southeast Europe
NECA’s founding partner Ken Lefkowitz, a US-trained economist,
moved to Sofia in 1995 to participate firsthand in southeast Europe’s
transition to a market economy. Helping to advance that transition, and
helping clients realize the resulting opportunities, remains NECA’s
primary focus today.
We seek out projects and transactions that impact the industrial and
economic landscape. We seek to connect capital and strategic partners
to the most capable entrepreneurs. We engage with entrepreneurs to
raise their games and advance their projects.
NECA’s ambition is to set the region’s standard for informed, effective
financial and strategic advice on M&A, capital-raising, project
development, and restructuring. We work to a global standard of
service and compliance, but navigate effectively the region’s many
operational hurdles.
NECA comprises a diverse team of professionals in 3 countries. We
mobilize expertise across the sectors relevant for the region, notably
energy, TMT, water/environment, mining/resources, transportation,
infrastructure, financial institutions, and FMCG/retail.
NECA leverages additional expertise and contacts through its
participation in the networks of EPIC (www.epicinvest.com), a Vienna-
based investment house, and Wyn River Ltd. (www.wynriver.com), a
niche advisory firm focused on improving business performance, as
well as through proprietary contacts with a range of independent
industry experts.
NECA Partners Ken Lefkowitz, Ivan Chorbadjiev, Mihai Mincu
(from left to right)
SOFIA
BUCHAREST
PRISHTINA
3. 3
Company Presentation
Team
Partner bios
KEN LEFKOWITZ, MANAGING PARTNER
Ken is an investment banker with a rich transaction experience including privatization/M&A advisory,
VC and private equity, asset management, and licensing tenders, with transaction volume in
Southeast Europe in excess of €210 million. One of his recent successful engagements is leading
the divestment of the electricity distribution assets of E.ON in Bulgaria. He joined EPIC Bulgaria (now
NECA) in 1997, having previously managed a boutique investment research firm. From 2000 to 2003
he served as Director of Nadejda Privatization Fund.
Ken has been working in Bulgaria since 1995, and covers also Romania, Albania, Macedonia and
Kosovo. He is a past President of the American Chamber of Commerce in Bulgaria and currently
serves on the Advisory Board of Bulgaria’s Institute for Market Economics.
IVAN CHORBADJIEV, PARTNER
Ivan is Partner and senior consultant on project development at NECA, with a focus on industrial
development, energy, and infrastructure. Prior to joining NECA, he served as head of RWE's
representative office in Sofia, with extensive involvement in the fields of energy, water, environment
and construction. His career includes also a number of senior management positions in Bulgarian
enterprises, including Technica and Isotimpex. Ivan has advised the Bulgarian government in the field
of foreign investments and for total 10 years served as trade representative of the Republic of
Bulgaria to Japan and Germany.
MIHAI MINCU, PARTNER ROMANIA
Mihai has more than 13 years of experience in financial advisory. In parallel with his role in NECA,
he is co-founder of Professional Capital, an independent advisory specialized in structured finance
for large infrastructure projects. Between 2008 and 2011, Mihai was Head of Business Development
at East European Activity Fund (EEAF), an industrial holding controlling one of the largest copper
mines and copper products manufacturer in the CEE, with consolidated revenues approximately
USD 400m per year.
Before joining EEAF, Mihai worked at EPIC as Senior Associate and Director in Bucharest office.
From 2007 to 2008, Mihai was Board of Directors member of a regional construction
materials holding and Supervisory Board member of the largest CATV and telecom operator in SEE
region, RCS-RDS. Mihai is a 1997 graduate in Business Administration of the Bucharest Academy
of Economic Studies.
4. 4
Services
From opportunity to impact
Mergers & Acquisitions
Target/buyer identification and selection
Sell-side documentation and process management
Financial modelling and valuation
Due diligence support and counterparty integrity/background checks
Strategic advice and negotiation support
Private Placements
Strategy articulation and business plan development
Identification of potential investors and pre-marketing
Transaction structuring and documentation
Investor due diligence facilitation
Negotiation support and closing
Regulatory Advisory
Analysis of economic regulation and outlook for future regulatory developments
Regulatory financial modelling
Management Consulting
Turnaround and restructuring
Interim management
Startups and industrial project development
Company Presentation
10. Advice on arranging senior debt for GMI's cross-border
buyout of Avel s.r.l., an Italian manufacturer of coil windings.
NECA assisted GMI with origination and advised on
transaction structuring.
NECA performed a screening of potential acquisition
targets in Bulgaria and led preliminary negotiations on behalf
of Teamnet, a leading Romanian software group.
Origination and target evaluation support to Bulgarian
financial holding Eurohold in a bid for a Fiat dealership in
Bucharest, Romania.
NECA acted as a buy-side advisor to Demax Holograms on
the buyout of property, plant and equipment from Kodak
Graphic Communications Bulgaria.
10
NECA Credentials
Buy-side M&A
Mandates - last 5 years (1/2)
2013
2016
2015
CONFIDENTIAL
NECA advised a Bulgarian developer on a local
acquisition, effectively securing a grid connection for up to
80 MW of wind generation capacity to the electricity
transmission grid.
2014
2015
Support to Entrée Gold, Inc. in the preliminary evaluation of
a copper-gold mine in Romania.
2013
11. Origination and target evaluation support to E.ON AG
regarding the contemplated acquisition of a 110MW
hydropwer project in Turkey.
11
NECA Credentials
Buy-side M&A
Mandates - last 5 years (2/2)
2012
Financial and strategic advice to a private equity
consortium in the privatization tender for 75% (seventy five
percent) of shares of Post and Telecommunications of
Kosovo J.S.C. The consortium attempted Kosovo’s first-
ever leveraged buyout.
2012-
2013
NECA acted as a buy-side advisor to Clean Energy
Transition Fund for the buyout of a 5MW solar power
project in Bulgaria. NECA advised on country strategy,
target selection, and structuring.
2012 CETF
12. Strategic partner search for Eurobent Ltd., developer of a
bentonite deposit in Bulgaria.
Review of strategic options and preliminary market
sounding for German utility EnBW with respect to
divestment of its electricity distribution, supply, and
generation assets in Hungary in the context of adverse
policy developments.
Sell-side advisory to Transenergo s.r.l. regarding the
contemplated divestment of the 6MW River Topolog mini-
hydro cascade in Romania. The prospective buyer
attempted to implement a leveraged buyout structure.
NECA Credentials
Sell-side M&A
Mandates – last 5 years (1/2)
12
Structured sale process for the Bulgarian subsidiary of
German metal recycler Scholz Group.
Strategic partner search for limestone aggregates producer
Makalb
2014-
2016
2015
2015
2013
Eurobent Ltd.
2013-
2014
13. NECA Credentials
Sell-side M&A
Mandates – last 5 years (2/2)
NECA and EPIC jointly acted as exclusive adviser to a
development JV between CCC Construction and Alejo
Holdings on the sale of a wind project with a capacity of
several hundred megawatts. The advisors ran a structured
sale process for the project.
13
Strategic partner search on behalf of the owners of NTP
Metal-Kos, a non-operational battery recycling facility
located in the industrial zone of Mitrovitsa, Kosovo.
NTP Metal-Kos
EPIC and NECA jointly acted as financial and strategic
advisors to E.ON AG on the successful divestment of E.ON's
100% equity interest in its Bulgarian electricity distribution
and supply business, E.ON Bulgaria EAD, to Energo-Pro
a.s. of the Czech Republic in a leveraged buyout structure.
2013
2012
2011-
2012
2012
Sell-side advisory to Elektra Invest regarding an 8MW
operating wind farm and 10MW ready-to-build wind project
in Romania.
Elektra Invest
14. NECA and EPIC advised Swiss family office NWCS AG on
the business plan and startup debt and equity financing for a
4G data operator rollout in Southeast Europe.
Financial planning, valuation, and JV structuring for TUBOR,
a startup manufacturer of innovative PVC pipes under license
from Molecor Empresias.
14
NECA Credentials
Private Placements
Mandates – last 5 years
2013
Successfully advised wind farm developer Varna Green
Energy on securing an angel co-investor for procurement
and installation of a 0.6MW wind turbine.
NECA advised on arranging equity for a waste incineration
facility in Romania.
Perfect Metal
NECA advised NetIX Communications, a startup European
Internet exchange, on its strategy and business plan for
international expansion, and advised on a Series A venture
capital round.
2015-
2016
NWCS AG
NECA is advising a Bulgarian wind farm developer on
structuring offtake and construction financing, as well as
valuation, for a 12MW merchant wind farm.
CONFIDENTIAL2014-
2016
2014
2012
2014
2011
Mandate to arrange $100 mil. senior/mezzanine refinancing
for Romanian independent gas producer Stratum LLC.
15. 15
Contacts
Contact Information
NECA
New Europe Corporate Advisory Ltd.
www.necadvisory.com
Ken Lefkowitz
Partner
+359 888 637-053
ken.lefkowitz@necadvisory.com
Ivan Chorbadjiev
Partner
+359 888 457-036
ivan.chorbadjiev@necadvisory.com
Mihai Mincu
Partner Romania
+40 722 896-153
mihai.mincu@necadvisory.com
