Building bridges
in emerging markets

independent capital markets firm

Who we are

Named after the Greek god of fire and craftsmanship, we combine the passion to create value for our clients and investors with the care in designing and executing complex and industry defining transactions.

Established in 2001, we gather a large and experienced multinational team of professionals and senior advisors with deep knowledge of emerging European, Asian and African markets and track record in a wide array of industries, such as retail, oil & gas, FMCG, financial services, industrials and energy.

We provide our clients with tailor-made independent strategic advice and provide each and every one of them with full dedication.

In our principal investments we seek to create win-win situations for all stakeholders, insuring a spotless reputation as partner and counter-party of choice.

600 +
projects advised
since 2002
400 +
$ 22 bn+
in closed

Our networks

What we do

Beyond M&A processes we actively participate in principal investments in very diverse emergent market situations

Our advisory services cover five types of transactions:

M&A: buy-side or sell-side transactions
Joint-ventures & strategic alliances
Equity & debt raising
Special situations
Principal investments

We actively work with:

Public or private companies, including family-owned companies
Private Equity funds or PE-held companies
Family offices
Sovereign wealth funds

Clients and Partners


Milutin Nikolic, MBA

Milutin has over 25 years of investment banking experience in Europe, USA, Asia and Africa. 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.

Pavle Kavran

Pavle has over 20 years of investment banking experience in Southeast Europe, Middle East, Asia, USA and Africa.Together with Milutin, Pavle founded Hefestos, the largest investment banking firm in SEE that has advised numerous transactions with cumulative value of over $20 billion. Pavle holds BA from Clark University.


Belgrade, Serbia
Bulevar Zorana Đinđića 121
11070 Belgrade, Serbia
Vienna, Austria
Esslingasse 4,
1010 Wien, Austria
Dubai, UAE
Tower A OPUS Tower, Al Amal St Business Bay Dubai, UAE