about us


our history

History and development of Alfa Finance Holding

Alfa Finance Holding AD (AFH) began its history in 1999 when its three shareholders Ivo Prokopiev, Ivan Nenkov and Konstantin Nenov registered the company. The newly registered company became the owner of investment firm Bulbrokers OOD established three years earlier in 1996.

In the subsequent year of 2000, Alfa Finance Holding AD participated in the privatization and acquisition of a controlling stake of "Kaolin" AD. Over the following thirteen years, under the management of the Holding, "Kaolin" has grown from a small local manufacturer into a regional leader in the field of industrial minerals mining, having production facilities in four countries and sales in 36 countries in Europe, Asia and Africa.

Over the subsequent years, Alfa Finance Holding AD entered into various business sectors with the acquisition of key assets, establishment of new subsidiaries or sub-holding companies.

In 2005, the sub-holding “Landmark Holdings” was established (at that time, under the name "Alfa Developments”), which enabled “Alfa Finance Holding” AD to enter the real estate market. This Group’s line of business has seen significant expansion over the following years. In 2008, the company acquired 75% of the property portfolio of "Landmark", consisting of 23 premium properties in Bulgaria and Turkey, and built the largest portfolio of revenue-generating properties in the country.

In 2006, the majority package of the internet supplier "Spectrum Net" was acquired. Over the course of the following years, the company made significant investments and conducted a series of acquisitions, including the direct competitor "Orbitel", then owned by Deutsche Telekom. By 2010, "Spectrum Net" had become the largest alternative telecom and had its own network. In 2011, the company was acquired by “Telekom Austria” through its subsidiary "Mobiltel".

In the subsequent year of 2007, the financial business of "Alfa Finance Holding" was consolidated into a separate company - "Financia Group." Over the course of that year, several significant acquisitions were made by the Group. The holding incorporated "International Private Bank" JSC Skopje, which was subsequently rebranded as "Capital Bank", as well as the leading forex broker "STS Finance", which merged into "Bulbrokers".

In 2008, "Solarpro" was established. Subsequently, the company has grown and developed to the position of a leading cluster for photovoltaic energy, which offers the entire cycle of products and services in the sector - from design, through production of PV panels, delivery of components, construction of plants and facilities, monitoring and subsequent maintenance. In 2009, it opened the first production line for photovoltaic panels in the factory of "Solarpro" in Silistra, and at the end of the same year, the company was restructured into a separate sub-holding which would consolidate the RES business of "Alfa Finance Holding" – "Solarpro Holding". In 2010, the new holding company was listed on the Bulgarian Stock Exchange and became the first public company in the photovoltaic sector in Bulgaria. The main focus of "Solarpro Holding" is on providing EPC & OM (engineering, procurement and construction, as well as subsequent monitoring and maintenance) services for foreign investors. So far, the company can boast almost 100 MW of installed capacity in Bulgaria and the region.

Here are some of the most significant transactions, mergers and acquisitions of "Alfa Finance Holding" AD over the years:

  • 1994

    Capital Consult

    establishment of "Capital Consult" OOD

  • Bulbrokers

    establishment of the investment broker "Bulbrokers" AD


  • 1999

    Alfa Finance

    three of the founders of "Capital Consult" - Ivo Prokopiev, Konstantin Nenov and Ivan Nenkov - establish "Alfa Finance" AD

  • Holding

    "Alfa Finance" AD becomes a holding company


  • 2000


    privatization of "Kaolin" AD. "Alfa Finance Holding" acquires the controlling interest of the company. For eight years the company grows from an enterprise focused on mining of kaolin to a regional leader in the field of industrial minerals with operations in seven countries.

  • "Yugokaolin"

    first cross-border acquisition - "Yugokaolin" Serbia


  • 2005

    "Alfa Developments"

    establishment of "Alfa Developments" EAD

  • "Spectrum Net"

    acquisition of the majority stake of "Spectrum Net" AD


  • 2007

    "Dunavski Industrialen Park" AD

    consolidation of investments in logistics in "Dunavski Industrialen Park" AD

  • IPO Kaolin

    Initial Public Offering (IPO) of shares of "Kaolin" AD on the Bulgarian Stock Exchange. The conversion of "Kaolin" into a public company represents an important step in the development strategy of the holding.


  • 2007

    Plovdiv Airport

    acquisition of the majority stake (58.08%) of "Plovdiv Airport" AD

  • "International Private Bank"

    acquisition of "International Private Bank" JSC Skopje and subsequent rebranding to "Capital Bank" JSC Skopje


  • 2007

    "Financia Group"

    restructuring of financial services into "Financia Group" AD

  • "PKSP", Ukraine

    first investment in Ukraine - acquisition of a majority stake in "PKSP" by the group for industrial minerals


  • 2007


    the forex-market broker "STS Finance" AD merges into the investment broker "Bulbrokers" EAD


    "SOLARPRO" AD is established as subsidiary of "Kaolin" AD for the production of photovoltaic solar panels and plants


  • 2008


    acquisition of 75% of the portfolio of "Landmark", consisting of 23 properties (in Bulgaria and Turkey)

  • acquisition in Albania

    first acquisition in Albania by the "Kaolin" group


  • 2008


    acquisition of the Macedonian investment intermediary "Eurobroker"

  • HYPO Investmentbank AG Austria

    agreement on strategic cooperation in the financial sector with HYPO Investmentbank AG Austria


  • 2008

    "Capital Bank"

    First branch of "Capital Bank" outside Skopje, Strumica

  • factory "Solarpro" in Silistra

    launch of the first production line of the factory "Solarpro" in Silistra manufacturing solar panels


  • 2009

    official opening

    official opening of "Solarpro"'s solar panel factory near the town of Silistra

  • "Orbitel"

    acquisition of "Orbitel" by "Spectrum Net"


  • 2009

    "Solarpro Holding"

    "Alfa Finance Holding" restructures the RES business into a separate holding structure - "Solarpro Holding" AD

  • public company

    "Solarpro Holding" AD is registered as a public company and its shares are introduced for trading on the Bulgarian Stock Exchange - Sofia AD.


  • 2010

    factory for quartz sand enrichment

    "Kaolin" AD officially opens its factory for quartz sand enrichment in Ukraine

  • "Belorechki peshar"

    Kaolin acquires 100% of the company "Belorechki peshar" in Serbia


  • 2011

    "Spectrum Net"

    "Alfa Finance Holding" AD finalizes the acquisition of "Spectrum Net" AD by "Mobiltel" AD

  • strategic investor "Quarzwerke"

    the transaction for acquisition of all shares owned by "Alfa Finance Holding" AD in "Kaolin" AD is finalized. The buyer is the strategic investor "Quarzwerke" GmbH, Germany


  • 2015

    Broker Ins

    Alfa Finance Holding agreed to sell the majority share of its subsidiary Broker Ins. T. The deal is part of Alfa Finance Holding’s strategy for acquisition, development and sale of companies with potential in different business sectors.