Our team is a leading M&A, ECM, Investment and Corporate Finance Advisory House in Bulgaria and southeastern Europe (SEE). We are proud of our outstanding track-record of successfully closed transactions and advisory mandates of more than 25 years.

Our team of professionals has executed more transactions in Bulgaria than any other investment banking intermediary and corporate advisory practice.

With its experienced and qualified personnel, CIRCLE possesses the necessary capacity to provide services on complex projects, meeting the needs and standards of major local and international clients.

CIRCLE provides a powerful execution force with a strong local and industry specifics know-how.

Why CIRCLE


More than 25 years of proven excellence


Highly qualified and competent


Success driven and focused on results

Application of best international practices and standards


Strong execution power in Bulgaria and CEE


Exceptional local know-how and insight

Key Team Members

In our business, success and value-added is driven by personal know-how, competence and credibility. We are proud to have bundled these qualities in a team that joined forces 25 years ago, combining best international practices with local know-how and execution power.

Deian Stoyanov

Managing Partner

Mr. Stoyanov has studied at the Vienna University of Economics and Business Administration and holds a degree in Finance from the Southwestern University. Mr. Stoyanov is a Managing Partner at CIRCLE responsible of Mergers and Acquisitions Advisory Services. He has solid experience in the origination, management and execution of mergers and acquisitions advisory services and equity capital markets transactions in Bulgaria and SEE. Mr. Stoyanov has been involved in most of the large M&A / privatization deals in Bulgaria and various M&A transactions in CEE and Austria.

Boyanka Gugulyanova

Senior Associate

Boyanka Gugulyanova holds Ph.D. from the Humboldt University in Berlin, Germany and Master of Science degree in Psychology from the St. Petersburg University, Russia. She brings more than twenty years of advisory experience with broad background in privatization deals and M&A in Bulgaria. She is specialized in project and due-diligence structuring and co-ordination, data gathering and processing, research and transaction documentation preparation.

Christo Vanev

Director

Christo Vanev holds a Master’s degree in Nuclear Engineering from Sofia Technical University. His experience in the execution of M&A advisory services includes participation in most of the largest M&A / privatization deals in Bulgaria and the Balkan region. He has a comprehensive knowledge in advising utilities, telecoms, mining and hospitality and leisure companies. Christo is responsible for business development, project management and co-ordination, business analyses, data mining, strategy development and valuations.

Boris Drensky

Senior Associate

Boris Drensky holds a Master degree in Law from the Sofia University. He has participated in a number of landmark M&A / privatization transactions and investment projects in the Bulgarian energy, industry, telecom and banking sectors and possesses significant experience in research and data analysis, transaction process structuring, planning and execution, preparation of process-related documents and reports, due diligence structuring and co-ordination.