CBA was set up by several highly experienced cement industry professionals. Our Advisors have built their expertise both in industry with blue chip international and private cement companies and in the financial services and consulting sectors. All CBA senior team members are professionals with an average of over 25 years experience gained mainly in the cement sector and related industries. As a result, we are familiar with the nuances of the sector and need little time to familiarise ourselves with our client’s requirements.


Our advisors have held senior positions in several major cement producers including: Blue Circle Industries plc, HeidelbergCement, Holcim, Italcementi, Lafarge, LafargeHolcim and Votorantim. In addition, CBA’s advisors have worked for financial institutions such as: Credit Suisse, EBRD, Investec, Merrill Lynch and Unicredit. Finally, we have also spent time with major consulting firms such as: A.T. Kearney, Bain, McKinsey and Monitor.



Terry Pavlopoulos

Terry is the founder and Managing Partner of CBA. Terry has been an independent consultant in the global cement sector since 2008. During this time, he has advised senior managers with a number of cement producers in Europe, MENA, India, Africa and Latin America along with some very well established financial institutions. Previously, he had a successful career with a global cement company (Blue Circle Industries plc) where he was initially a member of the Group Strategy team and subsequently a senior manager of a vertically integrated cement subsidiary.


Before embarking on his independent career, Terry spent eight years at Credit Suisse Asset Management as a Buy Side analysts/fund manager, investing in the global cement and building materials sector. Terry’s selected client list includes the EBRD (European Bank for Reconstruction and Development) where he advises the Bank on all cement related projects.


Bruno Carre

Bruno has had an extensive career as an executive in various heavy industries. He was a regional director for Italcementi and HeldelbergCement spending time in Europe, United Sates and most recently in North Africa and the Middle East. In these positions, he had hands-on involvement in several M&A projects ranging in value from US$ 20 million to US$ 600 million. Bruno was involved in both the transaction process as well as the post – transaction integration initiatives. He led most of these transactions.


Bruno is a specialist of the highly complex markets of the Middle East and Africa where he spent most of his cement sector career. During his career in cement, he was also involved in trade and industry associations in various countries and thus understands well the organisational structures of such associations and the various lobbying methodologies. Bruno has an engineering degree complimented by an MBA.


Nikolas Delagrammatikas

Nikolas graduated from the London School of Economics in 2004 and spent the first 10 years of his career in Mergers and Acquisitions and Strategy Consulting based in London and New York.  He managed transactions and strategy projects in Europe, Africa, South East Asia and South America.


He has been based in Brazil since 2005, where he has been involved in construction and infrastructure projects in Rio de Janeiro, Sao Paulo, Argentina and Chile.  He is currently a partner in a private Telecommunications infrastructure company and also involved in investments in international cement related projects.


Michele Pennazio

Michele is an experienced strategist and M&A professional having spent many years in both major consulting organisations and industrial groups. He started his career with Unicem S.p.A. as assistant to the COO and after three years attended the M.B.A. program at S.D.A. Bocconi in Milan. After completing his M.B.A., he joined McKinsey & Co. and for the following 22 years worked on international strategy and operations improvement projects with major international firms (McKinsey, Bain, A.T. Kearney) up to Partner/Vice President role.


Michele subsequently joined the Italcementi Group as Head of Strategic Planning. He held this position until the end of 2016. Responsibilities there included Group strategy development, mergers & acquisitions & divestments, medium-long term business and financial projections and major CAPEX reviews. Served as Board member on various BoDs of ITC group companies, namely Italgen (renewable energy) – IBT SA (cementitious materials trading/terminals and solid fuels trading) – Cimar (Morocco) – Essroc (N. America) – ACC (Thailand). Michele holds a degree in Chemical Engineering from “Politecnico di Torino” and is a Certified Professional Engineer.

Alastair Stewart

Alastair has had a long and distinguished career as a Financial analyst in the City of London. He spent time in many major financial institutions including Dresdner Kleinwort Wasserstein, Investec, UniCredit and Canaccord Genuity. Alastair has always followed the construction, building materials and housing sectors concentrating on analysing and valuing quoted companies on both a regional and a global level.


His analytical expertise and his investment recommendations have a long record of accuracy and insightfulness. Alastair has also participated in the sector as a journalist contributing his thoughts to many sector related magazines and portals.


Colin M. Sutherland

Colin is an expert in the cement and related sectors of North America. Currently he is the President of SC Market Analytics LLC, a firm offering market forecasting, decision support and strategic consulting services to clients in the North American concrete, aggregates and cement sector. Colin is also a non-executive director of US Concrete Inc., a Readymix and Aggregates Nasdaq quoted company operating in the USA.


From May 2012 to October 2013, he was Vice President Commercial Strategy for Votorantim Cement North America, a leading producer of cement, aggregates and ready-mixed concrete in the Great Lakes region. From July 2010 to March 2011, he served as Special Corporate Development Advisor to the Chief Executive Officer of Armtec Infrastructure Inc., one of North America’s largest producers of pre-cast and pre-stressed concrete components and structures. Previously Mr. Sutherland served as the Executive Vice President of Catawba Resources Inc. from March 2007 to April 2010, and as the Vice President of Business Development, Integration & Strategy at Holcim (US) Inc. from August 2003 to February 2007. From October 2001 to July 2003, he served as the Paris-based Vice President, Cementitious Materials with Lafarge S.A. following a period as Group Integration Director for Blue Circle Industries PLC. Prior to that, he held the position of Director of Corporate Development for Blue Circle North America from September 1995 to January 2001.


Colin holds a Bachelor of Commerce degree from Queen’s University. He has also pursued graduate studies at the Wharton School of Business and lectured in Finance at Concordia University, Montreal in 1986-87.


Jon Woodhead

Jon Woodhead is a recognised expert in sustainability strategy, reporting and assurance, with over 20 years’ experience of sustainability and corporate responsibility management consulting. Jon’s recent clients include APP, Titan, Airbus, Coca Cola Enterprises, WBCSD and Belantara. He has worked at Board level with many of the above companies, advising on sustainability strategy development and integration with core business objectives. Prior to the acquisition of Two Tomorrows Group by DNV GL, Jon was one of the four founding Group Directors of the ground -breaking boutique consultancy, Two Tomorrows. Jon was responsible for the company’s European operations, where he led much of Two Tomorrows work on corporate social and environmental strategies, benchmarking, assurance, evolution of management and governance arrangements, and communication strategies.


Jon has an M.Sc. in Environmental Impact Assessment and began his career in the mid-1990s working with companies including British Airways and Unilever on global environmental reporting and assurance projects. After co-founding the consultancy CSR Network in 1999, Jon spent 10 years working with a range of multinational clients and other organisations on sustainability challenges, leading in 2009 to the formation of Two Tomorrows Group. In 2009 and 2010, he was recognised in the publication ‘Who’s Who’ as a Young Business Leader. Jon has been closely involved in the development of the Global Reporting Initiative Guidelines and has acted as a member of the judging panel for the UK Association of Chartered Certified Accountants’ Sustainability Reporting Awards.


For DNV GL, Jon was Regional Manager, Assessment Services, where he was responsible for P&L performance of teams of sustainability consultants in the UK, Norway, Sweden and Finland. In his role he led strategic advisory services on sustainability within DNV GL, and oversight of sustainability assurance. He is currently an independent consultant.


Mike Bridges

Mike has 25 years’ experience in the cement and construction industry. His expertise spans three diverse careers; Chemical Engineer, Business Development Manager and Equity Research Analyst. Following his career in industry, Mike was headhunted to join Dresdner Kleinwort Benson as a Vice President in Equity Research, covering pan European cement and construction stocks.


Whilst working for Dresdner Kleinwort, Mike obtained the CFA charter. In total Mike has worked for eleven years as an equity research analyst, including roles with Merrill Lynch and Societe Generale.


Ms Annette Brunige

Annette is a corporate business and strategic development professional, with significant experience in the international building materials sector.  She is experienced in formulating and implementing strategy at different levels within organisations. An effective project manager who has led a wide range of cross-functional projects, from broad strategic reviews and market studies to specific acquisitions and disposals across a breadth of geographic and corporate cultures.


Annette’s corporate career has included senior positions in blue chip companies such as Blue Circle Industries plc and BPB plc. As well as her native English, Annette is fluent in French and has also led a number of South American projects in Spanish.



Ms Claudia Stefanoiu

Claudia is the Head of Research at CBA – Cement Business Advisory Ltd.  She is also Head of Research at CemBR – Cement Business Research, a research and data provider in the global cement sector. Claudia has been a senior researcher and consultant in the cement and building materials industries for over a decade, accumulating extensive experience in producing off-the-shelf and bespoke reports for cement companies and financial institutions around the world. Claudia has also participated in several advisory projects in the cement sector supporting the advisory teams with extensive and meaningful research in the sector.


In the early years of her career, Claudia successfully worked in a major international market research group, where she gained a Green Belt Six Sigma certification. Claudia is also a distinguished keynote speaker at relevant conferences.


Dominic Pavlopoulos

Dom joined CBA as an Analyst in March 2017 whilst still following a degree course in Economics and International Development at the University of Leeds. Dom has already undertaken an intensive training programme which included visits to integrated cement plants and an intensive course at Ashridge College on Financial Foundations.


Dom has been instrumental in developing and launching CBA’s new initiative Cement Business Research where he has assumed roles in both sales and marketing and in research and analysis in the cement sector. In addition, Dom has participated in other projects including a pre-feasibility study of a Central Asian market and the evaluation of a cement related investment project. As such, Dom’s expertise is developing both around the macro-economic and geopolitical aspects that drive cement consumption including GDP growth scenarios and risk assessment of cement demand projections and valuation methodologies for cement related investments.

How we work

We work with senior managers shoulder to shoulder, speaking the same language, facilitating innovative thinking to deliver tangible results and manage risk.


Our Advisors are supported by our panel of Senior Industry Advisors. The members of this panel are seasoned professionals, well known in their field having occupied leading positions at both cement and financial organizations’. The members of the panel complement our team and help us keep our finger on the international business pulse. The members of the panel can bring their knowledge, expertise and advice to our assignments if required.


Giorgio Bodo

Giorgio has had an extensive career in cement, initially as the M&A Director for Italcementi and more recently as the CEO of Asec Cement. Giorgio was the instrumental force behind the development and delivery of Asec’s cement strategy which was founded as a start-up in the sector in response to high growing markets in the MENA region. Under Giorgio’s guidance Asec grew to 6.5 million tonnes controlled cement capacity in four years.


Giorgio’s stronger areas of expertise are Strategy & Implementation, Corporate Governance and New Projects Delivery. He is a member of the Italian Institute of International Affairs and during his career he has published two books and many articles on the subject of economics for which he has received several prizes. Giorgio is based in both Italy and Saudi Arabia.


Javed Hamid

Javed is a well-known figure in the investment community. Javed has had an extensive career within the International Finance Corporation (IFC) backed by World Bank.  During this time, he was a member of the nine-person management committee responsible for developing and implementing investment strategies for IFC’s East Asia and Pacific Region and was active in overseeing a number of cement projects.


Javed managed a $4 billion international investment portfolio and directed new investments of around $1 billion in 40 to 50 companies annually. He managed a staff of 400 in 18 countries including China, Indonesia, Vietnam, Thailand and the Philippines. A highlight was receiving the Long-Term Performance Award in 2005 & 2006 for the best investment portfolio in IFC. Javed’s stronger areas of expertise include Strategy & Implementation, Corporate Governance and New Projects Delivery.


Javed sits on a number of boards of private companies, financial institutions and business schools and he is a regular speaker on Asian matters. Javed is based in Washington DC, USA.


Dr. Howard Klee

Howard’s career began in the oil and gas industry where he worked with Chevron and Amoco-BP. During this time, he served in a number of executive and business functions, including strategic planning, business development, environmental affairs, and manufacturing.


Dr. Klee was Programme Director for The Cement Sustainability Initiative (CSI) from 2000 until 2011, part of the World Business Council for Sustainable Development (WBCSD). This is a significant “change management” programme for the cement sector and it has focused on reducing the sector’s environmental footprint and product impacts. This is a global programme with 24 of the largest cement producers from 16 countries taking part. He also managed the Tire Industry Project (TIP) within WBCSD from 2006 until 2011.


Howard has served on President Clinton’s Council on Sustainable Development, and as a director for the Foundation for Research on Economics and the Environment. He has held adjunct teaching positions at the University of California (Davis), the University of Michigan, and the University of Geneva. Howard is based in San Francisco, USA and Geneva, Switzerland.


Our network in the international cement and related communities (generalist consultants, engineers, technical consultants, legal experts, environmental experts and financial/funding institutions) is extensive and we can draw on these resources if necessary.

We have hands-on experience in working within and alongside prominent organisations within this community as well as galvanising and managing smaller specialist firms.


In achieving its mission CBA has also the full support of its subsidiary CemBR, a data and insights provider to the global cement sector.


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