At HCA Piotr Cygan specializes in energy and financial services sectors as well as being responsible for deal origination, transaction, strategic and restructuring advisory services.

Prior to becoming an HCA partner, Piotr Cygan was Chief Executive Officer at ITI Group where he was responsible for the redesign of the media group's Corporate Centre, implemented a Value Based Management and controlling system for all business units, as well as assessed the group's potential acquisitions and disposals.

Piotr Cygan commenced his 17 year career at McKinsey & Co. in the Düsseldorf office and later moved to the Berlin office. In the early 1990's he was responsible for founding and building the Warsaw office to its present level of over 50 consultants. Piotr was elected a first ever Polish Partner at McKinsey & Co. Whilst at McKinsey, Piotr Cygan as an expert in operational efficiency improvement, restructuring, post merger management and value enhancement advised leading Polish and international clients in a diverse range of sectors including Energy, Oil & Gas, Banking and Pharmaceuticals.

Piotr Cygan is a graduate of the Warsaw Technological University and the Ruhr-Universität Bochum (Germany).




At HCA Rafał Nowakowski specializes in deal origination, transaction structuring, corporate finance and investment advisory services. Rafał's special areas of expertise include complex private and public debt and equity raising transactions, M&A transactions, Corporate Finance and alternative asset management advisory.

Prior to becoming a co-founder and partner of HCA, Rafał Nowakowski was a Managing Director and Partner at Innova Capital, a leading Central European private equity firm. At Innova Capital, Rafał Nowakowski was responsible for deal origination, transaction closing, portfolio company development and exit transactions.

At West LB Group, Rafał Nowakowski was a member of the London and CEE Corporate Finance team where he originated and executed Corporate Finance, Private Equity and Capital Markets projects in both London and Warsaw.

Rafał Nowakowski commenced his career at Price Waterhouse Corporate Finance, where he worked on several cross-border M&A deals, financial and strategic advisory projects and financial restructuring and recovery projects.

Rafał Nowakowski holds an MSc in Economics from Poznań Academy of Economics, a certificate in Corporate Finance and European Law (ERASMUS) and is an INSEAD alumnus. In addition, he is a Securities Representative (SFA) and a certified accountant (ACCA UK).




At HCA Michał Kolasa specializes in Corporat Finance and M&A projects. He is also dealing with other types of transactions and advisory projects.

Prior to becoming a partner of HCA, Michał Kolasa was a Senior Manager at Concordia where he was responsible for leading various M&A and other types of financial advisory projects (private placements, feasibility studies, financial reviews, formulation and verification of business plans, valuations, etc.) and assistance to a number of domestic and foreign clients across various industrial and service sectors.

Before Michał Kolasa started to work at Concordia he was an Associate at Wood & Company where he was responsible for private placement projects (process management and analysis). Prior to Wood&Company Michał Kolasa worked as a Corporate Finance Senior Analyst at Price Waterhouse where he was involved in various M&A and other financial advisory projects (modeling / valuation / financial reviews).

Michał Kolasa is a graduate of the University of Alabama at Birmingham (USA) and MBA studies at the University of Chicago Graduate School of Business (USA).