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Advent International
Type Private Ownership
Founded 1984
Headquarters Flag of the United States.svg Boston, Massachusetts
Industry Private Equity
Products Private equity funds, Leveraged buyouts
Total assets $24 billion
Website www.adventinternational.com

Advent International is a global private equity firm focused on leveraged buyouts of middle market growth companies in Western and Central Europe, North America, Latin America and Asia. The firm focuses on international buyouts, strategic restructuring opportunities and growth buyouts in five core sectors.

Since its inception in 1984, Advent has raised $24 billion (€18 billion) in private equity capital and, through its buyout programs, has completed more than 250 transactions valued at over $40 billion (€27 billion) in 40 countries.

Advent operates from offices in 15 countries, with affiliates in a further eight countries and employs over 140 investment professionals.

Contents

History

History of private equity
and venture capital
Objectivist.jpg

Early History
(Origins of modern private equity)

The 1980s
(LBO boom)

The 1990s
(LBO bust and the VC bubble)

The 2000s
(Dot-com bubble to the Credit crunch)

  

Advent was originally founded in Boston, Massachusetts as a spin-out from TA Associates by Peter Brooke. Brooke had founded TA Associates in 1968 after having expanded the venture capital operations of TA's parent Tucker Anthony & R.L. In 1985, Advent raised its first fund a $14m corporate venture capital program for Nabisco. In 1987, the firm raised the $225 million International Network Fund, its first institutional private equity fund. The firm raised its first European fund in 1989, the $231 million European Special Situations Fund and opened its London office.

Advent continued its expansion in the 1990s, opening offices in Frankfurt and Milan and merging with UK-based Trinity Capital Partners. In 1994, Advent completed fundraising for the first of its flagship series of funds Advent Global Private Equity (GPE) II with $415 million. In 1996, Advent expanded into Latin America raising a dedicated Advent Latin American Private Equity Fund and opening offices in Buenos Aires, Mexico City, and Sao Paulo.

Advent crossed the billion dollar mark in 1997, with the raising of the $1.2 billion Advent Global Private Equity (GPE) III and in the last few years of the 1990s, Advent raised additional sector funds focused on media and communications as well as healthcare & life sciences. Advent's founder, Peter Brooke, stepped down as the firm's CEO in 1996.

Through the 2000s, Advent's expansion accelerated as the firm raised additional funds for its various fund families and opening new offices in Europe and Asia. Advent's sixth Global Private Equity fund, raised in 2008 closed with €6.6 billion of investor commitments and the firm raised an additiona €1 billion for investments in central Europe.[1][2]

Investments

Advent acquired the British variety store chain Poundland in 2002 and has investments in the Fat Face clothing brand and extended warranty firm Domestic & General.[3]

Advent bought a majority ownership of Bradco Supply, a leading distributor of building products in 2008.[4]

Advent has acquired a number of companies in Central and Eastern Europe through its dedicated sector funds. These include Romanian Ceramica IASI, one of Romania’s leading ceramic bricks and clay roof tiles producers, Bolix, a leading Polish producer of building chemistry, Dufa Deutek, Romania’s largest decorative paints producer, and LaborMed Pharma, manufactures and distributes generic pharmaceuticals primarily for cardiovascular and central nervous system aliments.[5].

In March 2009, Advent completed the acquisition of a controlling interest in Fifth Third Processing Solutions, the payment processing business of Fifth Third Bank in a $2.35 billion transaction. The transaction represented one of the largest private equity transations completed in 2009 amidst the Financial crisis of 2007–2010.[6]

References

  1. ^ Advent closes €6.6bn upper mid-market buy-out fund. AltAssets, Apr 7, 2008.
  2. ^ Advent closes fourth CEE fund on €1bn hard cap. AltAssets, Apr 17, 2008
  3. ^ Julia Finch, 'How one-price-fits-all is making this man Britain's most cheerful retailer' (6.12.2008) The Guardian
  4. ^ Venture Capital Firm Buys Bradco Supply. PROSALES Information Service Publication date: July 15, 2008
  5. ^ "Advent International investents in Central and Eastern Europe". Investment Intelligence s.r.o. http://www.invest-iq.com/Advent-International. Retrieved 2009-07-20.  
  6. ^ Fifth Third to Sell 51% Stake in Its Payment Unit to Advent. Wall Street Journal, March 30, 2009

External links

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