Advent International
Global private equity investment firm
Boston MA

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Review

Overall Rank: 32
Category: Mid/Large Cap Growth
Category Rank: 15

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Profile

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 415 private equity investments across 43 countries, and as of September 30, 2023, had $91 billion in assets under management. With 14 offices in 12 countries, Advent has established a globally integrated team of over 295 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business & financial services, healthcare, industrial, retail, consumer & leisure and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.


Awards

2023 Top Growth Equity Firms

2023 Top 40 Under 40 Growth Investors, Douglas Hallstrom

2019 Top 25 Software Investors, Eric Wei

Key People

James Brocklebank, Managing Partner

James joined Advent International in 1997 and co-heads Advent in Europe. Based in London, he has worked on 20 Advent investments, with a particular focus on business and financial services. He currently serves as a board member of several Advent portfolio companies, including Tag, V.Group and Williams Lea.

John Maldonado, Managing Partner

John has worked at Advent International since 2006 and has made substantial contributions by sourcing and executing investments in the healthcare and tech spaces. Having worked on 27 investments over the course of his private equity career, John is a high-achieving investor with exceptional strategic acumen, profound industry knowledge and strong leadership. He currently serves as a Director of AccentCare, Iodine Software, RxBenefits and Simtra BioPharma Solutions. He has played an instrumental role in Advent Leadership Academy, a program in collaboration with Harvard Business School that provides executives from companies across Advent’s North American, European and Latin American portfolio with the chance to participate in a 13-week tailored executive education program. He is also an active member and Director of the Health Care Private Equity Association.

Ron Ayles, Managing Partner

Ron joined Advent International in London in 2005 and joined the Advent team in Germany in 2007. Based in Frankfurt, he is responsible for Advent’s global chemicals and materials practice. He has advised on 16 investments during his career, 13 at Advent, including, Envalior, Caldic, Donte Group (formerly Vitaldent), Faerch Plast, MAXAM, Oxea, Röhm and VIAKEM.

Chris Egan, Managing Partner

Chris joined Advent International in 2000 and is focused on buyout and growth equity investments in the business and financial services sector. Chris has worked on 22 Advent investments, including Aditya Birla Capital, Cetip, Definitive Healthcare, EBANX, LifeMiles, NielsenIQ, Prisma Medios de Pagos S.A. and Xplor Technologies (formerly Clearent and Transaction Services Group). He also currently serves on the boards of Ansira Holdings, Inc., CCC Intelligent Solutions, Definitive Healthcare, NielsenIQ and Xplor Technologies.

Patrice Etlin, Managing Partner

Patrice joined Advent International in 1997 and launched the firm’s investment operations in Brazil. Based in São Paulo, he helps oversee the firm’s strategic direction and investment activities, with a particular focus on Latin America. Patrice has worked on 26 Advent investments, including Caldic, GrupoBIG (formerly Walmart Brazil), Grupo CRM, International Meal Company, Merama, Terminal de Contêineres de Paranaguá (TCP) and Tigre. He also currently serves on the boards of Allied, Cataratas do Iguaçu, CI&T, Grupo BIG (formerly Walmart Brazil Group) and Tigre.

Tricia Glynn, Managing Partner

Tricia joined Advent International in 2016 and currently leads the firm’s buyouts and growth equity investments in the retail, consumer and leisure sectors. Tricia has helped lead 20 investments over her career, nine while at Advent, including Zimmerman, lululemon, McAfee, Olaplex and Orveon (created and launched by Advent), Bojangles’, First Watch Restaurants and Grupo BIG (formerly Walmart Brazil Group). Tricia co-leads Advent’s Global DEI Committee to promote DEI across the firm, its boards, portfolio companies and advisors and helps to recruit and develop a new, diverse generation of talent.

Shweta Jalan, Managing Partner

Shweta has worked at Advent International since 2009 and has been a private equity investor for over two decades. Based in Mumbai, she currently serves as the head of Advent’s India operations. Shweta has played an instrumental role in driving the firm’s growth in the region and was the first woman to be appointed to the Managing Partner role. Shweta is a seasoned investor with a successful, two-decade track record of sourcing and negotiating transactions, as well as managing portfolio companies and advising on the management and successful exiting of investments.

Jan Janshen, Managing Partner

Jan joined Advent International in 2000 and co-heads Advent in Europe. Based in London, he has advised on 26 Advent investments, including Ammeraal Beltech, Corialis, IRCA, Maxar Technologies, Mediq, Ultra Electronics, Unit4 and YES Bank. He previously served on the boards of Ammeraal Beltech, Brammer Limited, IDEMIA, Laird and Rubix.

Shonnel Malani, Managing Partner

Shonnel joined Advent International in 2011, is focused on buyouts in the industrial sector and leads Advent’s global aerospace and defense practice. Based in London, he has worked on Advent’s investments in Ammeraal Beltech, Cobham, Domestic & General, Laird Limited, Maxar Technologies, Nets, Rubix (formerly known as IPH-Brammer) and Ultra Electronics. He currently serves on the boards of Cobham, Laird Limited, Rubix and Ultra Electronics.

David Mussafer, Chairman and Managing Partner

With over 30 years of investment experience at Advent International, David has led more than 35 investments across a range of industries, including financial services, healthcare and consumer sectors, and currently serves on the boards of lululemon (Lead Director) and Olaplex. A renowned private equity executive, Forbes has described Mussafer as “one of Wall Street’s great corporate turnaround gurus.” He serves as Chair-elect of the Board of Trustees at Tulane University and is a member of The Business Roundtable.

Jeff Paduch, Managing Partner

Jeff joined Advent International in 2002, moving to the London office in 2005. He recently rejoined the firm’s Boston office after a 19-year career in Europe, where he was responsible for coordinating the firm’s efforts in the business and financial services and technology sectors in the region. He continues to focus on global investments in payments, software, financial services/technology and business services and has worked on 26 Advent investments, including EBANX, MangoPay, Medius, myPOS, Nets, Planet, WorldPay and Xplor Technologies. He currently serves on the boards of Aareon, MangoPay, Nexi, Planet, Thredd (formerly Global Processing Services) and Xplor Technologies.

Ranjan Sen, Managing Partner

Ranjan joined Advent International in 2003 and acts as an advisor in the German-speaking region, focused on the healthcare, industrial and retail sectors. Based in Frankfurt, he has worked on 24 Advent investments, including Caldic, Casa Reha, Douglas Holding, Eureka Forbes, Parfums de Marly & INITIO, Vinnolit, Wagas and Zimmermann.

Bryan Taylor, Managing Partner and Head of Advent

Bryan joined Advent International in 2019 and has been investing in the technology sector for nearly two decades, based in Palo Alto. Over the course of his career, he has led or participated in over 30 investments across a range of deal sizes, from later-stage growth equity to large-scale buyouts, 15 of which have been at Advent, including BigID, Big Panda, Ebanx, Definitive Healthcare, Forescout Technologies, McAfee, Salt Security and Wiz.

Juan Pablo Zucchini, Managing Partner

Juan Pablo joined Advent International in 1996. Based in São Paulo, he focuses on investments in the business services industry. Juan Pablo has worked on 20 Advent investments, including EBANX, Grupo Fleury S.A., Grupo Biotoscana, Grupo Farmaceutico Somar, Laboratorio LKM, Neoris, Prisma Medios de Pagos S.A. and Sophos Solutions.

Funds Raised

Advent International employs a long-established strategy of operationally intensive, sector-focused investing across North America, Latin America, Europe and Asia. The firm seeks to invest in well-positioned companies with operational and strategic improvement potential and partners with management teams to create sustainable value through revenue and earnings growth. The firm focuses its investments in five sectors: business & financial services, healthcare, industrial, retail, consumer & leisure and technology. The firm currently manages three private equity investment programs focused on established and developing markets around the world: Global Private Equity (GPE), investing in North America, Europe and selected markets globally including Asia; Advent Global Technology (Advent Tech), a technology-focused companion fund to the GPE program; and Latin American Private Equity Fund (LAPEF), investing across Latin America.

The breadth and depth of Advent’s capabilities have given the firm flexibility to invest in 420 private equity investments, including deals ranging from all-equity and leveraged buyouts to growth equity investments, public-to-private transactions and recapitalizations. Depending on the fund Advent is deploying, the firm invests anywhere from $50 million to $2 billion of equity in companies with enterprise values of $50 million to $5 billion and above.

Fund Name Size Date
Global Private Equity X $25 billion May 2022
Advent Tech II $4 billion December 2021
Latin American Private Equity Fund VII $2 billion September 2020
Advent Tech $2 billion September 2019
Global Private Equity IX $17.5 billion June 2019
Global Private Equity VIII $13 billion March 2016
Advent Latin American Private Equity Fund VI $2.1 billion November 2014

Key Investments

myPOS: Invested in 2024 (Buyout)
Sector: Financial Technology

myPOS is an innovative fintech company serving small and medium-sized business clients across the European Economic Area and Switzerland. It provides easy and convenient in-store, online and on-the-go payment solutions for over 130,000 businesses in over 30 European countries.

Globus Events: Invested in 2024 (Buyout)
Sector: Exhibitions and Conferences

Globus Events hosts over 20 branded exhibitions and conferences each year with a total exhibition area of over 1,000,000 square meters, facilitating Chinese market entry directives with international exhibition organizers.

ZIMMERMANN: Invested in 2023 (Buyout)
Sector: Fashion/Apparel

ZIMMERMANN is an iconic Australian luxury fashion brand that stays true to its original vision: sophisticated femininity, a passion for detail and a love of color and print. ZIMMERMANN maintains a collection of 58 standalone stores across Australia, the US, UK, Europe and China that reflect the brand’s modern and optimistic aesthetic.

Baxter BioPharma Solutions (NKA Simtra BioPharma Solutions): Invested in 2023 (Carve-out)
Sector: Medical Technology

Simtra BioPharma Solutions is a leading provider of sterile contract manufacturing solutions, parenteral delivery systems and customized support services to the pharmaceutical and biotech industries.

Suven Pharmaceuticals: Invested in 2023
Sector: Pharmaceuticals

Suven Pharmaceuticals is a leader in India’s pharma CDMO space. Suven does ~90% of its business with innovators and follows the customer from Phase 1 to commercialization.

Parfums de Marly and INITIO Parfums Privés: Invested in 2023 (Buyout)
Sector: Fragrances

INITIO Parfums Privés was born in 2015, out of the desire to restore the greatness of perfume and initiate the power of scent through singular, emotional and functional fragrance. Parfums de Marly, founded by Julien Sprecher, encapsulates the temporal duality of heritage and modernity, with a focus on authentic and quality perfumery that honors French perfumery savoir-faire.

Aareal Bank: Invested in 2023 (Public-to-private)
Sector: Financial Services

Aareal Bank is one of the leading international specialist property banks, represented in Europe, North America and Asia/Pacific. Aareal Bank facilitates property investments for its domestic and international clients and offers services for clients in the housing and commercial property industries, as well as for the energy and waste disposal markets.

Maxar Technologies: Invested in 2023 (Public-to-private)
Sector: Geospatial intelligence and space solutions

Maxar Technologies is a provider of comprehensive space solutions and secure, precise, geospatial intelligence. The company delivers disruptive value to government and commercial customers to help them monitor, understand, and navigate the planet; deliver global broadband communications; and explore and advance the use of space.

Envalior: Invested in 2023 (Growth equity)
Sector: Engineering

Envalior, launched in 2023, is a leading global engineering materials solution provider. It is the combination of two highly complementary industry leaders in engineering materials—DSM Engineering Materials (DEM) and LANXESS High Performance Materials (HPM). Envalior focuses its deep material and application expertise on sustainable high-performance solutions and supplies many of the world’s key markets including automotive and new mobility, electronics and electrical, and consumer goods.

LBS Hygiene: Invested in 2023
Sector: Pest Control

LBS Hygiene is a pest control and hygiene solutions company with services such as digital IoT pest monitoring, air purification and desludging services. As Greater China’s leading pest control company, LBS meets the needs of a wide range of customers in Greater China and the broader region and is the go-to vendor for partners in food services, retail, hospitality, manufacturing and other end markets.

Capital Responsibility

Advent’s investment philosophy is centered around building and positioning companies for long-term success. Advent believes that integrating thoughtful management of ESG risks and opportunities throughout each stage of the investment process helps to protect and enhance reputation and financial performance and create stronger, more valuable companies.

Regional expertise within five core sectors provides Advent a global perspective on innovative strategies across geographies and industries, enabling it to source compelling investments. Taking a longer-term view allows the firm to position its portfolio companies to be more resilient and to benefit from sustainability megatrends. 

Advent actively engages with its portfolio companies in developing sustainability strategies and provides them with resources to achieve their goals. Advent implements assessments and data management tools that help the firm and its portfolio companies track, monitor and measure performance around critical ESG metrics, including climate. Regardless of how advanced in the process its portfolio companies are, Advent offers tailored support to help senior management teams develop and take forward their sustainability approaches, including climate plans. For instance, Advent’s proprietary Decarbonization Playbook provides a step-by-step guide to the decarbonization process, taking into account sector-specific considerations. 

As a signatory to the UN-backed Principles for Responsible Investment, Advent is committed to transparency in how it considers and integrates environmental, social and governance topics in its investment process, where consistent with its fiduciary responsibilities.

At the industry level, Advent helps shape the conversation around ESG, chairing the global Private Equity Task Force of the Sustainable Markets Initiative (PESMIT). Advent, together with HarbourVest and with the support of Bain & Co, led the development of the Private Markets Decarbonization Roadmap (PMDR) with input from more than 250 GPs, LPs and ecosystem players. The PMDR provides a common language that enables private equity firms to disclose their assets’ decarbonization evolution. It recognizes firms’ early-stage progress and builds on existing frameworks, giving firms the flexibility they need to decide what and how to disclose.

CEO Reviews

Otto von Sothen, CEO of Tigre

“We had a deeply shared vision with Advent, which is to be the leader in water and wastewater treatment and conduction systems across the Americas. What I think Advent really brought is how to accelerate the achievement of that goal.”

Scott Hardy, CEO of Conservice

“Advent really has worked with us to build for long-term value, and really building a business that delivers for our clients, not just as an industry leader, but as an industry innovator.”

Jay Vijayan, Founder and CEO of Tekion

“The Advent partnership has been great for Tekion. The alignment was very strong. We really appreciate the fact that Advent identified us before we started truly scaling.