Advent International

{{History of private equity and venture capital}}

Advent is a Boston, Massachusetts spin-out from TA Associates by Peter Brooke.{{Cite web |last=Gara |first=Antoine |title=Meet Private Equity's Quiet Corporate Turnaround Artist |url=https://www.forbes.com/sites/antoinegara/2021/09/27/meet-private-equitys-quiet-corporate-turnaround-artist/ |access-date=February 26, 2023 |website=Forbes |language=en}} Brooke had founded TA Associates in 1968, after having expanded the venture capital operations of TA's parent Tucker Anthony & R.L. Day. In 1985, Advent raised its first fund – a $14 million 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, with 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 São 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 and life sciences. Advent's founder, Peter Brooke, stepped down as the firm's CEO in 1996, but remained active as the company's chairman.{{Cite web|title=Peter Brooke |url=http://www.brookepea.com/overview/bio/peter-brooke/ |website=brookepea.com |access-date=October 1, 2015 |url-status=dead |archive-url=https://web.archive.org/web/20151002144305/http://www.brookepea.com/overview/bio/peter-brooke/ |archive-date=October 2, 2015 }}

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 additional €1 billion for investments in central Europe.[http://www.altassets.com/private-equity-features/by-author-organisation/article/nz13069.html Advent closes €6.6bn upper mid-market buy-out fund] {{webarchive |url=https://web.archive.org/web/20090903111217/http://www.altassets.com/private-equity-features/by-author-organisation/article/nz13069.html |date=September 3, 2009 }}. AltAssets, April 7, 2008.[http://www.altassets.com/private-equity-news/article/nz13172.html Advent closes fourth CEE fund on €1bn hard cap] {{webarchive |url=https://web.archive.org/web/20090903111229/http://www.altassets.com/private-equity-news/article/nz13172.html |date=September 3, 2009 }}. AltAssets, April 17, 2008

In April 2010, Advent created a $1.65 billion buyout fund to invest in Latin America. It was the largest private equity fund in Latin America ever.{{Cite web |last=이데일리 |date=2010-04-19 |title="이머징 사모펀드 유입액 2배로 늘듯" |url=https://www.edaily.co.kr/News/Read?newsId=01708886592937760&mediaCodeNo=257&OutLnkChk=Y |access-date=2025-01-10 |website=이데일리 |language=ko}}

In March 2016, Advent raised its eighth global private equity fund with $13 billion of investor commitments.{{cite web|last1=Langworth|first1=Hannah|title=Real Deals|url=http://realdeals.eu.com/article/50477-advent-closes-new-fund-at-13bn-|access-date=March 22, 2016}}

Advent began to invest in Poland in 1995. In total, they have made 13 investments in Poland across multiple sectors, including construction materials, food and beverages, financial services, rail equipment, construction chemicals and the cable industry.{{Cite web|url=http://www.adventinternational.com/globalpresence/CentralEurope/poland/Pages/Poland.aspx|archive-url=https://web.archive.org/web/20130718132930/http://www.adventinternational.com/globalpresence/CentralEurope/poland/Pages/Poland.aspx|url-status= dead|title=Advent International Homepage|archive-date=July 18, 2013}}

It acquired the British variety store chain Poundland in 2002, and has investments in the Fat Face clothing brand and extended warranty firm Domestic & General.Julia Finch, 'How one-price-fits-all is making this man Britain's most cheerful retailer' (6.12.2008) The Guardian

In 2004, Advent-owned fund Viva Ventures bought the Bulgarian state-owned telecoms monopoly Bulgarian Telecommunications Company (now Vivacom). The company was sold to AIG in 2007.

In 2005, founder of lululemon athletica Chip Wilson partnered with Advent and Highland Capital Partners to sell a 48% minority stake in lululemon athletica.{{cite web|url=http://www.adventinternational.com/InvestmentData/Pages/lululemon%20athletica_English.aspx |title=Advent International |access-date=August 20, 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140814123120/http://www.adventinternational.com/INVESTMENTDATA/Pages/lululemon%20athletica_English.aspx |archive-date=August 14, 2014 }}

Advent bought a majority ownership of Bradco Supply, a leading distributor of building products in 2008.[http://www.prosalesmagazine.com/industry-news.asp?sectionID=1883&articleID=738834 Venture Capital Firm Buys Bradco Supply] {{Webarchive|url=https://web.archive.org/web/20090903120352/http://www.prosalesmagazine.com/industry-news.asp?sectionID=1883&articleID=738834 |date=September 3, 2009 }}. PROSALES Information Service Publication date: July 15, 2008

It has acquired a number of companies in Central and Eastern Europe through its dedicated regional funds. These include Romanian Ceramica IASI, one of Romania’s leading ceramic bricks and clay roof tiles producers, Bolix, a leading Polish producer of construction chemicals, Dufa Deutek, Romania’s largest decorative paints producer, and LaborMed Pharma, which manufactures and distributes generic pharmaceuticals primarily for cardiovascular and central nervous system ailments.{{cite web

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In 2007, its Asia affiliate Seavi Advent led the restructuring of Yangzijiang Shipbuilding, one of China's largest privately owned shipbuilders, and successfully listed the company on the Singapore Exchange; making it one of the largest IPOs by a foreign company in Singapore.[https://www.reuters.com/article/idUSSIN27107120070418 Yangzijiang shares soar up to 45 pct in S'pore debut]. Reuters News, April 17, 2007

In March 2009, Advent announced 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 transactions completed in 2009, amidst the 2008 financial crisis.[https://www.wsj.com/articles/SB123837756506468277 Fifth Third to Sell 51% Stake in Its Payment Unit to Advent]. Wall Street Journal, March 30, 2009 The deal was completed in June 2009.

In November 2009, it announced a public tender offer to acquire 100% of Wydawnictwa Szkolne i Pedagogiczne S.A. (WSiP), the largest Polish educational publisher.[http://www.adventinternational.com/news/pressreleases/Pages/Pressrelease_20091106_EN.aspx Advent Press Release] {{webarchive |url=https://web.archive.org/web/20101207041217/http://www.adventinternational.com/news/pressreleases/Pages/Pressrelease_20091106_EN.aspx |date=December 7, 2010 }}. November 6, 2009

In April 2010, it took over the company DFS in the United Kingdom.{{Cite news|url=http://news.bbc.co.uk/2/hi/business/8638981.stm|title=DFS sold to private equity firm|date=April 23, 2010|via=news.bbc.co.uk}} In August 2010, Advent International was credited with spawning the takeover of Mexicana Airlines by an outside investor group. Advent International has no equity investment stakes in the takeover according to published sources.[https://www.reuters.com/article/idUSN2117726720100821 "CORRECTED - UPDATE 1-Mexican group buys stake in airline Mexicana-Advent"], Reuters, August 21, 2010, retrieved February 26, 2014

In 2011, it acquired Mondo Minerals, the second largest global talc producer{{Cite web|date=July 6, 2011|title=RLPC-Advent lines up loans for Mondo Minerals LBO-bankers|url=http://uk.reuters.com/article/advent-loans-idUKL6E7I61OQ20110706|url-status=dead|archive-url=https://web.archive.org/web/20131212235120/http://uk.reuters.com/article/2011/07/06/advent-loans-idUKL6E7I61OQ20110706|archive-date=December 12, 2013|website=Reuters}} and British mental health care provider, Priory Group,{{cite news |title=Advent buys The Priory for £925m |url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/privateequity/8266597/Advent-buys-The-Priory-for-925m.html |newspaper=The Daily Telegraph |date=January 18, 2011 |access-date=May 27, 2012}} best known for providing mental health treatments to celebrities{{cite news |title=The Priory offers counselling to pupils |url=https://www.telegraph.co.uk/education/6173765/The-Priory-offers-counselling-to-pupils.html |newspaper=The Daily Telegraph |date=September 11, 2009 |access-date=May 26, 2012}} such as Eric Clapton{{cite news |title=The Priory: facts and figures |url=https://www.theguardian.com/lifeandstyle/2007/apr/15/healthandwellbeing.features4 |newspaper=The Observer |date=April 15, 2007 |access-date=May 27, 2012}} and Johnny Depp.{{cite news |title=The celebrity guide to detox: Pass out, check in, and dry out |url=https://www.independent.co.uk/life-style/health-and-families/health-news/the-celebrity-guide-to-detox-pass-out-check-in-and-dry-out-431006.html |archive-url=https://web.archive.org/web/20100104223819/http://www.independent.co.uk/life-style/health-and-families/health-news/the-celebrity-guide-to-detox-pass-out-check-in-and-dry-out-431006.html |url-status=dead |archive-date=January 4, 2010 |newspaper=The Independent |date=January 6, 2007 |access-date=May 26, 2012}}

In August 2011, it acquired Bojangles' Famous Chicken 'n Biscuits, a regional chain of quick-service restaurants based in Charlotte, North Carolina.

As of October 1, 2013, Advent had reached agreement with Vista Equity Partners to acquire P2 Energy Solutions.

On August 7, 2014, lululemon athletica inc. and Wilson facilitated Advent's re-engagement in lululemon by selling 13.85% ownership in the company to Advent for approximately $845 million.{{cite news| title= lululemon Founder Chip Wilson Votes Against Re-Election of Outside Directors| url= http://investor.lululemon.com/releasedetail.cfm?ReleaseID=865209| date= August 7, 2014| access-date= August 20, 2014| archive-date= September 6, 2015| archive-url= https://web.archive.org/web/20150906193409/http://investor.lululemon.com/releasedetail.cfm?ReleaseID=865209| url-status= dead}} The transaction received the full support of the lululemon Board of Directors and changes the board dynamic. Advent Managing Partner David M. Mussafer and Managing Director Steven J. Collins will be appointed to lululemon's Board of Directors, expanding the Board from 10 to 12 members. Mr. Mussafer will now share Chairman responsibilities with Michael Casey. Lululemon will also engage an independent expert to evaluate and make recommendations regarding the lululemon Board's committees, policies and procedures over the course of 90 days following the completion of Advent's stock purchase.{{Cite web |url=http://files.shareholder.com/downloads/LULU/3383971145x0xS1193125-14-300979/1397187/filing.pdf |title=Archived copy |access-date=August 20, 2014 |archive-url=https://web.archive.org/web/20140813224543/http://files.shareholder.com/downloads/LULU/3383971145x0xS1193125-14-300979/1397187/filing.pdf |archive-date=August 13, 2014 |url-status=dead }}{{cite news| title= Power shifts at Lululemon as Chip Wilson seals deal| publisher= Globe and Mail| url= https://www.theglobeandmail.com/report-on-business/lululemon-founder-to-sell-half-his-stake-to-private-equity-firm/article19961793/#dashboard/follows/| date= June 11, 2014}}

In November 2014, Advent completed a new $2.1 billion private equity fund, its Advent Latin American Private Equity Fund VI, thought to be the largest ever raised for Latin America.{{Cite web|url=https://dealbook.nytimes.com/2014/11/06/investment-firm-raises-new-2-1-billion-fund-for-latin-america/|title=Investment Firm Raises New $2.1 Billion Fund for Latin America|first=Vinod|last=Sreeharsha|date=November 6, 2014|website=DealBook}} Advent International also acquired a significant minority ownership of Noosa Yoghurt, a Bellevue-based company, for an undisclosed amount.{{cite web |url=http://www.coloradoan.com/story/money/2014/11/21/noosa-yoghurt-sells-private-equity-firm/19343217/ |title=Noosa Yoghurt sells to private equity firm |publisher=Colorodoan |access-date=November 24, 2014}}

Between 2016 and 2018, it acquired business-to-business distributors of industrial supplies Brammer and IPH Group to create Rubix.{{cite web |url=https://www.inddist.com/news/2017/09/brammer-iph-complete-merger-creating-26b-european-mro-distributor |title=Brammer & IPH Complete Merger, Creating $2.6B European MRO Distributor |date=September 25, 2017 |publisher=IndDist |access-date=September 25, 2017}}{{cite web |url=http://drivesncontrols.com/news/fullstory.php/aid/5749/Europe_92s_largest_MRO_firm,_IPH_Brammer,_is_reborn_as_Rubix.html |title=Europe's largest MRO firm, IPH Brammer, is reborn as Rubix |date=June 26, 2018 |publisher=DrivesNControls |access-date=June 26, 2018}}

In February 2017, it announced that it would partner with CCC Information Services as their sole equity partner, buying out Leonard Green & Partners and TPG Capital.{{Cite news |url=https://www.prweb.com/releases/ccc_begins_next_phase_of_innovation_with_advent_international/prweb14105738.htm |title=CCC Begins Next Phase of Innovation with Advent International |work=PRWeb |access-date=February 28, 2017}}

On May 31, 2017, Advent and Bpifrance completed the acquisition of Safran Identity & Security (Morpho, now renamed IDEMIA), after receiving clearance from antitrust and regulatory authorities.

"{{Cite web|date=May 31, 2017|title=Advent International and Bpifrance complete the acquisition of Safran Identity & Security (Morpho) and create OT-MORPHO, a world leader in identification and digital security technologies|url=http://www.adventinternational.com/advent-international-and-bpifrance-complete-the-acquisition-of-safran-identity-security-morpho-and-create-ot-morpho-a-world-leader-in-identification-and-digital-security-technologies/|access-date=September 21, 2020 |website=Advent International}}

Didier Lamouche was appointed President of the Executive Board and Marwan Lahoud Chairman of the Supervisory Board of OT-MORPHO.

This acquisition raised a series of concerns:

• Various civil rights organizations have criticized the government's contracts with IDEMIA, expressing concerns about sharing sensitive biometric data with a private and unregulated third-party company.{{Cite web|date=June 24, 2019|title=Major face surveillance company releases dystopian tracking tool|url=https://www.aclum.org/en/publications/major-face-surveillance-company-releases-dystopian-tracking-tool|access-date=September 21, 2020|website=ACLU Massachusetts|language=en}}{{Cite web|last=Lynch|first=Jennifer|date=November 9, 2017|title=TSA Plans to Use Face Recognition to Track Americans Through Airports|url=https://www.eff.org/deeplinks/2017/11/tsa-plans-use-face-recognition-track-americans-through-airports|access-date=September 21, 2020 |website=Electronic Frontier Foundation}}
• Researchers have also found that facial verification and identification algorithms, including IDEMIA's algorithm specifically, exhibit systematic racial and gender bias.{{Cite web |date=December 19, 2019|title=Federal study finds racial bias of many facial-recognition systems|url=https://www.seattletimes.com/nation-world/federal-study-finds-racial-bias-in-many-facial-recognition-systems/|access-date=September 21, 2020|website=The Seattle Times|language=en-US}}
• Another concern is the presence of Marwan Lahoud as a President or member of the board of different entities of the group, since 2017.{{Cite web|url=https://www.lanceurdalerte.info/wp-content/uploads/2019/12/SYNTHESE_1.pdf|title=Qu'en est-il de la société IDEMIA, ayant obtenu le marché des radars-tourelles ?}}
• Marwan Lahoud abruptly left Airbus (former EADS) in February 2017, without notice,{{Cite web|date=February 7, 2017|title=Le départ de Marwan Lahoud d'Airbus suscite des interrogations|url=https://www.lesechos.fr/2017/02/le-depart-de-marwan-lahoud-dairbus-suscite-des-interrogations-162324|access-date=September 21, 2020|website=Les Echos|language=fr}} and is deeply involved in the scandal of corruption which hit Airbus. "Airbus ran 'massive' bribery scheme to win orders" (title of the article in the Financial Times of January 31, 2020{{Cite web|date=January 31, 2020|title=Airbus ran 'massive' bribery scheme to win orders|url=https://www.ft.com/content/f7a01a60-442b-11ea-abea-0c7a29cd66fe|access-date=September 21, 2020|website=Financial Times}} in which he is mentioned, with a photo of him with this title: "Marwan Lahoud, who led the strategy organization and marketing of Airbus, SMO, a division dedicated to securing sales in emerging markets and at the heart of a catalog of offenses."). In January 2020, the French press announced that the French, British and American courts had validated the agreements made earlier this week by Airbus and the French National Financial Prosecutor's Office (PNF), the British Serious Fraud Office (SFO) and the Department of Justice ( DOJ) in the United States, under which the European group AIRBUS recognises the fraud and briberies, and undertakes to pay fines totalling 3.6 billion euros: 2.08 billion in France as part of a public interest legal agreement (CJIP ), 984 million in the United Kingdom and 526 million in the United States.{{Cite web|last=Mediapart|first=La rédaction de|title=Airbus agrees deal on bribery investigations in UK, US and France|url=https://www.mediapart.fr/en/journal/international/280120/airbus-agrees-deal-bribery-investigations-uk-us-and-france|access-date=September 21, 2020|website=Mediapart|date=January 28, 2020 |language=en}}
  Today dissolved, the group's unit called Strategy and Marketing Organization (SMO), led by Marwan Lahoud, was at the heart of the matter.
  Almost all the articles published on these agreements underline that the ex-leaders may be worried within the framework of a preliminary investigation still in progress.e.V, Transparency International. "Airbus bribery investigation highlights power of international cooperation in tackling corruption". www.transparency.org. Retrieved February 29, 2020

In October 2018, Advent acquired the pharmaceutical company Zentiva, previously owned by Sanofi.{{Cite web|url=http://www.pharmtech.com/acquisition-sanofi-s-zentiva-completed-advent-international|title=Acquisition of Sanofi's Zentiva is Completed by Advent International|website=PharmTech|date=October 2018 }}{{Cite web|url=http://hugin.info/152918/R/2218295/867084.pdf|title=Press Release}}

On December 20, 2019, the UK government approved Advent's £4 billion takeover of defense supplier Cobham Plc.{{Cite web|url=https://www.gov.uk/government/news/government-update-on-the-proposed-acquisition-of-cobham-plc-by-advent-international|title=Government update on the proposed acquisition of Cobham PLC by Advent International|website=GOV.UK|language=en|access-date=December 21, 2019}} On July 24, 2019, the firm announced the 165p in cash for each Cobham shares, takeover of the firm.{{Cite news|url=https://www.theguardian.com/business/2019/jul/25/us-private-equity-group-snaps-up-cobham-in-4bn-deal|title=US private equity group snaps up Cobham in £4bn deal|last=Farrell|first=Sean|date=July 25, 2019|work=The Guardian|access-date=December 23, 2019|language=en-GB|issn=0261-3077}} On September 16, 2019, at a shareholders' meeting in London, the proposed takeover deal was approved with 93% voting in favor of the deal, surpassing the requisite 75% votes.{{Cite news |last=Pfeifer |first=Sylvia |date=September 16, 2019 |title=Cobham chief's future in doubt as investors approve takeover |newspaper=Financial Times |url=https://www.ft.com/content/a535c828-d88e-11e9-8f9b-77216ebe1f17 |access-date=December 23, 2019}} The takeover was controversial, with opponents of the deal, such as the former First Sea Lord and Royal Navy chief Admiral Lord West of Spithead expressing fears.{{Cite news|url=https://www.bbc.com/news/uk-50879809|title=PM dismisses concerns over defence firm sale|date=December 21, 2019|access-date=December 21, 2019|language=en-GB}} The founding family of Cobham were also vocal opponents of the takeover.{{Cite news|url=https://www.bbc.com/news/business-50874181|title=UK approves defence company's £4bn US takeover|date=December 21, 2019|access-date=December 22, 2019|language=en-GB}}{{Cite web|url=https://www.bournemouthecho.co.uk/news/18116884.family-behind-dorset-defence-giant-cobham-slams-government-approving-takeover/|title=Family behind Dorset defence giant Cobham slams government for approving £4billion US takeover|website=Bournemouth Echo|date=December 21, 2019 |language=en|access-date=December 22, 2019}} These oppositions for the takeover triggered an investigation by the Competition & Markets Authority, on the national security implications of the transaction, which led to the delay in the regulatory approval of the deal.{{Cite news|url=https://www.bbc.com/news/business-49738885|title=National security fears threaten defence takeover|date=September 18, 2019|access-date=December 22, 2019|language=en-GB}}

The company is following up its $3.3 billion acquisition of Evonik Industries's plastics division.{{Cite web|url=https://www.bloomberg.com/news/articles/2020-01-27/advent-s-3-3-billion-roehm-deal-looks-to-rekindle-chemical-icon|title=Advent's $3.3 Billion Roehm Deal Looks to Rekindle Chemical Icon |author1=Noel, Andrew Marc|author2=Weiss, Richard |website=Bloomberg|date=January 28, 2020}}

On March 5, 2021, Advent completed the acquisition of Global Connect business (NielsenIQ, the former ACNielsen) of Nielsen Holdings.{{Cite web |date=2021-03-05 |title=Nielsen Announces Completion of Sale Of Global Connect Business to Advent International |url=https://www.nielsen.com/news-center/2021/nielsen-announces-completion-of-sale-of-global-connect-business-to-advent-international/ |access-date=2024-08-30 |website=Nielsen Holdings |language=en-US}}

Advent purchased a large stake in Indian pharmaceutical company Suven Pharmaceuticals for about 973.5 billion won and acquired 50.1%. It announced that it has established global leadership worth about 1.2755 trillion won through efficient production lines and expansion of development scale.{{Cite web |date=2022-12-26 |title=사모펀드 어드벤트, 인도 수벤제약 지분 50.1% 9700억원에 매입 |url=https://www.g-enews.com/ko-kr/news/article/news_all/202212261616563585c4c1a19e2e_1/article.html |access-date=2025-01-10 |website=글로벌이코노믹 |language=ko}}

On December 16, 2022, the geospatial intelligence company Maxar Technologies announced it had been acquired by Advent International for $6.4 billion.{{cite web |url=https://www.cnbc.com/2022/12/16/maxar-selling-to-private-equity-investors-advent-bci.html |title=Space company Maxar agrees to go private in $6.4 billion deal |date=December 16, 2022 |last=Sheetz |first=Michael |website=CNBC}}{{cite web |url=https://www.wsj.com/articles/advent-to-buy-maxar-technologies-for-about-4-billion-11671190204 |title=Advent to Buy Maxar Technologies for About $4 Billion |date=December 16, 2022 |last=Gottfried |first=Miriam |work=The Wall Street Journal}}

In October 2023, Advent International acquired Baxter's Biopharmaceutical Solutions business with Warburg Pincus.{{Cite web |title=Advent International and Warburg Pincus Complete Acquisition of Baxter’s BioPharma Solutions Business — Advent International |url=https://www.adventinternational.com/news/advent-international-and-warburg-pincus-complete-acquisition-of-baxters-biopharma-solutions-business/ |access-date=2025-03-04 |website=www.adventinternational.com |language=en-US}}

In December 2024, Advent International acquired a majority stake in Ciessin Corp., Colombia's largest independent ERP provider, from Ciessin Holdings and former Ciessa employees.{{Cite web |title=Advent International Acquires Majority Stake in Siesa — Advent International |url=https://www.adventinternational.com/news/advent-international-acquires-majority-stake-in-siesa/ |access-date=2025-02-26 |website=www.adventinternational.com |language=en-US}}

In January 2025, Advent International announced that it had entered into a definitive agreement to acquire Sauer Brands Inc., an expanded platform for major condiment and condiment brands, from Falfuryas Capital Partners.{{Cite web |title=Advent International to Acquire Sauer Brands, A Scaled Platform of Leading Condiments & Seasonings Brands — Advent International |url=https://www.adventinternational.com/news/advent-international-to-acquire-sauer-brands-a-scaled-platform-of-leading-condiments-seasonings-brands/ |access-date=2025-02-26 |website=www.adventinternational.com |language=en-US}}

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{{Private equity firms}}

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