A message from our partners We have steered our portfolio companies through one of the most turbulent economic periods in our history, and are now preparing ourselves and them for long-term growth.
The changes we have enabled our portfolio companies to make not only prepared them to withstand the crisis, but strengthened them for whatever the future may hold.
When management teams have faced challenges outside their experience, we have provided access to experts to help them deal with those challenges. Organizational and cost structures have been adapted to the changing market environment. For some companies, the prudent use and active management of debt has provided financial stability for today and tomorrow.
Above all, and at all times, we have been committed to helping our portfolio companies deal with the short-term so that they can be successful in the long-term.
Taking a stand
At a time when survival has been the top priority for many companies, we have capitalized on the economic conditions to help our portfolio companies make strategic choices that will accelerate their growth as conditions improve. Fifth Third Processing Solutions, Kroton, Craegmoor and Regina Maria all made acquisitions in 2010. We merged Bradco Supply with ABC Supply, and supported the Equiniti Group to acquire Xafinity.
The financial, strategic and operational resources we commit to portfolio companies are consistent with the risks they face, leading to opportunities for remarkable turnarounds. For example, H.C. Starck saw product demand drop dramatically during the crisis. Our partnership with the management team has reversed this situation and the company is back on a growth trajectory and increasing its market share.
These are transformational deals, creating market leaders and reshaping market landscapes.
Staying sharp
Even though some markets have begun to rebound, our sector teams are proactive, persistent, and mindful of price discipline. Where we see signs of overheating, we have shifted our attention to preparing portfolio companies to realize their value. We are focusing our investment efforts where we see the greatest opportunities for change.
Over the last year we invested in 15 businesses and were able to exit in full or in part from 19. Advent deals are the result of long-developed relationships, dedication, experience and in-depth knowledge. To maintain those qualities we have continued to develop and grow our organization, recruiting new talented professional staff and experienced operating partners.
Working together
Through the commitment we bring to our investments and the hard work of their management teams and employees, our portfolio companies have withstood a difficult time. We would like to thank our management partners, operating partners and our own team for the tenacity and creativity that has enabled us to adjust to a changing environment, continue to build value and pursue a higher level of performance.
We have demonstrated again throughout this year that we are able to support our portfolio companies and help them grow in different economic situations. We remain prepared for changing circumstances and strive to improve our own organization in order to drive sustainable value in the future.
The Advent Partners
March 2011
Deal activity
(January 2010 to March 2011)
INVESTMENTS
North America
ABC Supply1
BOS Solutions
Five Below
SkillSoft
Western Europe
DFS
The Priory Group
Tinsa
Towergate Partnership
WorldPay
Xafinity
Central and Eastern Europe
ISIDA
Provimi Pet Food2
Regina Maria3
WSiP
Latin America
TCP2
EXITS
North America
Bradco Supply4
Shoes for Crews
Western Europe
Aircom International
Herlitz
Italtel
Poundland
Sophis
Takko
Central and Eastern Europe
Roma Plastik
Latin America
AMAIT
DIES5
Hipotecaria Casa Mexicana
Nuevo Banco Comercial2
Pronto!
Scitum Seguridad5
PARTIAL EXITS
Central and Eastern Europe
Fleetcor (CCS)
Latin America
CETIP
Hudson Group/Dufry6
International Meal Company (IMC)