Managing a portfolio across sectors and geographies provides stability and growth opportunities through all stages of the economic cycle. Sector diversification gives us a wide exposure to growth opportunities. Our investment strategy focuses on five sectors globally, with our teams aligned to take advantage of expertise and experience regardless of where an investment is located.

We examine the merits and risks of sub-sectors within our core sectors continuously, identifying new investment ideas that can benefit from our strengths and resources.

The portfolio reflects our interest in growing businesses regardless of their size. We have invested in some of the largest companies in our sectors, such as Fifth Third Processing Solutions and WorldPay, carving them out of businesses where their growth was constrained. We have also invested in smaller and fast-growing companies, such as Devin, Five Below and Tinsa.

For further information on our portfolio companies, please visit www.adventinternational.com

Our current investments

North America
Company	Sector	Year of investment	Key initiatives in 2010/11
ABC Supply	Industrial	2010	Acquired Bradco Supply
Amscan	Retail	2008	Integrated American Greetings party business and acquired Christy’s (UK) costume business
AspenTech	Technology	2003	Implemented new subscription-based pricing model
BondDesk Group	Financial Services	2006	Maintained market share in weakening trading environment
BOS Solutions	Industrial	2010	See case study
Charlotte Russe	Retail	2009	Implemented inventory planning best practices
Fifth Third Processing Solutions	Financial Services	2009	Completed three substantial acquisitions
Five Below	Retail	2010	Opened 40 new stores in 2010
Hudson Group/Dufry	Retail	2008*	Added over 95,000 sq ft of net retail space and continued rollout of Hudson News stores
National Bankruptcy Services (NBS)	Financial Services	2004	Signed 10 new large clients, expanded relationship with one of its largest clients
SkillSoft	Technology	2010	See case study
Synventive	Industrial	2005	Grew Asia business by 50%
* As part of Dufry-Hudson News merger.

Latin America
Company	Sector	Year of investment	Key initiatives in 2010/11
Atmosfera	Business Services	2002	Focused on improving operations and quality of services
CETIP	Financial Services	2009	Acquired GRV and joined with Deutsche Börse to launch collateral management services
Gayosso	Consumer & Leisure	2007	Expanded and enhanced sales capabilities
Hudson Group/Dufry	Retail	2008*	Added over 95,000 sq ft of net retail space and continued rollout of Hudson News stores
International Meal Company (IMC)	Retail	2006**	Opened 17 new stores and won concessions in four new airports
Kroton Educacional	Business Services	2009	See case study
Latin American Airport Holdings (LAAH)	Business Services	2008	Expanded commercial offering with several top brands and optimized aeronautical tariffs
Milano	Retail	2006	Overhauled merchandising operations at Melody and Milano and remodelled 75 units
Monte de México	Financial Services	2008	See case study
Quero-Quero	Retail/Financial Services	2008	Opened 21 new stores and made two acquisitions
Terminal de Contêineres de Paranguá (TCP)	Business Services	2011	Investment agreed January 2011†
* As part of Dufry-Hudson News merger. **First investment in 2006; IMC created to consolidate investments in 2008. † Subject to closing.

Central and Eastern Europe
Company	Sector	Year of investment	Key initiatives in 2010/11
Ceramica SA	Industrial	2007	Trebled the production capacity ahead of expected market rebound
Deutek	Industrial	2005	Executed extraordinary sales performance despite difficult market conditions
Devin	Consumer		See case study
Fleetcor (CCS)*	Financial Services		IPO on NYSE (FLT) in December 2010
ISIDA	Healthcare		Acquired by Advent in March 2011
KAI Group	Industrial		Sgnificantly improved sales volumes and market share in declining markets
Labormed	Healthcare		Aggressive focus on OTC sales and working capital management
Regina Maria	Healthcare		See case study
ULTIMO	Financial Services		Maintained pricing discipline while acquiring more than €200m in debt portfolios
WSIP	Business Services		Strengthened management, upgraded product portfolio and redefined go-to-market strategy
* Original investment in CCS in 2005; consolidation into Fleetcor in December 2006.

Western Europe
Company	Sector	Year of investment	Key initiatives in 2010/11
Casa Reha*	Healthcare	2008	Strengthened the management team and revitalized focus on organic growth
Craegmoor	Healthcare	2008	Acquired three new care facilities and renegotiated leases on 11 others
DFS	Retail	2010	See case study
Domestic & General	Financial Services	2007	Celebrated achieving the five millionth UK customer
Equiniti	Financial Services	2007	Merged with Xafinity
Gerard Darel	Retail	2008	Improvements in retail sales efficiency measures and launch in the US market
GFKL	Financial Services	2009	Purchased one of the largest unsecured bank portfolios
H.C. Starck	Industrial	2007	Introduced new sales initiatives, further improved the company's cost structure and increased its geographic footprint in Asia, particularly China
MEDIAN Kliniken	Healthcare	2009	Acquired Pitzer Group, a chain of nine post-acute rehabilitation and acute clinics
Nucletron	Industrial	2004	Expanded geographic footprint into Dubai and Brazil
Nukem**	Industrial	2006	Maintained stable order intake despite weaker demand
Oxea	Industrial	2007	Successfully placed a bond of ¤500 million, offering company access to capital markets
RAET	Business Services	2003	Leveraged BPO services for faster growth
Stokomani	Retail	2007	Completed supply chain reorganization, reinforced the purchase team and worked on private label development
The Priory Group	Healthcare	2011	Acquired by Advent in March 2011
Tinsa	Financial Services	2010	Upgraded management and reorganized commercial sales force
Towergate Partnership	Financial Services	2011	Acquired by Advent in February 2011
Vinnolit	Industrial	2000	Continued to drive product development, increased its presence in CEE and established first inroads into South America
WorldPay	Financial Services	2010	See case study
* Reinvestment following initial exit in 2008. ** Remaining company from RWE Solutions investment..

Asia Pacific
Company	Sector	Year of investment	Key initiatives in 2010/11
CAMS	Financial Services	2007	Identified new market areas for growth