Boston, October 13, 2011 – Advent International, the global private equity firm, today announced that Thomas Ryan, former chairman and chief executive officer of CVS Caremark Corporation (NYSE: CVS), has joined the firm’s Operating Partner Program. He will advise and work closely with Advent’s investment professionals to identify attractive opportunities and generate post-investment value at retail and healthcare companies globally.
Mr. Ryan joined CVS Caremark in 1974 as an in-store pharmacist and progressed through increasingly senior positions, becoming chief executive officer in 1994 and adding the role of chairman in 1998. As the leader of the company, Mr. Ryan oversaw the transformation of CVS Caremark from a drug store chain focused on the northeastern United States into a more comprehensive pharmacy services company with a national footprint and revenue of $100 billion in 2010. Since 1996, CVS Caremark has achieved strong revenue and profit growth with its market capitalization expanding from $4 billion in 1996 to almost $50 billion in 2010.
David Mussafer, Advent Managing Partner, said: “Tom is simply one of the world's top corporate leaders. He is tireless in his pursuit of new ideas, innovation and growth. That drive, combined with his expertise in the retail and healthcare sectors, complements Advent’s time-tested approach to value creation. He is a great addition to Advent, and we look forward to working with him to identify and develop investment opportunities on a global basis.”
Mr. Ryan said: “Advent has a proven ability to tackle complex situations and deliver long-term value through operational enhancements and earnings growth, even in low growth environments. I am delighted to join a firm with a solid track record of success. Advent is a highly focused global organization and I’m excited to now be part of the team.”
Mr. Ryan currently serves on the board of directors of Yum! Brands (NYSE: YUM). Previously, he served on the boards of Bank of America Corporation and Reebok International. He is currently a trustee of the University of Rhode Island. He also is a former member of the Rhode Island Public Expenditure Council and of the Brown University School of Medicine. Mr. Ryan received a BS from the University of Rhode Island's College of Pharmacy.
This is the latest appointment in Advent’s Operating Partner Program, a long-established and successful element of the firm’s highly operational approach to investing. The program includes over 80 senior industry executives, many of whom have been involved in multiple Advent investments. These executives typically assist in activities such as finding attractive investment opportunities, conducting due diligence, and creating and driving value creation plans for Advent’s portfolio companies.
About Advent International Founded in 1984, Advent International is one of the world’s leading global buyout firms, with offices in 17 countries on four continents. A driving force in international private equity for 27 years, Advent has built an unparalleled global platform of over 170 investment professionals across Western and Central Europe, North America, Latin America and Asia. The firm focuses on international buyouts, strategic repositioning opportunities and growth buyouts in five core sectors, working actively with management teams to drive revenue growth and earnings improvements in portfolio companies. Since inception, Advent has raised $26 billion in private equity capital and, through its buyout programs, has completed over 270 transactions valued at over $60 billion in 35 countries. For more information, visit www.adventinternational.com.