Boston, June 4, 2012 -- Advent International, the global private equity firm, today announced it will make a strategic growth investment in Connolly, Inc., a leading provider of technology-enabled recovery audit services in the United States, Europe and Canada. The transaction is expected to be completed by the end of July, subject to customary closing conditions.
Connolly intends to utilize Advent’s extensive network and services business expertise to continue its strong growth. Connolly’s CEO, Larry Connolly, remarked, “We are extremely excited to announce our partnership with Advent International, one of the most experienced private equity firms. Advent has invested in Connolly for its outstanding people, cutting edge technology and best-in-class client roster. It is our belief that Advent’s significant financial capital and experience will facilitate the ongoing growth of the business, most notably in the healthcare sector.”
Larry Connolly and Libby Connolly Alexander, CEO of Connolly Healthcare, will continue with the firm in their current roles as executives, shareholders and board members.
About Advent International
Founded in 1984, Advent is one of the world’s leading global buyout firms, with offices in 16 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 its inception, Advent has raised $26 billion in private equity capital and, through its buyout programs, has completed over 270 transactions in 35 countries. For more information, please visit www.adventinternational.com.