8 September 2008, Boston - Advent International, one of the world's leading global private equity firms, today announced that Jenny J. Ming has joined the firm as an Operating Partner to focus on investment opportunities in the apparel retail sector. Ms. Ming will work with Advent's deal team in Boston, supporting the firm's investment activities globally.
Ms. Ming previously served as President of Old Navy for more than seven years. In that role, she oversaw all aspects of the fashion retailer, managing a network of over 950 stores in North America. Prior to that, she served as Executive Vice President, Merchandising at Old Navy, responsible for store design, visual merchandising, planning and distribution. Ms. Ming was also part of the executive team that launched Old Navy in 1994. She began her career with Gap Inc. in 1986 as Merchandise Manager of Gap brand activewear.
In recognition of her achievements at both companies, Ms. Ming was included in Fortune magazine's 2003 and 2004 list of the “50 Most Powerful Women in American Business.” In 1999, she was named one of the Top 25 Managers of the Year by Business Week magazine. She sits on the board of Kaiser Foundation Health Plans and Hospitals and serves as the Vice Chair of the Committee of 100.
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 approximately 50 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.
“Jenny Ming is a dynamic professional with over two decades of experience in developing one of the nation’s leading retail brands," said Advent Managing Partner David Mussafer. "Her extensive retail knowledge and ability to develop a talented team will be a tremendous asset as we collaborate to grow the Advent retail portfolio."
Ms. Ming commented, “Advent has an outstanding track record in both domestic and international investments, and I am thrilled to join a firm with such deep expertise in the retail sector. This partnership will allow me to leverage my experience and take full advantage of Advent’s global presence as we actively pursue new retail investment opportunities together.”
Advent International has been investing in the retail sector for two decades and has funded over 25 retail businesses across a range of subsectors including specialty retail, value retail, duty-free and food services. Its apparel retail investments include lululemon athletica, the premier athletic and yoga apparel specialty retailer; Gérard Darel, a leading French designer and retailer of mid- to high-end women's ready-to-wear clothing; and Fat Face, the U.K.'s leading active lifestyle clothing retailer. Other Advent retail investments include Hudson Group, North America’s premier travel retailer, which recently agreed to merge with Advent portfolio company Dufry; Amscan Holdings, the market leader in the U.S. party goods industry; and Dollar Express, a U.S. single-price retailer acquired by Dollar Tree Stores.