Mark Wood joins Advent International’s Operating Partner Program
LONDON, September 11, 2017 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced the engagement of Mark Wood as an Operating Partner. Mr Wood will work closely with Advent’s business and financial services team to identify and assess investment opportunities in the insurance and financial services sectors globally.
Mr Wood brings with him over 40 years of experience in the insurance and financial services industries, having held a number of senior management positions, most notably as Chief Executive of AXA UK, Chief Executive of Prudential UK and Europe, Chairman and Chief Executive of Jardine Lloyd Thompson (JLT) Employee Benefits and Chairman of Lloyds-underwriter, Chaucer.
During his tenure at AXA UK, he brought about substantial change in the business, integrating Equity and Law, Provincial Insurance, Guardian Royal Exchange, PPP and Sun Life, which established AXA as the UK’s third largest insurer. Whilst at Prudential UK and Europe, Mr Wood implemented a ‘1000 day plan’ re-establishing the business as the UK’s largest life insurer and oversaw an increase in profits by 40% between 2002 and 2005. In 2006, Mr Wood founded Paternoster, which secured £500m of Private Equity backing and soon became the market leader in Bulk Annuities before being acquired by Goldman Sachs in 2010. Mr Wood currently holds several roles at private or private equity-owned companies including as Non-Executive Director and Chairman of the Audit Committee of RAC Motoring Services, Chairman of The Innovation Group and MyPolicy. He has previously served on the board of Which? Financial Services.
Nick Rose, Managing Director at Advent, said: “We are delighted to welcome Mark, who brings more than four decades of experience in the insurance and financial services sectors, to Advent’s Operating Partner Program. His in-depth knowledge of the industries combined with his proven operational abilities and specific track record of working in private equity-backed organisations makes him a valuable partner as we continue to identify and explore new investment opportunities.”
Mark Wood, added: “I am looking forward to working with Advent, a firm which is recognised for its excellent reputation for investing in business and financial services companies on a global scale. I look forward to working with the team and applying my experience as the firm continues to grow and deploy money in businesses with exciting future growth prospects.”
Advent’s Operating Partner Program is a long-established and successful element of the firm’s highly operational approach to investing. The program includes over 80 senior industry executives who work in specific sectors as independent consultants to Advent and its portfolio companies. These executives typically assist in activities such as finding attractive investment opportunities, conducting due diligence, and creating and supporting value creation plans for Advent’s portfolio companies.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 325 private equity transactions in 41 countries and as of June 30, 2017, it had €38 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 180 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom. After more than 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
For further information visit: www.adventinternational.com