REALIZING POTENTIAL

GLOBAL HIGHLIGHTS

REVIEW 2013/14

REALIZING

POTENTIAL

01 Introduction

HOW WE PERFORMED

02 Our year in numbers

04 Message from our partners

06 Business review

08 Sector focus: Business and Financial Services

09 Case studies: InverCap Holdings and Vantiv

10 Sector focus: Healthcare

11 Case studies: American Heart of Poland (AHP) and Mediq

12 Sector focus: Industrial

13 Case studies: Ocensa and Oxea

14 Sector focus: Retail, Consumer and Leisure

15 Case studies: The Coffee Bean & Tea Leaf

and DOUGLAS Holding

16 Sector focus: Technology, Media and Telecoms (TMT)

17 Case studies: KMD and P2 Energy Solutions

18 Portfolio company listing

19 Advent investing in communities:

CARE Hospitals

ABOUT US

20 Advent at a glance

22 Environment, social and governance

24 The partnership

25 Advent ofﬁces

CONTENTS

Important Notice

All data supplied is as of March 31, 2014 unless otherwise stated. Figures with a $ are in US dollars.

NOT AN OFFER

These materials are not an offer to sell any securities or a solicitation of an offer to buy any securities. Any offer or

solicitation relating to the securities of one or more investment funds (the “Advent Funds”) managed or advised by Advent

International Corporation (“Advent International”) may only be made by delivery of a Private Placement Memorandum of

such Advent Fund and only where permitted by law.

PAST PERFORMANCE

Past performance is not indicative of future performance, and there can be no assurance that the Advent Funds will achieve

comparable results in the future.

PROJECTIONS AND FUTURE PERFORMANCE

These materials may include information about prior performance and projections of anticipated future performance or

results of one or more Advent Funds (including, without limitation, one or more investments made by the Advent Funds)

and other forward-looking statements. These projections and forward-looking statements are based on expectations, beliefs,

assumptions, estimates and projections about market conditions as well as the anticipated performance of certain

investments (including, without limitation, certain investments in portfolio companies that have been or are expected to be

made by the Advent Funds). The projections and forward-looking statements included herein, or otherwise made orally or in

writing from time to time, are not guarantees of future performance and involve certain risks, uncertainties and assumptions

that are difﬁcult to predict as well as factors that are beyond any Advent Entity’s control. There will be no updates made to

any projections or forward-looking statements to reﬂect changes in the underlying assumptions, new information, future

events or other changes. Accordingly, existing and potential investors should not rely on projections or forward-looking

statements in making investment decisions.

ACCURACY

These materials have not been audited or veriﬁed by any third party and are subject to change at any time without notice.

Certain information contained herein was based on or obtained or derived from data published or prepared by other parties,

including, without limitation, personnel of Advent Fund portfolio companies (“Third-Party Information”). While such sources

are believed to be reliable, none of the Advent Entities or any of their respective directors, ofﬁcers, employees, partners,

shareholders or agents (each, an “Advent Party”) assumes any responsibility for the accuracy of any Third-Party Information.

No Advent Party makes any representation or warranty, express or implied, as to the accuracy or completeness of any

Third-Party Information or any opinions contained herein. No Advent Party shall have any liability to any recipient of these

materials or any other person relating to or resulting from the use of or reliance on any such information contained herein or

any errors therein or omissions therefrom.

THIRD-PARTY TRADE NAMES

These materials may contain trade names, trademarks or service marks of other companies. Advent International does not

intend the use or display of other parties’ trade names, trademarks or service marks to imply a relationship with, or

endorsement or sponsorship of, these other parties.

We commit a high level of

resources to help our portfolio

companies grow.

Leveraging the expertise we

have developed in our core

sectors, we work closely with

management teams to ﬁnd

innovative ways to turn the

potential within each business

into sustainable earnings growth.

REALIZING

POTENTIAL

In this our 30th year of private

equity investing, we continue to

focus on the sectors we know well

and invest in companies where we

see opportunities for meaningful

change and improvement.

Our in-depth industry knowledge

means we are often early to spot

potential and are well-resourced

to help our businesses achieve

their goals.

OUR YEAR

IN NUMBERS

02 HOW WE PERFORMED OUR YEAR IN NUMBERS

$2.2BN

INVESTED

$7.8BN

REALIZED

$32.0BN

†

ASSETS UNDER MANAGEMENT

NEW AND FOLLOW-ON

INVESTMENTS

FULL AND PARTIAL

REALIZATIONS

* NEW AND FOLLOW-ON INVESTMENTS BETWEEN

JANUARY 1 AND DECEMBER 31, 2013

** FULL AND PARTIAL REALIZATIONS BETWEEN

JANUARY 1 AND DECEMBER 31, 2013

† AS OF DECEMBER 31, 2013

*BETWEEN JANUARY 1 AND DECEMBER 31, 2013

Our experience, global reach

and collaborative culture are

important assets in helping

management teams realize the

potential in their businesses. We

work in partnership with them

to achieve sustainable growth.

HOW WE PERFORMED OUR YEAR IN NUMBERS 03

MESSAGE FROM

OUR PARTNERS

04 HOW WE PERFORMED MESSAGE FROM OUR PARTNERS

2013 proved to be a year of both record

realizations and renewed challenges.

Favorable reﬁnancing and equity markets

drove outstanding exit conditions. The

same overheated debt markets, however,

increased deal pricing across the globe,

making investment opportunities harder to

ﬁnd. Continued soft growth across Europe

and an uneven macro environment in

emerging markets also tested the agility

of our organization. Nevertheless, by

maintaining a focus on our core industry

sectors and regions, our team made headway

on new deals and supported our portfolio

companies in strengthening and expanding

their businesses.

Capturing the value that we have created

is a key goal in the development of the

companies that we own, and in 2013 we

realized a record $7.8 billion in proceeds

from the sale or reﬁnancing of numerous

businesses. The foundation for much of this

achievement lay in the earlier IPOs and

continued strong ﬁnancial performance of

Vantiv, Five Below, Kroton, International

Meal Company (IMC) and Dufry,

demonstrating our commitment to creating

sustainable businesses for the long term. The

perseverance of our deal professionals and

portfolio company management teams was

also rewarded with several signiﬁcant sales of

Realizing value is only one objective.

We also judge our performance on

the lasting beneﬁts we bring to the

businesses in which we invest.

HOW WE PERFORMED MESSAGE FROM OUR PARTNERS 05

investments to strategic and ﬁnancial buyers.

The three largest of these transactions were

ABC Supply, Domestic & General and Oxea.

Despite the difﬁcult investment environment,

we completed six interesting new deals in our

core sectors in North America, Europe and

Latin America last year and closed or signed

three further transactions in the ﬁrst quarter

of 2014 (see list on p.7). We also worked hard

on reﬁning our sector strategies, adding new

sub-sectors, building deal pipelines and

cultivating our top company prospects; all of

which should yield results in the future even

if market conditions remain challenging.

In our existing portfolio, our deal teams and

Portfolio Support Group continued to work

closely with our management teams and

operating partners to improve operations

and drive top-line growth. Additionally, taking

advantage of the favorable debt markets, a

number of our portfolio companies reﬁnanced

their debt, allowing them to reduce costs,

improve terms, fund acquisitions and pay

dividends to shareholders. All of these efforts

enabled the businesses in our portfolio to

achieve average revenue and earnings growth

of 9% and 11%, respectively, in 2013 despite

the challenging macro conditions.

Throughout the year, we continued to strive

to improve our own organization, adding

people, reﬁning systems and redeploying

resources where they were most needed.

To that end, we further strengthened the

teams in our Shanghai and Bogotá ofﬁces

and continued to roll out our portfolio

support program by adding professionals to

this global team. We also hired a dedicated

individual to support our capital markets

capabilities. At year end, we promoted 18

members of the global deal team, including

three to Managing Partner and three to

Managing Director. Our Operating Partner

Program continued to evolve in 2013 with the

addition of some highly experienced former

CEOs and increasing operating partner

involvement in our deal sourcing.

Finally, in 2013 we were proud to receive

several industry awards recognizing the

professionalism, talent and achievements

of our team. We would like to thank our

portfolio company management teams,

operating partners, investors, intermediaries

and advisors for their support and

commitment to the high standards that

have allowed us to gain this recognition

and look forward to our continued

partnership in the years ahead.

THE ADVENT PARTNERS, MARCH 2014

BUSINESS

REVIEW

OPERATING HIGHLIGHTS

2013 was a successful year for Advent in

terms of capturing the value in our portfolio

companies. Capitalizing on strong exit

conditions and favorable debt markets globally,

we realized $7.8 billion in proceeds, mainly

through the sale of shares in post-IPO

companies, sale of businesses to strategic and

ﬁnancial buyers and reﬁnancing of portfolio

company debt.

A number of our companies completed

recapitalizations during the year, taking

advantage of the debt markets to reduce the

cost of leverage, change structures, improve

terms and raise capital for acquisitions. In most

cases, the leverage levels were prudently raised

only to near the original deal multiples.

Following through on the value creation plans

we established with management, our portfolio

companies made good progress during the year,

achieving earnings growth of 11% and revenue

growth of 9% on average. The majority of

earnings improvements were driven by revenue

growth initiatives.

Within our industry sectors, we completed six

new investments in 2013 and signed or closed

three more deals in the ﬁrst quarter of 2014,

despite challenging market conditions. We also

identiﬁed some interesting new areas for our

sector and regional deal sourcing activities.

In a continued drive to improve our own ﬁrm,

we invested signiﬁcantly in people, ﬁnancial,

compliance and administrative operations and

launched a number of initiatives to improve

communications with our investors. We

continued to roll out our portfolio support

program, establishing 19 program management

ofﬁces at portfolio companies to facilitate best

practices and support the implementation of

value creation plans.

NORTH AMERICA

While the overheated debt markets pushed up

deal pricing in North America last year, slowing

investment activity across the industry, we were

able to complete two new investments. P2

Energy Solutions provides critical software and

Through persistent focus on growth and operational

improvement initiatives, we seek to partner with

management teams to increase earnings and build

businesses with long-term sustainable value.

06 HOW WE PERFORMED BUSINESS REVIEW

data solutions to the oil and gas industry.

The company is well-positioned to expand its

existing customer base, further develop

international operations and add new products.

The Coffee Bean & Tea Leaf is an independent

specialty coffee and tea retailer with over 900

stores in nearly 30 countries. We see potential

to create value by improving the operations of

this formerly family-run business, accelerating

new store openings and continuing to expand

internationally, particularly in Asia.

Notable realizations in North America last year

included the further sale of shares in two public

companies, payment processor Vantiv and value

retailer Five Below. We subsequently sold our

remaining stake in Vantiv in March 2014 but still

own shares in Five Below to take advantage of

potential future growth. Additionally, the merger

of Bradco Supply and ABC Supply in 2010

created America’s largest rooﬁng products

distributor and enabled signiﬁcant earnings

improvements, allowing us to sell our minority

stake in the business to the majority shareholder

in 2013.

So far in 2014, we have agreed to sell eLearning

content provider Skillsoft to another private

equity ﬁrm. The sale follows several years of

signiﬁcant growth driven by new product

development, international sales and acquisitions.

EUROPE

Investment conditions in Europe remained

challenging in 2013 with slow growth and a lack

of primary deal ﬂow. Despite this environment,

we completed two new acquisitions in the region

last year and closed or signed two further deals

in early 2014. With Mediq, a Netherlands-based

international provider of medical products,

pharmaceuticals and associated care, our goal is

to further strengthen the company’s position in

the Dutch pharmacy market and expand the

international homecare division. The transaction

marks the second straight year in which Advent

completed the largest public-to-private deal in

Europe. Belgium-headquartered Allnex, a

carve-out from Cytec Industries, develops,

produces and sells synthetic resins for the

production of paints and coatings as well as

HOW WE PERFORMED BUSINESS REVIEW 07

printing inks. The deal was a joint effort between

Advent’s Frankfurt and New York teams. We are

working to improve margins through the

carve-out effect, widen the company’s global

footprint and continue its push towards

higher-value-added products.

In March 2014, we completed the acquisition of

UNIT4, a leading global mid-market enterprise

resource planning software vendor currently

listed on Euronext Amsterdam. The same month,

we also announced that we had agreed to

acquire Nets in partnership with ATP and Bain

Capital. Nets, headquartered in Copenhagen is

a leading Northern European provider of

payments, information and digital identity

solutions.

We fully realized our investments in six

companies in Europe over the last 15 months.

In December we sold Domestic & General, a

provider of extended warranty plans, to another

private equity ﬁrm, after working with the

management team to develop this UK business

into Europe’s market leader in the sector.

The same month, we completed the sale of

Germany-based Oxea, the global market leader

in oxo chemicals and derivatives, to the Oman

Oil Company, following successful efforts to

diversify the company’s activities, increase

capacity and expand internationally. We also

completed the sale of Deutek, Romania’s

largest manufacturer of decorative paints and

coatings to Axxess Capital, and in early 2014

we sold Isida, one of Ukraine’s leading medical

treatment and healthcare providers. Since our

investment in 2011, we supported Isida in adding

new specialities, repositioning the business to

a new customer segment and opening new

outpatient clinics.

LATIN AMERICA

Highlighting developments in Latin America

last year was an increase in investment activity

in Colombia, where we completed three deals,

including a strategic acquisition for an existing

portfolio company. One new investment,

Ocensa, Colombia’s largest crude oil

transportation system, operates the main

pipeline between the country’s Llanos region

and the Atlantic Coast, moving approximately

60% of the nation’s crude oil production.

The transaction, co-led by Advent’s Bogotá

and Boston teams, is our fourth deal in the

energy sector in the last three years and ﬁrst

mid-stream oil and gas investment. Alianza

Fiduciaria, Colombia’s largest independent

trust and custody services provider and asset

manager, serves underpenetrated markets

that are growing fast as they catch up with

global and regional norms. Our local team

was able to leverage the global work in asset

management completed by Advent’s ﬁnancial

services team to help secure this transaction

which closed in early 2014.

In Brazil, we teamed up with another ﬁnancial

sponsor to acquire Dudalina, one of the

country’s leading manufacturers and retailers

of high-end apparel. We are working with

management to expand the company’s

retail operations, drawing on our extensive

experience in this sector.

In terms of exit activity, we fully realized our

positions in four companies over the past 15

months: global travel retailer Dufry and

education company Kroton (both public),

through block trades, and specialized ﬁnancial

services provider Monte de México and industrial

laundry company Atmosfera, through trade

sales. We also sold a portion of our shares in the

publicly listed restaurant chain International

Meal Company (IMC) in a block trade.

ASIA PACIFIC

2013 saw the formal opening of Advent’s

Shanghai ofﬁce as a base in Greater China.

The team there has already provided important

support to the wider Advent portfolio, assisting

two of our new global deals, and has made

good progress in building a pipeline of

interesting investment opportunities. In India,

the team continued to drive our value creation

plans at CARE Hospitals, supported an

acquisition for a US portfolio company and

completed the sale of CAMS, a leading Indian

provider of outsourced back-ofﬁce processing

for mutual funds, to the National Stock

Exchange of India (NSE) in early 2014.

NEW INVESTMENTS

Alianza Fiduciaria

Allnex

The Coffee Bean & Tea Leaf

Dudalina

Mediq

Nets*

Ocensa

P2 Energy Solutions

UNIT4

FULL EXITS

ABC Supply

Atmosfera

AVIP

BondDesk

CAMS

Deutek

Domestic & General

Dufry

Isida

Kroton Educacional

Monte de México

Oxea

RWE Solutions (Nukem)

Skillsoft*

Vantiv

PARTIAL EXITS/

REALIZATIONS

Bojangles’

Charlotte Russe

DFS

Equiniti Group

Five Below

International Meal Co. (IMC)

KAI Group

Party City

Terminal de Contêineres de

Paranaguá (TCP)

Tinsa

WorldPay

WSIP

*Subject to closing

SECTOR FOCUS

BUSINESS AND

FINANCIAL SERVICES

The Business and Financial Services sector is

extremely diverse and subject to a wide range

of external factors including the de-leveraging

of the banking system after the ﬁnancial crisis,

increasing regulation, and the deepening

penetration of IP technology in product and

service delivery. Valuations have risen sharply

and attractive investment opportunities

remain scarce.

Nevertheless, Advent continues to devote

signiﬁcant resource to the sector, consistently

focusing on a group of service providers,

transaction processors and software

companies that tend to have technology at

their heart. Market growth is a common thread

to our activities across geographies. We look

for secular growth underpinned by robust

trends, strong business models with high

margins and cash generation, and

transformational opportunities from carve-

outs and under-invested state-owned and

family businesses. The regulatory environment

is also a very important driver as increasing

regulation forces restructuring and

divestitures from large ﬁnancial institutions

and spurs the growth of companies that assist

their clients with regulatory compliance.

Our sourcing efforts are focused around four

main themes: In payment processing we

anchor our growth thesis around cash and

checks being replaced by electronic payments

– a secular trend that withstood the downturn

in consumer spending and we believe has

years more to run. In niche insurance we

see areas of growth and opportunities for

re-engineering particularly in distribution and

the back ofﬁce. Back ofﬁce administration

and services beneﬁt from the trend for

outsourcing and the need for scale, trends

that Equiniti is taking advantage of to provide

high volume administration services to public

and private sector customers in the UK. We

continue to focus on carve-outs from ﬁnancial

institutions, especially in Europe, where we

have seen deal ﬂow improve. We use our

strong track-record from deals like Vantiv and

WorldPay to actively target new opportunities,

and not just in payment processing.

On the development side, we continue to

spend time on ﬁnancial technology, especially

in the US and in software. A new development

cell for 2014 is testing, inspection and

certiﬁcation (TIC) services, particularly in

Europe. This is a high growth but fragmented

market, driven by increasing regulation and

the requirement for companies to prove their

adherence to standards. Finally, in emerging

markets, we are also looking at fast-growing

asset management and asset servicing

businesses. InverCap and Alianza Fiduciaria

are two recent investments that are able to

capitalize on population growth and the

increasing penetration of ﬁnancial products

in Latin America.

08 SECTOR FOCUS BUSINESS AND FINANCIAL SERVICES

investments in the

sector through our

buyout programs

CASE STUDY

VANTIV

CASE STUDY

INVERCAP HOLDINGS

Vantiv (formerly Fifth Third Processing

Solutions) is one of the largest providers

of payment processing and technology

solutions for businesses worldwide. The

company supports more than 400,000

merchant and ﬁnancial institution locations

and 12,000 ATMs across eight countries

and 46 states in the US.

Prior to our investment in June 2009,

the business was a large, but non-core

division of Fifth Third Bank, with a shared

IT platform and reliance on the bank for

both referrals and key management

functions. Our goal was to carve out the

division and fulﬁll its potential to become

an independent market leader, able to

grow faster than the market.

Over two years, we worked with the CEO

to build a new management team, achieved

the highly complex separation of shared

technology and diversiﬁed the merchant

customer referral channels. Looking for

strategic growth opportunities, we

completed and integrated four acquisitions

that signiﬁcantly extended the company’s

scope and capabilities: National Processing

Company (NPC), TNB Card Services,

Springbok Services and Litle. In 2011,

rebranded as Vantiv, the company moved

to independent headquarters preparing for

its IPO. Vantiv (VNTV) became a publicly-

traded company listed on the NYSE in March

2012. Since then, Vantiv has continued to

substantially outperform its peers in share

price and is now the second largest

merchant acquirer in the world.

We sold our remaining shares in Vantiv

through a secondary offering in March 2014.

Driven by labor reform and a young

demographic, Mexico’s emerging pension

system is one of the fastest-growing in the

world. With a disproportionately high

number of workers to retirees in the country,

the potential for inﬂows into pensions is

signiﬁcant compared to outﬂows, and

sustainable as the working-age population

is set to rise further.

We invested in Monterrey based InverCap

in November 2012, attracted by the

company’s strong market position and its

prospects for growth. Founded in 1997,

InverCap’s main subsidiary, Afore InverCap,

manages one of Mexico’s best-performing

pension funds.

Over the past year, we have supported

InverCap in enhancing management and

streamlining operations, strengthening

controls and improving reporting procedures.

Adding 1,300 agents and 16 new branches,

the company is well ahead of its sales

expansion plan. We are also forging systemic

opportunities to increase contribution

levels in line with global standards and

win approval of new investment models

through regulatory change.

Today, InverCap invests the retirement

savings of approximately three million

employees, with total assets under

management of over $10 billion. Our

goal is to partner with InverCap in its

continuing success.

PARTNERING

Positive change

in developing

markets

DEVELOPING

Strong foundations

for long-term success

SECTOR FOCUS BUSINESS AND FINANCIAL SERVICES 09

SECTOR FOCUS

HEALTHCARE

Healthcare has been a busy area for Advent

in recent years, and one of ongoing change

as rising costs, tightening regulations and

increasing demand have led to unprecedented

levels of healthcare reform. Across Europe

and the US with debt as a percentage of

GDP running at all-time highs, the healthcare

systems face the continuous challenge of

providing more for less. In addition, consumer

engagement is growing with a dawning

recognition that patients will need to bear

a higher percentage of the cost of their own

care. Expectations are also enhanced as

patients use the internet to access better and

more information than ever before. Corporate

restructuring is another key inﬂuence, where

diversiﬁed conglomerates are being forced

to determine their core business.

Globally, these pressures are set to increase

further as the population ages, the demand

in emerging markets develops, and scientiﬁc

and technological advances increase life

expectancy, leaving more people facing

chronic illnesses such as diabetes. In the

US alone, the number of people over 65 is

forecast to grow by 57% in the next 15 years

- a clear illustration of this trend.

However, while healthcare spend has grown

above GDP in recent years, some of these

pressures are starting to bring spending under

control. Consequently, we are interested in

targets that deliver value for both payers and

providers through improving management

and processes, shifting the location of care

to more cost-efﬁcient locations, or better

facilities, technology and service. The three

major areas that we continue to focus on are

pharma, healthcare services and medtech.

Regions showing high-volume growth, such

as emerging markets, are particularly attractive

where we see large population growth,

under-penetration of healthcare and a growing

middle class which increasingly desires better

and more medical resources.

When we look for investments, we concentrate

on three main themes: We identify a clear

value proposition for the payer while

maintaining high quality standards (Connolly

is a great example which is taking costs out of

the system for the beneﬁt of the payer); we

look for companies with the potential to drive

operational improvements and/or buy-and-

build strategies and we invest in proven

science and technology. We believe this

focused strategy helps us to identify unique

opportunities like American Heart of Poland

(AHP), where future growth is underpinned

by specialist care, and Mediq, which offers

multiple expansion routes and long-term

consolidation.

10 SECTOR FOCUS HEALTHCARE

investments in the

sector through our

buyout programs

CASE STUDY

AMERICAN HEART OF POLAND (AHP)

CASE STUDY

MEDIQ

Historically, cardiovascular diseases have

claimed thousands of lives unnecessarily

in Poland each year, with poor diagnosis

and a lack of available treatment primarily

to blame. In 2000, American Heart of Poland

Clinics (AHP) was established by a group

of prominent doctors from Poland and the

US to introduce state-of-the-art cardio

services and 24-hour facilities to lead the

way in addressing this need.

Since then, AHP has pioneered a wide range

of services from medical advice, diagnosis

and treatment to rehabilitation. In 2013 alone,

39,000 patients received its specialist care.

The group now has more than 20 fully-

equipped clinics, including a department of

cardiac surgery with a hybrid operating

theatre that meets international standards

and a pioneering network of independent

catheterization laboratories.

Founded in 1899, Mediq is a leading

European healthcare product distribution

business delivering pharmaceuticals, medical

devices and related care services through

three channels: direct to patients, healthcare

providers and via Mediq pharmacies. Based

in the Netherlands, the business operates

across 15 markets.

Mediq’s strong position in the highly-

fragmented medical distribution industry,

along with its recent drive for international

expansion, offered signiﬁcant opportunities

for scale beneﬁts and future global

consolidation. Coupled with growing

healthcare spend and an ageing population

increasingly treated at home, this presented

a compelling scenario for growth. Taking

the business private in 2013, our aim was to

build a European leader in medical supply.

Investing in 2011, we committed to using

our resources and healthcare expertise to

support the business in its continued growth.

Focusing particularly on cardiac and

vascular surgery and rehabilitation, we see

great opportunities to develop AHP‘s

comprehensive approach to the treatment

of cardiovascular diseases and to expand

on its signiﬁcant achievements to date.

Over the past year, we have worked with

management on a clear value creation plan,

restructuring and resourcing the business to

increase revenue and streamline operations.

We have agreed to sell the non-core Polish

pharmacy operations and focused on

strengthening Mediq’s lead in the Dutch

pharmacy market. Going forward, new

product development and strategic

acquisitions are central to our efforts to

grow Mediq’s global inﬂuence and drive

long-term sustainable growth.

INVESTING

In specialist medical

services

RESTRUCTURING

From public-to-

private, driving

sustainable growth

SECTOR FOCUS HEALTHCARE 11

SECTOR FOCUS

INDUSTRIAL

Industrial is a largely capex-intensive

and cyclical sector. However, individual

sub-sectors and regions respond to diverse

trends, offering pockets of growth largely

independent of the macro-challenges.

New energy sources, such as shale oil and

gas, offer continued growth, while housing

in the US is being driven by recovery; mining,

on the other hand, is suffering headwinds

from the Chinese super-cycle. Our approach

is to look for growth where we have

extensive networks and knowledge, building

sustainable business models that incorporate

the cycle, but are not dependent on the cycle

for growth. We favor deal structures such as

corporate carve-outs, emerging market

expansion, and strategic repositioning that

play to our investment strengths.

Currently, we target three main areas: In

oil and gas services, strong demand and

dynamic technological changes offer exciting

opportunities, in particular in horizontal and

directional drill rigging for extracting oil and

gas. In chemicals and materials, restructuring

Western markets has led to consolidation

prospects, Oxea is a good example. Many

Asian and Latin American markets are also

ripe targets for expansion. In building

products, under-invested businesses offer

operational improvement opportunities

supported by a general market recovery.

Global growth is the overarching theme

of much of our investment activity, with

emerging markets increasing in importance

as they play a role in both production and

demand. Our recent investment in Ocensa in

Colombia supports this strategy. Conversely,

with ongoing industrialization and low costs

of labor, emerging market competitors are

growing in size and becoming international

competitors, so it is very important, not only

to understand the cycle of each sub-sector,

but also to understand the basis of incipient

competition.

Beyond our maintenance sourcing cells,

we are also looking at capital goods for

carve-out and international expansion

opportunities; and distribution services,

where we see the potential for industry

consolidation and operational improvement.

Mining is a new area we are developing in

2014. The sector faces change and over-

capacities, but as proactive, experienced

investors, we believe interesting

opportunities often result from change.

investments in the

sector through our

buyout programs

12 SECTOR FOCUS INDUSTRIAL

CASE STUDY

OXEA

CASE STUDY

OCENSA

Established in 1994, Ocensa manages

Colombia’s largest crude oil transportation

system - the main pipeline between

Colombia’s Llanos region and the Atlantic

Coast. Pumping an average of 590,000

barrels per day, the system is a core strategic

asset for Colombia, moving approximately

60% of the nation’s crude oil production,

representing around 70% of Colombia’s

total crude oil exports.

Ocensa operates the most cost-efﬁcient

and reliable pipeline that connects the main

oil producing basin in Colombia with the

main oil exporting port. The business is

strategically well-positioned to manage

further expansion of Colombia’s crude oil

output, which has nearly doubled in the

past six years and is expected to continue

to increase. With its system currently

running at close to 100% utilization, Ocensa

has begun a staged expansion project to

increase capacity by approximately 30%.

Acquiring a minority interest in Ocensa

in December 2013, our third investment in

Colombia was a landmark deal for Advent,

marking our ﬁrst mid-stream oil and gas

investment. Partnering with management,

we plan to apply our signiﬁcant energy

sector expertise to ensure Ocensa maintains

its proven track record of safety and

reliability while supporting the business

in its continued growth.

SECTOR FOCUS INDUSTRIAL 13

REPOSITIONING

From carve-out

potential to global

leadership

EXPANDING

New opportunities

in new regions

Oxea is one of the world’s leading

manufacturers of oxo chemicals for use

in broad end-markets such as coatings,

lubricants and inks. We formed Oxea in 2007

by merging two standalone intermediate

chemicals businesses we acquired from

Degussa (now Evonik) and Celanese.

Oxea’s competitive advantage lay in its

excellence across all areas of the value chain,

from superior proprietary technology to a

balanced product mix. Maximizing this

advantage required the well-coordinated

integration of the two businesses and a

rigorous strategy to accelerate growth.

Supporting management, we realized

signiﬁcant cost-savings through purchasing

and sales synergies. Investing in production

facilities increased output and removed

bottlenecks. Building on new product

opportunities, we helped Oxea diversify

and expand its presence in both emerging

and existing markets, allowing the company

to achieve record revenues even when

economic conditions became tough.

Now, with over 1,400 employees, ﬁve

production plants across Europe and the US

and sales ofﬁces in Asia and Latin America,

Oxea is a world-class business with a broad

customer base and impressive earnings

growth. In December 2013, we sold Oxea

to the Oman Oil Company, well-positioned

to begin the next phase of its corporate

development.

SECTOR FOCUS

RETAIL, CONSUMER

AND LEISURE

Recent earnings growth in the US is a positive

sign and there are indications that growth in

Europe may follow. Valuations are high

however, and we remain selective and focused

when looking at new deal opportunities.

In Retail and Consumer, markets often differ

by region, driven by local consumer trends.

In the retail space, three global themes remain

core to sourcing activity, value/discount,

specialist and controlled brands, which we

adapt and apply on a local basis. With value/

discount, further opportunities for rollouts and

consolidation exist, as unemployment and the

high cost of living continue to depress

household spending. In emerging countries,

low-income consumers offer the best

opportunity for future retail growth. Consumer

demographics are also shifting as low-income

consumers become the middle classes in

emerging countries, and increasingly

professional retail units make stores more

appealing to all. In the specialist retail arena,

focused businesses continue to take market

share from generalists as consumers look for

the best choice, price and service within a

category. Amongst controlled brands, premium

and luxury goods are continuing to grow, as

consumers of these products are less affected

by spending constraints and through digital

technologies global brands are becoming more

widely known quickly.

Within the consumer products space, there

are increasing opportunities as larger global

groups are further rationalizing their

portfolios. These are providing opportunities

to look at businesses where both top-line

growth and internal operational improvements

are needed. Themes of health and wellness in

the food and drink area, as well as household

goods ensure it remains an exciting sector,

though at strong valuations.

When we look at investments we consider

these growth themes in the context of

regional to national, and national to

international. We use our industry expertise

and global network to help us develop

relationships with companies we judge as

potential stars. We also consider the new

tools and operating formats that impact

sub-sectors in different ways, at DOUGLAS

Holding for example, the share of internet

sales has more than tripled since 2008. While

we focus on our core maintenance cells, we

are also on the lookout for new trends and

changing themes that could result in

interesting deal opportunities. Restaurants/

food services and travel are two we have

been developing during 2013 and The Coffee

Bean & Tea Leaf is one of the latest deals

executed as a result of this sourcing strategy.

investments in the

sector through our

buyout programs

14 SECTOR FOCUS RETAIL, CONSUMER AND LEISURE

CASE STUDY

THE COFFEE BEAN & TEA LEAF

CASE STUDY

DOUGLAS HOLDING

Founded in Southern California in 1963, The

Coffee Bean & Tea Leaf has become one of

the largest privately-owned coffee and tea

retailers in the world. Known for sourcing

direct from the best independent growers,

its emphasis on premium, handcrafted ﬂavor

is central to the company’s identity,

resonating with its expanding customer base

both in the US and abroad.

We invested in The Coffee Bean & Tea Leaf

in 2013, attracted by the strength of the

brand and its connection with its consumers.

With a rising culture of coffee consumption

globally, and particularly in Asia, we saw a

number of attractive opportunities to grow

the business and increase its market share.

Here, the regional expertise of our Shanghai

team played a key role in the deal.

The business currently has more than 900

stores spanning 15 US states and nearly 30

countries, as well as products in grocery

stores, restaurants and ofﬁces. We see a

number of attractive opportunities for

further platform growth including increasing

the number of company-owned stores,

introducing a variety of store-level initiatives

aimed at driving accelerated top-line sales

growth and expanding franchise operations,

especially across key Asian markets.

DOUGLAS Holding is a leading European

retail conglomerate consisting of ﬁve

independent divisions headquartered

in Germany: Douglas perfumeries, Thalia

bookstores, Christ jewellery stores,

Appelrath Cüpper fashion stores and Hussel

confectioneries. The group has more than

20,000 employees and operates over 1,900

stores across 18 countries.

In December 2012, Advent’s regional sector

teams partnered with DOUGLAS’ founders

the Kreke family to complete a complex

public-to-private transaction to acquire

DOUGLAS Holding. Bringing together

our global resources with the Kreke family’s

historical retail expertise, we have developed

the strength and vision to reposition the

business for sustainable future growth.

Now, under new ownership structure, our

main objective is to support management

to accelerate the growth of the perfume

and jewellery divisions. Key areas of focus

are an increased presence in the domestic

and international markets, as well as the

rapid integration of innovative cross-channel

sales concepts. In the book division, our

strategy for a comprehensive repositioning

includes a digital push. Across the business,

implementing industry-leading best practices

and cost-efﬁciencies is central to our value

creation plans.

BUILDING

Stable structures and

attractive prospects

SECTOR FOCUS RETAIL, CONSUMER AND LEISURE 15

GROWING

Market share and

global reach

SECTOR FOCUS

TECHNOLOGY, MEDIA

AND TELECOMS (TMT)

Technology, Media and Telecoms (TMT) is a

sector deﬁned by constant innovation and

change, with the importance of digital

technology felt by enterprises and consumers

around the world. The industry and businesses

involved are highly complex and dynamic.

Advent has been a longstanding investor in

TMT attracted by the sector’s pool of

opportunities, attractive growth drivers and

cash-generative models. Over the past four

years, Advent has been active in the global

TMT space, making four acquisitions, including

Oberthur Technologies, KMD, P2 Energy

Solutions and UNIT4.

Typically, companies within the TMT sector

have high growth rates and they respond to

secular trends not cyclical trends, meaning we

are able to ﬁnd interesting deal opportunities

even in markets with challenging economic

climates. Their global nature and multiple

layers of value creation ﬁt well with Advent’s

investment model. Software businesses, in

particular, show consistent performance due

to high customer switching costs, recurring

revenue streams and excellent cash ﬂow

generation. The operational leverage of most

software companies also enables accretive

follow-on M&A, and we believe the software

sub-sector offers dynamic exit options.

Through ongoing strategic reviews, we target

market-leading companies with clear value

creation plans and strong earnings growth

potential, often through international or

inorganic expansion. Our main sourcing themes

are based around the increasing penetration

and adoption of social, mobile, analytics and

cloud technologies. Our investments in UNIT4,

P2 Energy Solutions and KMD all beneﬁt from

these trends.

Beyond our core themes, together with our

operating partners, we continuously assess new

trends and areas where we believe our unique

operational and strategic insights can turn

potential into sustainable earnings growth.

In 2013, we focused on ﬁve sourcing areas:

Enterprise resource planning (ERP) software,

which addresses the increasing drive for

efﬁciency in modern enterprises; engineering

software, which addresses the growing

sophistication in energy and infrastructure

decision analysis; banking and ﬁnance software,

which addresses the increasing complexity and

compliance requirements in the ﬁnancial

services industry; information and analytics,

which offers productivity and enhanced

decision-making tools; and lastly, the internet,

which is a fast-moving economy with

increasingly mature investment opportunities

with operational improvement potential.

investments in the

sector through our

buyout programs

16 SECTOR FOCUS TECHNOLOGY, MEDIA AND TELECOMS (TMT)

CASE STUDY

KMD

CASE STUDY

P2 ENERGY SOLUTIONS

KMD is Denmark’s largest IT company,

providing innovative software, services and

business process solutions for government,

the public sector and private clients.

Founded in 1972, the company has a long

track record as a trusted partner to the

Danish state, digitizing complex transactions

from parliamentary elections and social

beneﬁts distribution to the administration

of schools. Each year, KMD’s systems handle

billions of kroner, equivalent to more than

25% of Denmark’s GDP.

Investing in the company in 2012, we were

attracted by KMD’s unique insight into and

competence in delivering critical software

solutions to local government. Building on

this platform, we recognized substantial

opportunities to develop adjacent areas of

the Danish welfare state. We also saw the

potential to leverage our global resources

to help the business expand across Europe.

A ﬁrst step has been to implement a program

of operational efﬁciency, streamlining

decision-making to strengthen the company’s

core. Product development and customer

support have also been enhanced. Now,

KMD’s focus has turned to growing new

public sector areas, innovating solutions for

eLearning and internet-based delivery for

elderly care.

P2 Energy Solutions is the leading provider

of software and data to the upstream

energy industry. Over 1,500 exploration and

production companies use P2’s products

and services daily to improve decision-

making, clarify complex workﬂow scenarios

and optimize efﬁciency. Based in the US,

the company employs over 700 people in

ofﬁces around the world.

Our acquisition of P2 in November 2013 was

the result of a proactive search from our deal

team and operating partners for a well-

positioned vertical software and data

business. Advent’s experience in both the

technology and energy sectors enables us to

leverage our experience and resources to help

P2’s management execute its strategic vision

of being the technology provider of choice for

the integrated operations of exploration and

production (E&P) companies globally.

Accelerating product development and

enhancing the go-to-market strategy are

two growth initiatives that Advent is

spearheading to position P2 to maximize

its growth potential. Additionally, we plan

to continue to expand the scope of P2 by

taking the current solution set to select

international markets and through strategic

acquisitions.

SUPPORTING

Product innovation,

growth initiatives

and strategic

acquisitions

INNOVATING

World-class IT

solutions for complex

transactions

SECTOR FOCUS TECHNOLOGY, MEDIA AND TELECOMS (TMT) 17

PORTFOLIO

COMPANY

LISTING

COMPANY REGION

BUSINESS AND FINANCIAL SERVICES

Alianza Fiduciaria Latin America

Equiniti Group Europe

GFKL Financial Services Europe

InverCap Holdings Latin America

Latin American Airport Latin America

Holdings (LAAH)

Nets* Europe

Terminal de Contêineres Latin America

de Paranaguá (TCP)

Tinsa Europe

Towergate Partnership Europe

TransUnion North America

Ultimo Europe

WorldPay Europe

HEALTHCARE

American Heart Europe

of Poland (AHP)

Biotoscana Farma Latin America

CARE Hospitals Asia Paciﬁc

Casa Reha Europe

Connolly North America

Laboratorio LKM Latin America

MEDIAN Kliniken Europe

Mediq Europe

Priory Group Europe

Regina Maria Europe

COMPANY REGION

INDUSTRIAL

Allnex Europe

BOS Solutions North America

Ceramica Europe

H.C. Starck Europe

KAI Group Europe

MAXAM Europe

Mondo Minerals Europe

Morrison Supply Company North America

NCS Energy Holdings North America

Ocensa Latin America

TES Vsetin Group Europe

Vinnolit Europe

RETAIL, CONSUMER AND LEISURE

Bojangles’ North America

Charlotte Russe North America

The Coffee Bean North America

& Tea Leaf

Devin Europe

DFS Europe

DOUGLAS Holding Europe

Dudalina Latin America

Eko Holding Europe

Five Below North America

Gayosso Latin America

Gérard Darel Europe

International Meal Latin America

Company (IMC)

Partner in Pet Food (PPF) Europe

Party City North America

Quero-Quero Latin America

Serta Simmons North America

TECHNOLOGY, MEDIA AND TELECOMS (TMT)

KMD Europe

Oberthur Technologies Europe

P2 Energy Solutions North America

Skillsoft** North America

UNIT4 Europe

WSiP Europe

18 HOW WE PERFORMED PORTFOLIO COMPANY LISTING

* Investment signed subject to closing

** Exit signed subject to closing

ADVENT INVESTING IN COMMUNITIES:

CARE HOSPITALS

INVESTING IN CARE

Despite rapid progress in other areas,

healthcare infrastructure has remained

relatively under-developed in India.

Currently, less than one hospital bed is

available per 1,000 members of the

population compared with the global

average of 2.7, an annual shortfall of over

50,000 hospital beds. With the majority

of existing hospital beds concentrated in

major cities, this gap in critical services is

already felt more acutely by patients living

in and around smaller cities. Over the next

ﬁve years, as demand continues to grow the

situation is expected to deteriorate, leaving

many communities without the modern

medical treatments and facilities they need.

VISION AND VALUES

In 2012, Advent acquired CARE Hospitals

with a vision of creating a regional market

leader in acute care services. Founded in

1997, CARE has grown from a single facility

focusing on cardiac care to a multi-specialty

group of 12 hospitals serving Central and

Southern India. Partnering CARE’s clinical

excellence with Advent’s operational

expertise, we saw the opportunity to help

the business expand its footprint and

capabilities to reach more patients in the

region’s smaller cities.

Our ﬁrst step was to upgrade and expand

CARE’s existing facilities to provide the

group’s clinical team with the quality

infrastructure they needed. Adding new

areas of specialization like orthopedics

and ophthalmology was key to offering

comprehensive care to patients. Central

to our strategy was the acquisition of

existing hospitals and development

of greenﬁeld projects in CARE’s current

and adjacent markets to bring better

healthcare to more people and address

the shortfall in hospital beds.

RAISING STANDARDS

CARE’s transformation into a professionally

run organization is already well underway,

with patients across Central and Southern

India now able to access international

standards of medical care in modern

facilities equipped with the latest

technology. In Hyderabad, the opening of

a new outpatient facility (the largest

standalone healthcare center in India) has

signiﬁcantly extended the range of services

available to the local population. Building

on this momentum, plans for three new

hospitals that will add around 700 acute

care beds in smaller cities are on track.

SUPPORTING COMMUNITIES

CARE has also been on hand to support

its local communities in crisis. Following

recent terrorist attacks, CARE’s staff

showed outstanding dedication in difﬁcult

circumstances. In Chattisgarh, the badly

injured victims of an insurgent attack were

airlifted to CARE’s hospital in Raipur to

receive life-saving emergency treatment.

In Hyderabad, in the aftermath of a

devastating bomb blast, CARE’s teams

worked over several days to save seriously

injured patients admitted to their hospital

and volunteered to attend to those at other

smaller hospitals in the city.

This commitment and compassion remain

at the heart of CARE’s ethos as it strives to

deliver world-class standards of healthcare

to more people across the region.

HOW WE PERFORMED ADVENT INVESTING IN COMMUNITIES 19

“ We are committed

to providing quality

healthcare with

compassion to

more people in

India.”

DR. B. SOMA RAJU,

FOUNDER OF CARE

HOSPITALS

ADVENT

AT A

GLANCE

20 ABOUT US ADVENT AT A GLANCE

FIRM FOUNDATIONS

Founded in 1984, we are one of the largest

and most experienced global investors

dedicated solely to private equity. To date,

we have invested in more than 290 buyout

transactions in 39 countries. We invest

where we see opportunities to partner with

management teams to increase revenue and

earnings, positioning businesses for

sustainable growth.

SECTOR FOCUS

We focus on ﬁve sectors we know well:

Business and Financial Services; Healthcare;

Industrial; Retail, Consumer and Leisure;

and Technology, Media and Telecoms (TMT).

This specialization allows us to develop

unique insights into sector trends, enabling

us to build effective strategies to better

support our portfolio companies in

achieving their growth objectives.

SHARED VISION

We are a responsible, long-term partner

to our portfolio companies. We aim to

make a constructive contribution, working

collaboratively with management teams to

achieve a shared vision for the future of their

businesses. Typically, we invest for three to

seven years, or until the company is ready

to move to its next stage of development.

OUR TEAM

We are a team of more than 350 people

worldwide, including over 170 investment

professionals. At partner level, the average

tenure at Advent is 14 years, providing

experience, stability and continuity of

knowledge, and, as importantly, preserving

the uniquely collaborative culture of our ﬁrm.

Our ofﬁces are staffed by local nationals,

whose market insights and regional

connections are invaluable resources to

both our broader organization and our

portfolio companies.

The size of our team and our global

coordination allow us to deploy signiﬁcant

resources to identify investment

opportunities and support our portfolio

companies at regional and international

levels. Globally, we share our knowledge

and experience across our sector teams

to maximize our capabilities.

OUR OPERATING PARTNERS

The use of operating partners is a

fundamental element of our investment

style. Currently, we have approximately

60 operating partners who provide

ﬂexible support to our portfolio company

management teams throughout the

investment cycle.

Acting as independent advisors, our

operating partners help to source and

evaluate investment opportunities, extend

industry networks and contribute to the

strategic and operational development

of our portfolio companies.

ABOUT US ADVENT AT A GLANCE 21

COUNTRIES WITH

ADVENT PORTFOLIO

COMPANIES

170+

INVESTMENT

PROFESSIONALS

GLOBALLY

CURRENT PORTFOLIO

BY GEOGRAPHY

CURRENT PORTFOLIO

BY SECTOR

Asia Paciﬁc 2%

Europe 54%

Latin America 20%

North America 24%

By number of deals

Business & Financial Services 20%

Healthcare 18%

Industrial 22%

Retail, Consumer and Leisure 29%

Technology, Media and Telecoms 11%

By number of deals

MINIMIZING ENVIRONMENTAL IMPACT

We aim to minimize the environmental

impact of our business across our global

network. Our approach to a healthy

environment is to reduce our energy usage

where practical and recycle where local

facilities allow. This helps us to reduce

our day-to-day environmental impact

and costs, and also provides for small

productivity gains.

OUR INVOLVEMENT IN SOCIETY

We believe that personal choice and

engagement bring the most beneﬁts to both

employees and the causes they choose to

support. We encourage Advent team

members’ involvement in areas of social

responsibility such as fundraising, voluntary

work, mentoring, external appointments

and memberships.

In September 2013, over 100 members of

the Advent team from across our global

ofﬁces took part as runners, drivers and

volunteers in Reach the Beach, a long-

distance relay race staged in New

Hampshire. Coming together to raise funds

for Partners in Health (PIH) (www.pih.org),

our relay teams successfully covered 205

miles non-stop over 30 hours, supported by

their colleagues. The funds raised will help

PIH to expand rural health clinics in the

high-poverty Chiapas region of Mexico and

to construct a new maternity hospital in the

Neno district of Malawi. In addition, our

Boston ofﬁce participates in YearUp, a

community initiative helping young urban

adults to reach their potential through

mentoring and internships.

OUR GOVERNANCE

Advent International Corporation (AIC) is

a fund manager. The majority of Advent

ofﬁces act as advisors to AIC, providing

advice on the investment and divestment

of portfolio companies.

REGULATION

AIC is regulated by the US Securities and

Exchange Commission. Where applicable,

our advisory businesses are registered with

their local regulator, such as the Financial

Conduct Authority (FCA) in the UK.

RISK MANAGEMENT AND COMPLIANCE

AIC is advised by dedicated investment

advisory committees of local senior partners

and at least one partner from another region.

This model ensures the consistent application

of global Advent standards and helps to

enhance cooperation and knowledge-

sharing between regions.

Each fund has a dedicated advisory

committee of limited partner representatives

who meet with us periodically to review the

portfolio, discuss issues and opportunities

and monitor certain actions.

A global compliance team led by our Chief

Compliance Ofﬁcer maintains policies and

controls in this area and oversees our

internal governance programs worldwide.

22 ABOUT US ENVIRONMENT, SOCIAL AND GOVERNANCE

ENVIRONMENT,

SOCIAL AND

GOVERNANCE

Good stewardship shapes our

approach, and we encourage our

portfolio companies to apply the

same principles to their businesses.

HELPING

Advent team members raised

funds to support Partners in

Health’s plan to construct a

new maternity clinic in Malawi.

ABOUT US ENVIRONMENT, SOCIAL AND GOVERNANCE 23

TALKING TO STAKEHOLDERS

We attend portfolio company board

meetings and are in regular contact with

management. We also maintain a continuous

dialogue with our limited partners who

invest in our funds and our portfolio

companies, M&A intermediaries and the

wider private equity community.

We provide our limited partners with

regular communications on investment

and exit activity and the progress of our

portfolio companies. We send them

quarterly fund ﬁnancial reports, and hold

an annual investor conference. Our investors

can access information about our funds

and their investments at any time through

a secure extranet.

TRANSPARENCY AND DISCLOSURE

We follow the guidelines on transparency

and disclosure for private equity ﬁrms

produced by the Walker Working Group

in the UK and the BVK Large Buyout Group

in Germany.

For additional disclosures on investment

activities in the UK and Germany that fall

within these guidelines, please visit

www.adventinternational.co.uk and

www.adventinternational.de respectively.

We also provide regular information to

trade associations to assist them in analyzing

the economic role and contribution of the

private equity industry.

IMPROVING PORTFOLIO COMPANY

GOVERNANCE

Good corporate governance is at the heart

of our value creation plans. We sit on the

boards of our portfolio companies as well

as on audit, compensation and other

committees and work in close partnership

with our management teams. We are

continually thinking about how we can

drive long-term improvements.

We encourage our portfolio companies to

adopt appropriate corporate governance

procedures in line with established best

practices and local legal and regulatory

requirements.

Tom Allen

Ronald Ayles

Ernest Bachrach

Humphrey Battcock

James Brocklebank

Peter Brooke

Jaime Carvajal Urquijo

Jefferson Case

Santiago Castillo

Cédric Chateau

Steven Collins

Guillaume Darbon

Filippo de Vecchi

Juan Díaz-Laviada

Chris Egan

Patrice Etlin

Tim Franks

Stephen Hoffmeister

Ralf Huep

Shweta Jalan

Joanna James

Jan Janshen

Richard Kane

John Maldonado

Mario Malta

David McKenna

Monika Morali-Eﬁnowicz

Antonio Moya-Angeler

Chris Mruck

David Mussafer

Tamás Nagy

Jeff Paduch

Chris Pike

Emma Popa-Radu

Mauricio Salgar

Will Schmidt

Ranjan Sen

Ron Sheldon

Eileen Sivolella

Luis Solórzano

Pascal Stefani

Georg Stratenwerth

Steve Tadler

Bob Taylor

Juan Carlos Torres

Fred Wakeman

Jim Westra

Juan Pablo Zucchini

24 ABOUT US THE PARTNERSHIP

THE

PARTNERSHIP

At Advent, we place great value on the strength

of our partnership, working together as one team

to achieve the goals of our ﬁrm. As partners, we

meet regularly and share our knowledge freely,

recognizing that a collaborative approach allows

us to be resourceful in our thinking and agile in

adapting to change.

With our management teams, operating partners

and other stakeholders, we create a shared vision

for the future of our portfolio companies and work

collectively to realize the potential we see.

For further information on our partners and investment team

please visit www.adventinternational.com

OUR PARTNERS

ABOUT US OUR OFFICES 25

ADVENT

OFFICES

BOGOTÁ

Advent International Colombia S.A.S.

Avenida Calle 82 # 10-33

Oﬁcina 902

Bogotá

Colombia

Tel: +57 (1) 254 4747

BOSTON

Advent International Corporation

75 State Street

Boston, MA 02109

USA

Tel: +1 617 951 9400

BUCHAREST

Advent International Romania S.R.L.

89 – 97 Grigore Alexandrescu Street

3rd Floor

Bucharest 1, 010624

Romania

Tel: +40 21 211 1602

FRANKFURT

Advent International GmbH

Westhafenplatz 1

60327 Frankfurt am Main

Germany

Tel: +49 (0) 69 955 2700

LONDON

Advent International Plc

111 Buckingham Palace Road

London

SW1W 0SR

United Kingdom

Tel: +44 (0)20 7333 0800

MADRID

Advent International Advisory, S.L.

Serrano, 57–2º

28006 Madrid

Spain

Tel: +34 91 745 48 60

MEXICO CITY

Advent International PE Advisors, S.C.

Ediﬁcio Omega

Campos Eliseos 345 - 7° Piso

Col. Polanco

México, D.F. 11560

Tel: +52 55 5281 0303

MUMBAI

Advent India PE Advisors Private Limited

406, 4th Floor, Ceejay House

Shivsagar Estate

Dr Annie Besant Road

Worli, Mumbai 400 018

India

Tel +91 (22) 4057 3000

NEW YORK

Advent International Corporation

375 Park Avenue

31st Floor

New York, NY 10152

USA

Tel: +1 212 813 8300

PARIS

Advent International SAS

8 – 10 rue Lamennais

75008 Paris

France

Tel: +33 (0) 1 55 37 29 00

PRAGUE

Advent International s.r.o.

Palladium

Na Porˇícˇí 1079/3a

110 00 Prague 1

Czech Republic

Tel: +420 234 749 750

SÃO PAULO

Advent do Brasil Consultoria e

Participações Ltda.

Av. Brig. Faria Lima 3311, 9º andar

04538-133 São Paulo, SP

Brazil

Tel: +55 11 3014 6800

SHANGHAI

Advent International (Shanghai) Co. Ltd.

Suites 3207-3208, Park Place

No. 1601 Nanjing Road West

Jing’an District, Shanghai

China 200040

Tel: +86(21) 6032 0788

WARSAW

Advent International Sp. zo.o. sp.k.

Marszałkowska 89

00-693 Warszawa

Poland

Tel: +48 22 627 5141

All non-US ofﬁces, except Advent India PE Advisors Private Limited and Advent International (Shanghai)

Co. Ltd , act as advisors to Advent International Corporation. Advent India PE Advisors Private Limited

acts as an advisor to Advent International Cyprus Limited, which in turn acts as an advisor to Advent

International Corporation. Advent International (Shanghai) Co. Ltd. acts as an advisor to Advent

International Hong Kong Ltd., which also acts as an advisor to Advent International Corporation.