Kevin Beeston, former chairman and CEO of Serco Group PLC, has joined Advent International as an operating partner. He will continue as chairman of Advent portfolio company Domestic & General, which provides post point-of-sale extended warranty services.
Advent International, the global private equity firm, today announced that Kevin Beeston has joined the firm’s Operating Partner Programme. He will work with Advent to identify investment opportunities in the business services and related sectors whilst also continuing in his role as Chairman of Advent’s portfolio company, Domestic & General, the leading provider of post point-of-sale extended warranty services.
Kevin is stepping down as Chairman of Serco Group plc in May 2010, having previously served as the group’s Chief Executive and Finance Director during his twenty-five year career with the company. During that time, the company has developed from a small UK technical services business to become a leading FTSE 100 international service company, with revenues approaching £4 billion. In addition to his role as Chairman of Domestic & General, Kevin is also Chairman of Partnerships in Care Limited, an independent provider of secure mental health services in the UK, Chairman of Infinitas Learning, a pan-European educational publishing business, and non-executive director of the FTSE 250 engineering group IMI plc.
Until 2009, Kevin spent three years as Chairman of the Confederation of British Industry’s Public Services Strategy Board, which promotes the role that business has in transforming the UK’s public services, and was also a Commissioner for the Trades Union Congress’s Commission on Vulnerable Employment. He served as a Director of Ipswich Town Football Club from 2003 to 2008.
John Singer, Managing Partner and co-head of Advent’s Business Services sector team, said: “Kevin has been working with Advent for a number of years and we are delighted that he has agreed to deepen his relationship with the firm by signing as an operating partner. His experience in growing international businesses through the development of outsourced services will be a real asset to our team in our pursuit of investment opportunities in the business services and related sectors.”
Kevin Beeston added: “During my time as Chairman of Domestic & General, I have been impressed with the operational, partnership approach that Advent takes with its portfolio investments and the expertise of the people I have worked with across the firm. Stepping down from Serco Group will allow me to be even more actively involved with Advent and build on the strong relationship I have developed with the Business Services sector team over recent years. I very much look forward to helping them further develop their investment strategy and realise new investment opportunities in the future.”
Advent International has partnered with over 60 businesses worldwide across the business services sector since 1984. Current business services investments include Equiniti, the pre-eminent UK provider of share registration services, retail investor services and employee benefits solutions; RAET, the leading private Dutch payroll processing provider and Kroton Educacional, one of Brazil’s largest private education companies.
About Advent International
Founded in 1984, Advent International 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 25 years, Advent has built an unparalleled global platform of over 150 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 (€119 billion) in private equity capital and, through its buyout programs, has completed over 250 transactions valued at approximately $50 billion (€37 billion) in 35 countries.
For more information, visit www.adventinternational.com.
Operating Partner Programme
Advent’s Operating Partner Programme involves business leaders from a range of sectors working as consultants to the firm in a variety of ways: sourcing investment opportunities, assisting with the due diligence process and advising on the strategic and operational development of portfolio companies. The use of operating partners is a fundamental and long-established element of Advent’s highly operational approach to investing. The programme currently includes over 70 high-level individuals, many of whom have been involved in multiple Advent investments.