Advent International said Monday that Todd Lachman and Larry Bodner have joined the firm as Senior Advisors. Lachman and Bodner will work closely with Advent’s global retail, consumer and leisure team. Lachman is the former global president of Mars Petcare while Bodner is the former CFO of Big Heart Pet Brands.
BOSTON, March 21, 2016 – Advent International, one of the largest and most experienced global private equity investors, today announced that it has engaged Todd Lachman, former global president of Mars Petcare, and Larry Bodner, former chief financial officer of Big Heart Pet Brands, as Senior Advisors. Messrs. Lachman and Bodner will work closely with Advent’s global retail, consumer and leisure team to identify and evaluate investment opportunities in the consumer products space. They will have a particular focus on opportunities in the food, home and personal care sub-sectors, with an emphasis on situations where they could provide direct executive leadership.
“Todd and Larry’s combined expertise in the consumer sector and in managing complex global organizations will significantly enhance our ability to proactively source and execute on new investments in the consumer space,” said Jeff Case, a managing director at Advent. “We have known and admired Todd and Larry for some time and are excited they have agreed to partner with us.”
Mr. Lachman has a 25-year record of delivering significant growth and value creation at major consumer products companies. He most recently served as global president of Mars Petcare, the global leader in the $70 billion pet food category, where he drove market share gains via organic growth and the multi-billion dollar acquisition of Iams/Eukanuba from Procter & Gamble. Prior to this role, Mr. Lachman was president of Mars Chocolate North America and Latin America, where he significantly accelerated growth and increased margins through brand revitalization and a comprehensive cost reduction program. Prior to Mars, Mr. Lachman served as executive vice president at Del Monte Foods Company, where he, along with Mr. Bodner, led a portfolio realignment and the acquisition of the Meow Mix and Milkbone brands. Previously, he also held senior management roles at H.J. Heinz Company and Procter & Gamble. At H.J. Heinz Company, Mr. Lachman worked directly under the guidance of current Advent Operating Partner, Bill Johnson, who served as chairman, CEO and president.
“The consumer products space is a dynamic and fragmented industry,” said Mr. Lachman. “I have spent my career in this sector and am excited to work with Advent, and reunite with Bill, to help identify attractive investment opportunities and create value in businesses by driving revenue and earnings growth.”
Mr. Bodner has over 25 years of experience as a performance driven, operationally focused financial executive with significant M&A experience. Most recently, Mr. Bodner was the chief financial officer at Big Heart Pet Brands, a leader in U.S. pet snacks and pet food categories. He led transformational change in the portfolio though extensive M&A, investment in organic growth as well as cost savings. Prior to Big Heart Pet Brands, Mr. Bodner was the chief financial officer of Del Monte Foods and before Del Monte, he held senior management roles at Walt Disney Company and Procter & Gamble. Mr. Bodner currently serves on the board of Hearthside Foods.
“Advent offers a combination of operational expertise and financial resources that align well with the needs of consumer products companies,” said Mr. Bodner. “I look forward to working
closely with Todd and the Advent team to build on the firm’s strong track record in the global consumer space.”
Engaging with senior executives such as Mr. Lachman and Mr. Bodner is a long-established element of Advent’s highly operational approach to investing. The firm has relationships with numerous industry operators who work in specific sectors as independent consultants to Advent and its portfolio companies. These executives, many of whom have been involved in multiple Advent investments, typically assist in finding attractive investment opportunities, conducting due diligence and creating and driving value creation plans for Advent’s portfolio companies. In the U.S. consumer vertical, Messrs. Lachman and Bodner will join an Advent team of independent advisors that includes Operating Partners Bill Johnson, former Chairman, CEO and President of H.J. Heinz, and Brad Alford, former CEO of Nestle USA.
Advent has been investing in the retail, consumer and leisure industry for 25 years and has completed over 65 investments in the sector worldwide. Recent consumer investments include Crompton Greaves Consumer Electricals Limited, Noosa Yoghurt, Serta Simmons Bedding, Party City and Partner in Pet Food.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested $30 billion in more than 300 private equity transactions in 40 countries. As of December 31, 2015, it had $29 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 170 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 more information, visit www.adventinternational.c