Michael McShane has joined Advent International as an operating partner, with a focus on the oil and gas services and equipment sectors. He is the former chairman and CEO of Grant Prideco.
Advent International, one of the world’s leading global private equity firms, today announced that Michael McShane has joined the firm’s Operating Partner Program to advise on investment opportunities in the oil and gas services and equipment sector. Mr. McShane will work with Advent’s deal team in the US, supporting the firm’s investment activities globally.
Mr. McShane was previously the Chairman and Chief Executive Officer of Grant Prideco, the global leader in the development of drill stem technology and the manufacture, sale, and service of drill pipes, drill bit technology and specialty tools. He served in this role for more than six years. During this time, Mr. McShane grew the company’s revenues by over three times to $1.9 billion and the operating income by 11 times to $590 million through organic growth and acquisitions. Mr. McShane left Grant Prideco in 2008 after its acquisition by National Oilwell Varco for $7.2 billion. Prior to joining Grant Prideco, Mr. McShane was the Chief Financial Officer of BJ Services, an international pressure pumping and oilfield services company. While at BJ Services, Mr. McShane helped grow the company from $350 million in revenues to $1.9 billion. He currently serves on the board of directors for two public companies, Complete Production Services and Spectra Energy, as well as two private companies.
David McKenna, Managing Partner and head of Advent International’s North American industrials practice, said, “The oil and gas services and equipment sector is an important area of focus for Advent globally. Mr. McShane’s extensive experience and his impressive track record in the sector will be extremely valuable to us, and we are very fortunate to have him on board. We look forward to working with him to identify and develop the right investment opportunities.”
Commenting on his new role, Mr. McShane said, “Advent has a long track record of successfully investing in a diverse range of companies globally and supporting management teams as they drive revenue growth and improve earnings. I look forward to sharing my knowledge and history with the investment professionals at Advent and with the management of portfolio companies in the oil and gas services and equipment sector.”
Advent International has been active in the industrials sector for over 20 years and has invested in over 70 companies globally. Among Advent’s previous investments in the industrials sector is Boart Longyear, the leading provider of drilling services, tools and equipment for the mining, construction, water and environmental industries worldwide, from which Advent exited in 2007. Current industrials sector investments include: Nukem (part of RWE Solutions), a diversified portfolio of energy-related services businesses; Bradco Supply, a leading distributor of residential and commercial roofing materials in the US; Oxea, one of the world’s leading manufacturers of Oxo chemicals; and Deutek, Romania’s largest decorative paints producer.
About Advent International
Founded in 1984, Advent International is one of the world’s leading global buyout firms, with offices in 15 countries on four continents. A driving force in international private equity for 25 years, Advent has built an unparalleled global platform of over 140 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 $24 billion (€18.6 billion) in private equity capital and, through its buyout programs, has completed over 250 transactions valued at approximately $45 billion (€37 billion) in 35 countries.
For more information, visit www.adventinternational.com.
Operating Partner Program
Advent’s Operating Partner Program 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 program currently includes over 70 high-level individuals, many of whom have been involved in multiple Advent investments.