NEW YORK, Jan. 27, 2014 /PRNewswire/ -- Advent International, one of the largest and most experienced firms dedicated solely to private equity, today announced that J. Rich Alexander, who held a number of senior operating executive positions during a 35-year career at PPG Industries, Inc., has joined Advent as an Operating Partner. He will work closely with Advent's chemicals team to identify and evaluate new investment opportunities in the chemicals and materials sector and create value in existing portfolio companies. Mr. Alexander serves on the board of directors of Allnex, a leading global supplier of coating resins and additives that Advent acquired last year from Cytec Industries.
Mr. Alexander most recently was a member of PPG's executive and operating committees and oversaw the company's global architectural coatings, fiber glass and flat glass businesses, as well as its corporate functions for marketing, purchasing and distribution. Among other responsibilities, he served as global general manager of PPG's general industrial coatings group, as vice president of the company's industrial coatings division and as executive vice president of PPG's performance coatings and glass reporting segments. Mr. Alexander also has served since 2009 on the board of directors of Calgon Carbon Corporation.
"Rich is a proven leader in the chemicals and materials space and brings deep experience in operations, marketing, production and distribution," said Ronald Ayles, managing director and head of Advent´s chemicals practice. "We have been impressed with Rich and the value he brings to our investment in Allnex, and we are very pleased to add him as an advisor to our firm. His formal addition to our Operating Partner program strengthens our robust international team."
"Rich has a thorough understanding of the primary addressable markets for industrial chemical applications worldwide," added Kevin Feinblum, a principal at Advent. "We are looking forward to working with Rich to identify additional opportunities on which we can collaborate, with the goal of continuing Advent's strong track record in the chemicals sector."
Mr. Alexander graduated cum laude from Kent State University with a bachelor's degree in psychology and earned an M.B.A. from Capital University. He previously served as chairman of the board of Pacific Fiber Glass, a joint venture of PPG Industries and Nan Ya Plastics in Taiwan, and served on the boards of The United Way of Allegheny County and The Pittsburgh Public Theater.
"Advent is one of the leading investors in the global chemicals industry, and I'm pleased to join the team," said Mr. Alexander. "We have developed a strong partnership as we have worked to help Allnex grow as an independent company, and I'm looking forward to expanding our relationship to other investment opportunities."
Mr. Alexander is the most recent executive to be appointed to Advent's Operating Partner Program, a long-established and successful element of the firm's highly operational approach to investing. The program includes approximately 60 senior industry executives, who work with Advent in specific sectors, typically as board members. These executives, many of whom have been involved in multiple Advent investments, assist in finding attractive investment opportunities, conducting due diligence and creating and driving value creation plans for Advent's portfolio companies.
Advent has been active in the chemicals and materials industry for more than 25 years and has invested in over 30 companies in the sector globally. The firm has developed a strong track record in carving out these businesses from multinational corporations and enabling them to become successful, independent companies. Advent's recent investments in the chemicals and materials sector include Allnex, H.C. Starck, Maxam, Mondo Minerals and Oxea.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global investors dedicated solely to private equity. Since inception, the firm has invested in more than 290 buyout transactions in 39 countries, and today has $32.2 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 growth and traditional buyout and strategic repositioning transactions across five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecoms. After 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for portfolio companies.
For more information, visit www.adventinternational.com.
SOURCE Advent International