Advent International generated a firm record $7.8 billion in proceeds through 22 full and partial exits in 2013, according to the firm.
In a report released to investors, Advent said that refinancing and equity markets made for positive exit conditions. However, pricing continues to rise as overheated debt markets spur on valuations and make investment opportunities harder to find. Advent also cited soft growth across Europe and an uneven macro environment in emerging markets as continued challenges going forward.
ABC Supply, Domestic & General and Oxea were the three biggest exits for Advent during a 15-month period. So far in 2014, the firm has agreed to sell eLearning content provider Skillsoft.
Advent portfolio companies Vantiv, Five Below, Kroton, International Meal Company and Dufry were the standouts over the past 15 months in terms of value creation. Advent says it has achieved earnings and revenue growth at portfolio companies of 11 percent and 9 percent, respectively, on average. Investments so far total $2.2 billion globally through 16 new and add-on investments.
Advent also cited their investment in specialty coffee and tea retailer The Coffee Bean & Tea Leaf, which the firm expects to expand from 900 stores in 30 countries by pushing further into Asia. Advent opened an office in Shanghai in 2013, as a base of operations for Greater China, and has plans to continue building out its Asia team and Asian investments.
At year-end, Advent promoted 18 members of the global deal team, including three to managing partner and three to managing director. New hires were also added to the Bogotá office as a base of operations for investments in Latin America.
Advent had $32 billion of assets under management as of 31 December 2013.