Advent hires operating partner

The global mid-market firm has added former CEO of Chemical Lime Christopher Fraser to its operating team, focusing on opportunities in the chemical and materials space.

Advent International has added Christopher Fraser to its operating partner programme, where he will advise on opportunities in the industrial sector.

Fraser was most recently chief executive officer of Chemical Lime, a producer of inorganic chemicals and industrial minerals. He was previously president and CEO of OCI Chemical, a global producer of carbonates. At Advent, Fraser will focus on businesses in the chemical and materials space.

“[Fraser]’s outstanding track record in the broader chemicals industry, and particularly in inorganic materials and industrial mineral, makes him a great addition to our chemicals team,” Advent managing director Stephen Hoffmeister said in a statement.

A spokesperson for Advent was not available at press time. The firm has over 80 professionals in its operating partner programme.

Advent has been an active investor in the chemicals and material sector, investing in more than 20 companies in the space. Recent investments include Oxea, a producer of Oxo chemicals; HC Stark, a metals, ceramics and electronic chemical company; and Vinnolit, a specialty PVC producer.  

Earlier this month, Advent closed its Tokyo office, citing a lack of “sufficient volume of opportunities that meet our investment criteria to sustain an office in Japan”, an Advent spokesman said. The firm simultaneously “wound up” its ¥60 billion (€521.2 million; $725.3 million) Japan Private Equity Fund, which closed in September 2008 and has not done any deals.

Advent’s current global buyout fund closed on €6.6 billion in 2008.