Clayton, Dubilier & Rice has appointed former BG Group and Statoil chief executive Helge Lund as an operating advisor to its funds, according to a statement from the firm.
Lund has already taken up the post in the firm's London office.
Lund said he would be adding his “experience and networks” to identify new investment opportunities, as well as helping the firm’s existing portfolio companies become “more valuable enterprises”.
Lund made headlines when he joined BG in 2015 with a pay package reportedly worth up to £25 million (€29 million; $32 million). During his time at the company he built a new management team and organisational structure, implementing operational initiatives to improve safety, reduce operating costs and increase production. He also oversaw the $50 billion sale of the company to Royal Dutch Shell in February and the subsequent integration of the company.
Prior to BG, Lund spent 10 years at oil and gas company Statoil. During his tenure Statoil’s market capitalisation rose from NKr189 billion (€20 billion; $23 billion) to more than NKr500 billion, CD&R said. He also oversaw the company’s $30 billion acquisition of Norsk Hydro ASA’s oil and natural-gas division.
“Helge has made a material, positive and lasting impact on the many businesses that he has led,” CD&R partner David Novak said in the statement.
“We greatly admire his many accomplishments and look forward to him applying his strong leadership skills, bold strategic thinking and operational acumen to CD&R’s investment activities and our portfolio businesses.”
Lund added: “CD&R has a stellar record of delivering sustainable performance through operating excellence, strong financial discipline and building strong, values-based cultures.”
This is the second recent high-profile operating advisor appointment by CD&R. In June the firm appointed former chairman and chief executive of former portfolio company Graphic Packaging International, David Scheible to the role.
CD&R’s advisors work actively with its in-house professionals to source and evaluate new transactions. They also provide strategic insights into CD&R’s portfolio companies, and are usually engaged on a non-exclusive basis, as previously reported by Private Equity International.
CD&R is talking with investors about launching its tenth fund, which could target at least $8 billion. The fund’s predecessor, which closed on $6.4 billion, is 70 percent invested, as reported by sister titlePrivate Healthcare Investor.