Former Boots CEO to join Advent International’s Operating Partner Program

Advent International, the global private-equity firm, announced that Richard Baker has joined Advent as an operating partner to advise the firm on investment opportunities across the retail and consumer sectors. This is the latest in a series of operating partner appointments as Advent continues to strengthen its Operating Partner Program with high-calibre sector specialists.

Baker previously held the role of group chief executive at Alliance Boots having been CEO of Boots for three years before its successful merger with Alliance Unichem in 2006. At Boots, he was responsible for improving the company’s performance and growing its market share considerably. Prior to that, Richard spent nine years at Asda Stores in a variety of positions, becoming COO in 2002. He began his career at Mars Confectionery, where he worked for nine years. In 2007, Richard was appointed non-executive chairman of Virgin Active, the health club chain.  He is also non-executive chairman of the European Advisory Board for Groupe Aeroplan, owner of the Nectar loyalty card.

Commenting on his new role, Baker said, “I am delighted to be formalizing my partnership with Advent having built a strong relationship with the Retail, Consumer and Leisure sector team over the last few months. I was drawn to Advent by its market-leading credentials and I believe that the firm operates the right model to perform well in an evolving private equity market. I look forward to working with the team in helping to identify future investment opportunities”.

Advent has invested in excess of $2.7 billion in equity across the retail, consumer and leisure sector since 1984. Over the last 10 years, Advent has completed 25 buyout and growth capital investments in this sector in 15 different countries across Latin America, North America, Western Europe, Eastern Europe and Asia. Recent retail investments in Europe include Gerard Darel (France); Takko (Germany); Poundland (United Kingdom) and Stokomani (France).