Advent hires new operating partner

Yu will join the firm's Frankfurt office and advise the chemicals team in sourcing new global investment opportunities. He will also support Advent portfolio companies in the sector post-acquisition.

Prior to his engagement at Advent, Yu was head of agrochemicals and intermediates at Evonik between 2003-2006. He then became Evonik's regional president of Greater China and was appointed to the company's executive board in 2011.

Advent has invested in 25 companies in the chemicals sector, including Munich-based Vinnolit, which it divested in a trade sale earlier this year for €490m after a 14-year holding period. The transaction multiple was understood to amount to approximately 6x Vinnolit's 2013 EBITDA.

Advent's operating partner programme has more than 60 industry executives, who assist in finding investment opportunities, conduct due diligence and support Advent's portfolio companies.

Yu's former employer Evonik was owned by CVC between 2008-2013; the private equity house bought a 25% stake in the company for €2.4bn in 2008. In 2012, Evonik planned to list on the DAX index in Germany, but eventually pulled its estimated €10-15bn IPO later that year, citing market volatility. In April last year, it issued 466 million shares at €32.20 per share in Frankfurt and Luxembourg, placing a total of 14.5% of its share capital. This amounted to a total placement value of €345m.

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