Advent MD Franks leaves firm after 17 years

Franks joined Advent in 1999, having previously worked at Credit Suisse, Deutche Bank and the Center for Strategic and International Studies. He was promoted to partner in January 2007.

During his time at Advent, Franks worked on numerous deals including the £110m acquisition of clothing retailer Fat Face in 2005, which the GP sold to Bridgepoint in a £360m deal two years later.

Following Franks's departure, current managing director Andy Dawson will oversee retail, consumer and leisure for the firm, according to a source close to the situation. Dawson joined the GP in 2004 from OC&C Strategy Consultants.

Advent recently became one of the latest global large-cap players to close its flagship vehicle, raising $13bn for the GPE VIII fund in March 2016.

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