Advent International Appoints Former EY Global Chairman and CEO Carmine Di Sibio as Operating Partner

Business Wire 30-Sep-2024 8:00 AM

Advent International ("Advent"), one of the largest and most experienced global private equity investors, today announced the appointment of former Ernst & Young LLP ("EY") Global Chairman and CEO Carmine Di Sibio as an Operating Partner. Di Sibio will play an active role in helping the firm identify, source and execute new deals in the business and financial services space and will work closely with Advent's team and current portfolio of investments.

"We are thrilled to welcome Carmine to our growing roster of talented, specialized and hands-on Operating Partners," said Chris Egan, Managing Partner at Advent. "After a distinguished career of nearly four decades at EY, Carmine brings an incredible wealth of knowledge and expertise in the professional services, financial services and technology industries, which we believe will be invaluable as we continue to expand our investments in this space. We are excited about the opportunity to leverage Carmine's experience to drive even further growth and innovation across our firm and portfolio."

Di Sibio began his career in 1985 as an auditor at EY, one of the largest professional services organizations in the world, before rising through the ranks in several different advisory and assurance roles and ultimately elevating to Global Chairman and CEO in January 2019. In that role, Di Sibio led the organization through significant transformations, focusing on digital innovation, sustainability and geographic expansion. While at EY, Di Sibio played a key role in driving EY's global growth strategy with the development of NextWave, the company's first global strategy focused on creating long-term value for all stakeholders. During his tenure, EY has invested over US$10 billion in technology, solutions and its people, achieving revenues of US$50 billion and a global workforce of 400,000 people. Furthermore, Di Sibio helped create EY's Global Innovation team, which sought to redefine how teams used technology to transform existing services and create new solutions. He also co-chaired the organization's Global Diversity, Equity and Inclusiveness Steering Committee for over a decade.

"I am thrilled to work with Advent, a firm that I have closely followed and admired, and to apply the learnings and experiences I have amassed over my career in a new and exciting way," said Di Sibio. "The professional services industry is at an inflection point, with new opportunities emerging from technological disruption and evolving client needs. Advent's disciplined investment approach, combined with its global reach and deep industry expertise, presents a unique platform to drive transformation in the sector. Throughout my career, I have been focused on leading and executing industry-defining change, and I look forward to collaborating with the business and financial services team to capitalize on these trends and work towards driving growth at the firm's portfolio companies."

"Carmine is an industry veteran and exceptional thought leader who has overseen multi-billion-dollar investments in new technologies to drive industry efficiencies and spearheaded initiatives to expand the pool of industry talent, and we are incredibly honored to partner with him as an Operating Partner," said John DiCola, Principal at Advent. "As we scale Advent's investments in the professional services sector, we believe that Carmine's insights and broad set of relationships will be critical in helping our team to identify further opportunities to support the growth and evolution of the industry."

Di Sibio currently holds director positions on the boards of PayPal (NASDAQ:PYPL) and Prudential Financial (NYSE:PRU). Di Sibio also plays an active role in the World Economic Forum, having served as a member of its International Business Council, and he has been actively involved in developing a core set of metrics to help standardize disclosures around Environmental, Social and Governance (ESG) factors and long-term value creation. He earned a bachelor's degree in chemistry from Colgate University and an MBA from New York University's Stern School of Business.

Advent has been investing in the business and financial services sector for over 30 years and has completed over 88 investments worldwide. Advent's investments in the space focus on financial services providers and business-to-business players that tend to have technology at their core. Market growth is a common thread to its activities in the sector across geographies, and the firm looks for growth that is underpinned by robust macro trends, resilient business models and transformational opportunities from carve-outs and undercapitalized businesses.

ABOUT ADVENT INTERNATIONAL

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in 421 private equity investments across 43 countries, and, as of March 31, 2024, had $90 billion in assets under management*. With 15 offices in 12 countries, Advent has established a globally integrated team of over 315 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer, and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit: Website: www.adventinternational.com LinkedIn: www.linkedin.com/company/advent-international

*Assets under management include assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

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