Private Equity Deals with Capital Allocators

Advent International, Tricia Glynn - A Beautiful Carveout at Orveon (S1.EP.07)

Dec 7, 2022

Tricia Glynn, Managing Director at Advent International, shares insights from overseeing nearly $100 billion in assets. She details the intricate carve-out of beauty brands like Bare Minerals and Laura Mercier from Shiseido to form Orveon. The discussion highlights the complexities of due diligence, strategic planning, and the challenge of building brand heritage. Tricia also addresses the importance of adapting to modern consumer values, navigating hybrid work culture, and innovative strategies to reinvigorate brands and drive future growth.

55:45

Episode guests

Tricia Glynn

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Episode notes

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Quick takeaways

Tricia Glynn highlighted the importance of a comprehensive value creation plan in successfully executing the carve-out of Orveon from Shiseido Americas.

Advent International focuses on optimizing brand identity and operations to align with modern consumer values like sustainability and inclusivity.

The firm's future strategy involves ongoing investments and potential mergers to foster growth and establish Orveon as a market-leading beauty company.

Deep dives

Advent International Overview

Advent International is a global private equity firm founded in 1984, focusing on growth-oriented investments across various sectors, including technology, healthcare, and consumer businesses. With approximately $100 billion in assets under management today, the firm has a robust presence with 15 offices worldwide. Advent has evolved its investment strategies over the years, incorporating both founder-backed high-growth investments and transformational deals, such as carve-outs. The firm emphasizes creating long-term value, ethical standards, and maintaining a balance in the lives of its team members.

Intro

2min

Advent International: Growth Through Time

4min

Unveiling Orveon: Strategies Behind a Beauty Carve-Out

10min

Navigating Economics and Trust in Beauty Industry Transactions

3min

Building Orveon: A Strategic Carve-Out Journey

25min

Navigating Hybrid Work and Innovation in the Beauty Industry

9min

The Dynamic Learning Journey in Private Equity

2min

Tricia Glynn is a Managing Director at Advent International, the global private equity firm that oversees nearly $100 billion in assets. Orveon Global is a collective of beauty brands specializing in the future of the face. Advent carved out three brands from Shiseido Americas to form Orveon in 2021.

Our conversation covers the beauty business and the complex dynamics of a carveout transaction, including sourcing, due diligence, and preparing to hit the ground running with a new executive team and a transition plan for the newly independent business. We then turn to Advent's plan to reinvigorate the brands, improve operations, and add value through M&A. We close with challenges in the current environment, lessons learned from the deal, and a roadmap for the years ahead.

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Follow Ted on Twitter at @tseides or LinkedIn

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