Advent International Appoints Life Sciences Executive Dave Hickey as Operating Partner

BOSTON, August 20, 2024 - Advent International ("Advent"), one of the largest and most experienced global private equity investors, today announced the appointment of Dave Hickey as an Operating Partner. In this role, Hickey will be instrumental in identifying and sourcing new deals in the global healthcare and diagnostics space, and will work collaboratively with Advent's Healthcare team and management teams of current portfolio companies to support their evolution and growth.

"We are thrilled to welcome Dave as an Operating Partner, where he brings more than three decades of medical technology experience and expertise to help further bolster our practice in the space," said Carmine Petrone, Managing Director at Advent based in the firm's Boston office. "We believe there is ample opportunity for Advent to deploy our strategic capital, data and insights to help life sciences businesses enable the leading therapies of today and empower the discovery of tomorrow's therapeutic breakthroughs. We look forward to working with Dave to identify new investments that will improve the patient experience from the diagnosis to treatment stages."

Hickey most recently served as executive vice president and president of the Life Sciences segment of BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company. In this role, he oversaw the global operational, commercial and financial performance of the businesses that comprise the Life Sciences segment (Biosciences, Specimen Management & Diagnostic Solutions), which spans the continuum of discovery, translation, diagnostics and therapy selection. Hickey also led the Latin America region for the company and was a member of the BD Executive Leadership Team. Hickey joined BD in 2014 as vice president and general manager for the Clinical Microbiology business. In 2016, he was promoted to president of the Diagnostics Systems business, and in 2019, to worldwide president of the Integrated Diagnostic Solutions unit. Hickey also previously held senior positions and global roles at Bayer Diagnostics and Siemens Healthcare.

"I am excited to work with Advent and partner with its global healthcare team during a critical time in the industry," said Hickey. "The last few years have underscored the importance of investing in quality assets that will be revolutionary in shaping the future of healthcare as we know it and improving patient outcomes. Advent's reputation as a thoughtful and hands-on healthcare investor will be critical to drive industry change, and I look forward to working with the team to both identify prospective investments while also enhancing value within the existing portfolio around the world."

"We're honored to welcome an industry leader such as Dave as an Operating Partner," said Tom Allen, Managing Director at Advent based in the firm's London office. "Diagnostics is at a mission-critical nexus in the healthcare system, representing only 3% of all healthcare spend but influencing 70% of healthcare decisions. Dave brings global specialized experience in life sciences and diagnostics, which will be invaluable in driving our healthcare strategy moving forward."

Hickey currently holds a position on the advisory board of the Johns Hopkins Bloomberg School of Public Health, and formerly held Board positions at Analytical Life Sciences and Diagnostics Association, AdvaMed Diagnostics Association and University of Maryland Innovation BioPark. He was also board observer at Babson Diagnostics. Hickey earned his Medical Laboratory Sciences degree in Clinical Biochemistry from the University of Manchester in the UK and joined the National Health Service upon the completion of his degree.

Advent has long been an investor in the healthcare space, having invested in the sector for over 30 years and completed over 50 investments in 17 countries worldwide. Advent's healthcare investments focus on three main themes: (1) companies that offer a clear value proposition for patients, payers and providers while maintaining high quality standards; (2) businesses with the potential to drive operational improvements and/or buy-and-build strategies; and (3) companies with proven science and technology.