Private equity firm Advent International has appointed Michael Ming-Yue Zhu, country general manager of Solvay China, to its operating partner programme.
Zhu will advise Advent on investment opportunities in the chemicals sector, one of the firm’s core sectors.
Advent has also appointed William Tsao, who worked at DuPont for more than 35 years, as an industry advier in the chemicals sector in China.
Zhu is a highly respected executive in the Chinese chemicals sector and has over 30 years of industry and government experience. He has recently assumed the position as China country general manager of Solvay following its merger with Rhodia, where he has worked since 1994. During his tenure at Rhodia, he has been a driving force behind the company’s growth, including building 12 new factories and acquiring six local Chinese firms. Prior to Rhodia, Zhu was head of ICI’s Shanghai representative office and was instrumental in setting up three joint ventures for ICI in China.
This is the first appointment made to Advent’s operating partner programme in China, following the opening of its Shanghai office in April. The operating partner programme includes over 60 senior industry executives, a number of whom have been involved in multiple Advent investments. These executives typically assist in activities such as identifying attractive investment opportunities, conducting due diligence and creating and driving value creation plans for Advent’s portfolio companies.
Tsao, during his long tenure at DuPont, held leadership roles in various disciplines and business units in Taiwan, Singapore, Bangkok and Shanghai. In his last position with the company, he headed up DuPont’s entire Performance Coating business in China.
Filippo de Vecchi (pictured), Advent managing director and co-head of Greater China, says: “We are delighted to partner with Zhu and Tsao, who bring valuable industry experience and local expertise to Advent globally and to our portfolio companies. The chemicals sector is a core area of focus for Advent in China. We are committed to helping our portfolio companies in this sector achieve expansion and long-term sustainable performance.”
Zhu says: “Advent‘s sector-focused approach and partnership culture is well regarded. It has a proven track record of successfully helping portfolio companies grow and succeed, and I am excited to be part of such a distinguished institution. I look forward to working closely with the Advent team to identify opportunities in leading Chinese companies and help the firm’s global portfolio companies expand in this market.”
Advent has been active in the chemicals industry for more than 25 years and has invested in over 30 companies in the sector globally. Advent’s recent investments in the chemicals sector include Cytec, HC Starck, Maxam, Mondo Minerals, Oxea and Vinnolit.
