Advent hires ex-Evonik China president for chemicals coverage

According to statement, Yu will work with the firm's chemicals team to help source new deals in China and around the world.

He will also provide post-investment support for portfolio companies. This will include taking on an advisory role at Allnex, a supplier of coating resins and additives, which was formed following Advent's $1 billion carve-out of Cytec Industries' coating resins business last year.

Yu has over two decades of industry experience working with speciality chemical company Evonik Industries - fomerly Degussa - where he has held various roles since 1990, most recently regional president for Greater China. He was appointed to the executive board in 2011.

"Advent continues to be an active investor in the chemicals sector and Dahai's considerable experience will further enhance our capabilities in this market,' Ron Ayles, managing director and head of Advent's chemicals practice, said in a statement. "His expertise and broad, global insight into the industry will provide great support to the firm and our portfolio companies."

Advent has been active in the chemicals and industrials sector for more than 25 years, investing in over 25 companies. Other China appointments to the chemicals team include Michael Ming-Yue Zhu, who was country manager for Belgian chemicals and plastics company Solvay, and William Tsao who headed DuPont's performance coating business in China.

Advent also appointed China healthcare industry veteran Lincoln Chee to its operating partner program last November.

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• Topics
• Greater China
• People
• Industrials
• Buyout
• China
• Advent International
• Appointments
• Chemicals