FacilitySource, receives $10 million in financing
Columbus, Ohio — Facility Source, a global provider of facility maintenance and management solutions to retailers, has received an investment of $10 million from BMO Capital Markets’ Mezzanine Fund.
This infusion of capital will allow FacilitySource to fund growth and strategic capital expenditures, including expansion of its offices in North America and Europe, continued investment in its software applications to support retail facility management solutions, as well as pursue potential strategic acquisitions.
“FacilitySource has been growing 25%-30% each year since we took our solution to market,” said company CEO, Bill Hayden. “The capital provided by BMO’s investment will allow us to double the capacity of our service optimization centers that support over two million helpdesk calls per year. We will also direct capital to drive innovations in the retail facility management industry — by creating new online applications and web-based communities to service our current and future clients.”
Former CVS Caremark head joins Advent International’s Operating Partner Program
BOSTON — Global private equity firm Advent International has announced that Tom Ryan, former chairman and CEO of CVS Caremark, has joined the firm’s Operating Partner Program. In this role, Ryan will advise and work closely with Advent’s investment professionals to identify opportunities and generate post-investment value at retail and healthcare companies globally.
“Advent has a proven ability to tackle complex situations and deliver long-term value through operational enhancements and earnings growth, even in low-growth environments. I am delighted to join a firm with a solid track record of success. Advent is a highly focused global organization and I’m excited to now be part of the team,” Ryan stated.
This is the latest appointment in Advent’s Operating Partner Program, a long-established element of the firm’s approach to investing. The program includes more than 80 senior industry executives, many of whom have been involved in multiple Advent investments. These executives typically assist in such activities as finding attractive investment opportunities, conducting due diligence, and creating and driving value creation plans for Advent’s portfolio companies.
“Tom is simply one of the world’s top corporate leaders. He is tireless in his pursuit of new ideas, innovation and growth. That drive, combined with his expertise in the retail and healthcare sectors, complements Advent’s time-tested approach to value creation. He is a great addition to Advent, and we look forward to working with him to identify and develop investment opportunities on a global basis,” stated David Mussafer, Advent managing partner.
Ryan joined CVS Caremark in 1974 as an in-store pharmacist and progressed through increasingly senior positions, becoming CEO in 1994 and adding the role of chairman in 1998. As the leader of the company, Ryan oversaw the transformation of CVS Caremark from a New England-based regional player into a more comprehensive pharmacy services company with a national footprint and revenue of nearly $100 billion in 2010.
Target’s online president resigns
Minneapolis — Target Corp. said Thursday that the president of Target.com, Steve Eastman, has departed the company to pursue other opportunities.
The retailer said the decision is unrelated to the performance of its online business. However, the crash of its website last month during the launch of its exclusive Missoni collection led to much criticism.
Eastman is the second major executive to leave Target this month.
Target’s top marketing chief, Michael Francis, recently resigned to join J.C. Penney Co. as its new president.
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