David Novak, a 25 year veteran of CD&R, offers a candid perspective on how PE operating models have evolved and the drivers of value creation, illustrated by the examples of investing in the likes of SIG and Morrisons.
David Novak, a 25 year veteran of CD&R, offers a candid perspective on how PE operating models have evolved and the drivers of value creation, illustrated by the examples of investing in the likes of SIG and Morrisons.
He explains the public to private migration, shrinking stock market listings, the impact of technology on decision making for business owners and why family owned businesses decide to work with them.
He discusses investments in SIG plc, the recent purchase of Morrisons supermarkets in the UK, the industry expertise they have developed and some lessons learnt.
Also covered are the structural advantages PE can offer private business, and some reasons to be optimistic about the opportunities ahead.
David has been with CD&R for 25 years and is a member of the Investment Committee. Based in London, he is responsible for the firm’s European business and international activities. He has been actively involved in CD&R’s investments in B&M Retail, BCA, Belron, BUT, Conforama France, Inizio, Kalle Group, Mauser Group, Morrisons, Motor Fuel Group, SIG plc, SOCOTEC, and Westbury Street Holdings, and played a key role in many others. Previously, he worked in the private equity and investment banking divisions of Morgan Stanley. He has an M.B.A. from Harvard Business School and a B.A. from Amherst College.
Please note, Sir Terry Leahy is a Senior Advisor to CD&R Funds. Operating Advisors and Senior Advisors are engaged by CD&R Funds and compensation for Operating Advisors and Senior Advisors is generally borne by the CD&R Funds and/or portfolio companies. Operating Advisors and Senior Advisors are not employees or Partners of CD&R.
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