The amount was not disclosed but New Mountain and Vestar will now jointly govern IRI.

Jeffrey Ansell, a Vestar senior advisor and IRI board member since 2011, will become chairman of IRI.

He said: “The IRI management team, led by CEO Andrew Appel (pictured), has a proven track record of partnering with clients to leverage data, technology and cutting-edge ideas to help achieve better business results. Working with Andrew and this team, as well as with New Mountain and Vestar, we can continue to realise the strong client impact and value creation potential of this business.” 

Appel added: “Since New Mountain invested in IRI, we have transformed our business through significant investments in leading-edge technology and built a partner network of more than 100 companies. The new relationship with Vestar will further strengthen IRI’s ability to provide superior client service, particularly given Vestar’s experience in consumer goods, data and information technology.”