As part of the initial screening, Par contacted a member of the Investor Network who had significant experience in this sector, having formally held roles as Head of Life Sciences at PA Consulting, Panmure Gordon & Co and Wood Mackenzie. This individual was quickly up to speed and prepared a detailed industry-specific note with clear, thorough and well-sourced insight, identifying shortfalls in management’s assessment of the market opportunity and the actual level of demand for this offering within pharma companies. Consequently, the investment team turned the opportunity down and provided detailed feedback to the management of the company, which was largely well-received.
- Portfolio Management
In 2012, Par invested in Dukosi, a company specialising in smart battery cell technology. Tragically, the following year the CEO and founder was killed while cycling home from work. As a young, pre-revenue company with a small team, this was not only a terrible loss of life, but also a grave concern for the business going forward. Par and members of the Investor Network rallied around the company in a significant way, providing cash and interim management until the company was back on an even keel.
Ian Irvin, Dukosi’s Chairman at that time, and member of the Investor Network, was instrumental in managing the business through this crisis; otherwise, the company would have folded. It was therefore particularly pleasing for Par, the investors, and of course the founder’s family to see the company grow over the following years and reach a successful exit in 2019, when it was sold to KCP partners, delivering a very good return to investors.
- Exit Management
In late 2012, Par invested in PathXL, a digital pathology workflow and machine learning technology. A member of the Par Investor Network, Professor Simon Best, with a strong background in life sciences and excellent network in this community, was a natural fit from the start. Best helped with Par’s detailed due diligence, and then took up the role of the Investor Director seat for Par on completion. He provided valuable insight and direction to the company in its strategic development over the next 4 years. Using his industry network, he helped them with introductions to customers and partners, before eventually setting up potential acquisition discussions with General Electric and Philips Healthcare, with Philips eventually acquiring the company and delivering a good exit for investors.
