FFL Partners
Market-Leading Private Equity Investor Immersed in Healthcare Services and Health Tech
This organization has built a reputation for excellence since its founding in 1997. Their portfolio is hyper specialized in healthcare and technology putting on average $50-$200MM into companies within their portfolio to change the horizons for those businesses and to enlarge the capacity of the health and health tech ecosystems nationally. Over a span of two years, Parnassus partnered successfully on three separate engagements resulting in three COO’s being hired.
“The healthcare industry is exploding in growth, and the hunt for talent has been on a completely different level.” —Ashley Day, FFL Partners
Company Profile
Situation
This organization has built a reputation for excellence since its founding in 1997. Their portfolio is hyper specialized in healthcare and technology putting on average $50-$200MM into companies within their portfolio to change the horizons for those businesses and to enlarge the capacity of the health and health tech ecosystems nationally. Over a span of two years, Parnassus partnered successfully on three separate engagements resulting in three COO’s being hired.
Complexity
Communication and engagement with the sponsor’s interest in concert with the operational realities of each company was critical. Three Chief Operating Officers were needed and each of the portfolio companies were at a critical nexus of expanding opportunity and the need to rapidly address operational capacity to execute on it.
Strategy & Outcomes
Our approach with FFL was threefold:
1) We needed to understand their company at a deep partnership level. Senior candidates will be exposed to many private equity sponsors as opportunities arise in the market. FFL took the opportunity to immerse Parnassus into the nuanced elements of how they embrace their portfolio companies amidst the expectations for expanded returns. This allowed Parnassus to host a richer and more compelling conversation with all potential leadership candidates.
2) We needed to host a process that eliminates ambiguity and creates an experience with dignity, respect, and clarity for all participants. Our process kept candidate, private equity company and portfolio company perspectives in full view at every step and works to ensure that each is progressing toward a clearer picture of partnership and aligned interest with the direct result being that momentum is generated and impact is accelerated.
3) We had to create a framework with candor and trust that allowed for an ongoing confidence in the strength of outcomes and future endeavors as partners. Each of the COO roles were filled with an average hosting duration of 4.5 months. A national urgent care business, a leading national ABA therapy provider and a regional orthopedic platform all gained vital leadership that matched the sponsors objectives.