Pritzker Private Capital has named David P. King as an operating partner to its healthcare team. His appointment is effective August 3, 2020. King is the former CEO and executive chairman of LabCorp.
CHICAGO and LOS ANGELES – June 25, 2020 – Pritzker Private Capital (“PPC”), a leader in family direct investing, today announced that David P. King, a respected healthcare services industry leader with a track record of growing diagnostics and life sciences companies, will join the firm’s Healthcare team as Operating Partner, effective August 3, 2020.
Mr. King will co-lead PPC’s Healthcare team in partnership with Investment Partner Michael Dal Bello. Mr. King brings two decades of operational leadership and sector expertise to PPC to further support the firm’s growing family of healthcare companies and advance PPC’s healthcare strategy and investment initiatives.
“Dave is a leader in the diagnostics and life sciences industries, and his skill in building and growing companies to a significant scale will play a critical role in enhancing our operations capabilities for our family of companies,” said Michael Dal Bello, Investment Partner – Healthcare at PPC. “We all look forward to working with Dave as we continue to build market-leading healthcare companies that deliver innovative products and services with high clinical quality. We are pleased to welcome Dave to PPC.”
“Dave’s broad global perspective and significant leadership experience across the healthcare industry make him an outstanding addition to our team,” said Paul Carbone, President and Managing Partner of PPC. “As our firm grows, we continue to be focused on serving as the ideal, value-added partner for family- and entrepreneur-owned businesses looking for a long-term partner. Dave brings a unique skill set to our team and I am confident his expertise will be invaluable to our family of companies.”
Mr. King will join the Pritzker Operations Group, led by David Gau, Partner and Head of Operations at PPC, where he will work alongside the firm’s Services and Manufactured Products Operating Partners to support the continued growth of PPC’s Operations team.
“We believe that further strengthening our operations capabilities is an important component of our strategy to partner with our management teams to create long-term value for our companies,” said Mr. Gau. “Dave’s experience and management style are exciting complements to our team, and I am thrilled that PPC continues to expand the services we offer our companies.”
Mr. King joins PPC after a distinguished tenure at LabCorp (NYSE: LH), where he served for nearly 13 years as CEO and most recently as executive chairman. He spearheaded LabCorp’s transformation from a pure-play clinical laboratory into a global leader in life sciences, tripling the size of the company through a combination of organic growth, market expansion and strategic acquisitions to more than $11.5 billion in revenue and nearly 65,000 employees in 2019. Central to that transformation was the successful execution and integration of the $5.6 billion acquisition of Covance.
During Mr. King’s tenure, LabCorp entered the Fortune 500, was named to Fortune’s List of World’s Most Admired Companies and Forbes’ ranking of The World’s Most Innovative Companies, and earned the designation as a Best Place to Work for LGBTQ Equality by the Human Rights Campaign Foundation. Prior to his career at LabCorp, he was a partner at the law firm of Hogan & Hartson (now Hogan Lovells), and a key member of the firm’s national healthcare practice. Mr. King is the board chair of PATH, a nonprofit global health organization, and serves on the advisory board for Duke University’s Robert J. Margolis, MD, Center for Health Policy. He is also senior advisor to the American Clinical Laboratory Association, where he served as chairman from 2010 to 2014.
“I want to continue my professional career in a role where I can remain focused on building companies that will bring innovation, quality and improved outcomes to our healthcare system,” Mr. King commented. “It is also critical to me to be part of a strong and collaborative culture. I found the perfect fit at Pritzker Private Capital: a commitment to operational excellence; a flexible approach to investing, which allows the team to form quality partnerships with like-minded owners and management teams; and a culture centered on honesty, integrity and loyalty. I’m thrilled to join the exceptionally talented team at PPC and look forward to contributing to the firm’s success.”
Michael Lynch, current Operating Partner on PPC’s Healthcare team, will make his planned transition to the role of Senior Advisor – Healthcare at PPC at the end of the year so he can devote more time to pursue his personal objectives. As Senior Advisor, he will continue to work closely with PPC’s Healthcare team to advise on growth strategies and provide operations counsel to PPC’s companies in the medical products space. Mr. Lynch will remain on the PathGroup Board of Directors, where he will assume the role of chairman.
Continued Mr. Carbone: “Mike is a terrific partner and an incredibly valuable member of the PPC family, and we wish him the best as he creates more time to pursue his personal endeavors. We are delighted that he will continue to be active with PPC and will continue to support our companies as a Senior Advisor going forward.”
Pritzker Private Capital brings a time-tested, disciplined approach to partnering with middle-market companies, focusing on quality businesses with leading positions in the manufactured products, services and healthcare sectors. PPC aims to identify innovative healthcare companies that produce high clinical-quality products with which to form a strong, growth-minded partnership and cultivate long-term success. PPC continues to be uniquely positioned to achieve strong results for its family of companies by combining the flexibility of long-duration capital with the legacy and values of a family-owned business.
PPC’s current healthcare companies include PathGroup, a leading provider of comprehensive anatomic, clinical and molecular diagnostic services; and KabaFusion, a national provider of specialty acute and chronic home infusion services. In addition, Pritzker Private Capital was an investor in Clinical Innovations, one of the largest medical device companies dedicated to labor and delivery and neonatal intensive care.
About Pritzker Private Capital
Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. For more information, visit PPCPartners.com.