Case Studies

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Partner Bio

Overview:

• Prime Visibility Media Group, Inc. (“Prime Visibility”) is an online performance advertising network and digital marketing agency formed through the concurrent acquisitions of Prime Visibility and AdOn Network
• Steve Jarmel (Partner) sourced the co-investment equity and senior debt and served as Chairman of the Board of Directors

Thesis:

• Take advantage of a rapidly growing digital marketing industry by combining and scaling an online advertising network and digital marketing agency
• Advertising budgets are increasingly shifting dollars to digital advertising from TV, radio, and print
• Brands recognizing the value proposition and ROI of digital marketing

Executed Investment Strategy:

• Replaced incumbent leadership team with industry experts
• Hired S. Brian Mukherjee as President in April 2010; promoted to CEO in October 2010
• Revamped product offerings, expanded customer relationships to accelerate growth
• Identified and executed key cross and up sell opportunities across business units
• Revamped incentive compensation structure to align corporate and individual goals
• Sold non-core products, acquired and integrated a technology engine, which expanded offerings to 3^rd party advertisers and publishers

Exit:

• Sold to blinkx plc (LSE: RTHM), in November 2011

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Partner Bio

Overview:

• FreightWatch International is a leading logistics security services company that provides a unique suite of services, including electronic freight security, to large multi-national corporations that transport high-value cargo over the road
• Steve Jarmel (Partner) was lead preferred director of the Board of Directors and a member of all Board committees

Thesis:

• Transform a non-core business within a larger traditional guarding company into a leading niche logistics security services company
• Heightened pharmaceutical security demand generated by FDA scrutiny and chain of custody requirements
• Increased ability to resell stolen products through expanding blue/gray markets
• Growing market acceptance and reduced cost of covert tracking devices

Executed Investment Strategy:

• Further expanded internationally into Mexico, Brazil, and Europe
• Developed new products, including temperature monitoring capability and next generation tracking devices
• Expanded gross margin by increasing utilization of work force
• Built out a dedicated sales organization; sourced and hired the head of sales and marketing
• Further penetrated pharma vertical with key client wins

Investment Exit:

• Sold in June 2012, to Sensitech Inc., a subsidiary of United Technologies Corp. (NYSE: UTX)

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Partner Bio

Overview:

• MicroMass is a medical marketing agency providing the pharmaceutical and medical device industries with strategic, creative and digital services
• In December 2015, SPS acquired MicroMass, a marketing agency focused on applying evidence-based behavior change strategies to create real-world solutions that optimize patient health outcomes
• Substantial expertise and holistic offering of human health behavior, patient engagement and support, and professional advocacy
• Focus on a strong core of therapeutic areas, including respiratory and rare disease, oncology, infectious diseases, and ophthalmology
• Periscope sourced the investment and controlled a majority of the Board of Directors; Steve Jarmel (Partner) served as Chairman

Thesis:

• Pharmaceutical companies are employing outsourced service models to reduce costs
• Pharmaceutical is conforming to the evolving needs of the digitally inclined constituents as well as more-involved consumers/patients
• Direct-to-physician marketing model is becoming obsolete creating high demand for targeted communication and marketing strategies
• Digital has become the preferred communication channel for physicians

Executed Investment Strategy:

• Built out the Company’s sales organization
• Enhanced business development initiatives with sales best practices
• Built out a digital strategy capability to expand service offerings to current customer base
• Entered new or expanded further into therapeutic areas with strong growth trends such as rare diseases, oncology, and women’s health
• Instituted KPI’s, financial dashboards, budget process and cash flow management
• After reviewing six other add-on opportunities, Periscope sourced MicroMass Communications through proprietary transaction
• Merger doubled the size of the business while accelerating exit timing expectations

Investment Exit:

• Sold to UDG Healthcare plc (LON: UDG), in September 2017