Challenges: By the late 1990s, Clontech boasted a broad product line and high profit margins. The genome sequencing project was in full swing, creating strong demand for Clontech’s products. After bootstrapping his company for more than a decade, Dr. Fong hoped to realize equity gains and increase personal liquidity. In addition to seeking capital for further growth, he sought help in preparing for an initial public offering or acquisition.
Solutions: Summit Partners invested in Clontech in 1997, providing the company with $22 million for shareholder liquidity and working capital. Summit not only helped Clontech expand its board by adding a seasoned biotech executive, but also assisted in recruiting key members of the executive team. Summit also provided Clontech with strategic advice to help the company launch its new product lines…
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