We conducted due diligence on a global life sciences company for potential investment. During our engagement with company management, we conducted our quality assessment. We found the company’s value proposition attractive: reduction of operating costs through environmental efficiencies. Offerings include water analysis and treatment for municipal drinking water plants. These services have strong growth particularly in emerging markets where water quality is an issue. Our analyst also toured a manufacturing facility and met with leaders across the Environmental and Applied Solutions segment.
All six members of the executive team - CEO, CFO, former CFO, and three division presidents - are male and white. The company has begun to organize support groups and formal mentorship programs for emerging women and minority leaders. Progress is being made; for example, in the Environmental and Applied Solutions segment, while the group head is still male, more than half of his direct reports, the group CFO, Chief Legal Counsel, and multiple Vice Presidents, are women. We are monitoring these efforts to ensure that they increase diversity in the company's executive rank in coming years.
We invested in the company and continue to engage with management on its environmental business and diversity.