Ebb & Flow; Hyatt road shows
The Pritzker Family, long known for its investment savvy in real estate, is making its formal foray into life sciences through newly formed Bay City Capital (BCC), a merchant banking and management advisory partnership between The Craves Group and Pritzker Family interests. BCC will manage a $100 million fund focused on later-stage private and public companies and corporate spinouts.
Tom Pritzker, president of Hyatt Corp., told Ebb & Flow that he sees BCC as his way of making a long-term mark in the health sciences industry. "We want to create a world class merchant bank specifically in the life sciences sector that offers advisory services and conducts direct investing," Pritzker said. "We want to do this in a more organized fashion and create a going concern rather than buying a few stocks here and there, taking profits and then you're done."
BCC's managers are Tom Pritzker, Hyatt Chairman Jay Pritzker, and Gerald Cohn, a private investor and director of several life science companies. BCC's managing directors are Fred Craves, John Diekman and Roger Salquist, all of The Craves Group.
The Craves Group sold Pritzker on