Co Par Inc history

Then in 1975 he relocated to Fort Lauderdale, Florida, for the law office of Hodgson, Russ, Andrews, Woods & Goodyear, representing generic drug companies.

Founding of Par Pharmaceutical: 1978

Based in Indianapolis, BetaMED was founded in 1979 by Gregory and Judith Buckley, along with Martin Sweeney, a former Eli Lilly & Co. executive.

Though some industry observers predicted that the decline in collisions that started in 1980 would continue indefinitely, Copart's strategy of consolidation and professional management seemed to assure it of profitable growth through the remainder of the 20th century.

Copart president Willis Johnson started out in 1982 with one salvage yard near Oakland, California.

The company underwent a number of management changes and endured a string of losses before seeking Chapter 11 bankruptcy protection in June 1984.

In 1985 it paid nearly $1.2 million in cash to acquire an 80 percent stake in another publicly traded generic firm, bankrupt BetaMED Pharmaceuticals, Inc.

To support its growing business in generics, Par in 1987 established an in-house advertising agency, Generic Innovations, Inc., and Par Printing Enterprises, Inc., to provide printing services.

According to Business Week, "In July 1989, a fired Par researcher named Satish Shah had threatened to report senior officials to the FDA if they didn't pay him off.

Par bought them out and shut Quad in 1990." Sawyer also provided investigators with other key evidence. "As executives left the company under fire," according to Business Week, "Sawyer made it a practice to search their offices.

He also engineered a restructuring of the business in 1991, creating Pharmaceutical Resources, Inc. (PRI) to act as a holding company for Par.

Sawyer agreed to meet with Shah, but he alerted the FBI." The hotel room where they met was bugged and Shah was soon arrested and charged with conspiracy to defraud the FDA in June 1992.

Revenues peaked at $74.5 million in 1993, and the company posted four consecutive years of profit.

Copart made an initial public stock offering in March 1994, raising $26 million to finance a flurry of acquisitions.

The company's largest purchase to date came in May 1995, when it bought NER Auction Group for $43.6 million.

Furthermore, the ratio of vehicles processed through PIP declined to just 25 percent in fiscal 1996.

By the end of fiscal 1997, about one-third of Copart's total sales were through PIP, and 61 percent remained on fixed-fee consignment.

The company enjoyed another year of impressive financial results, with net income in 2002 of more than $70 million.