Water Street has a strong track record of working with executives and founders of mid-market businesses to transform their companies into market leaders of substantially greater value. We structure arrangements where management retains an ownership position, enabling them to profit from the company’s success. We are proud of the part we’ve played in driving transformational growth and value in the following companies:

MarketLab

and Water Street discussed opportunities to expand the company’s distribution capabilities for five years. In 2011, the founder was ready to move forward with MarketLab’s next phase of growth and selected Water Street as his partner. Water Street became majority owner and he retained a significant position in the company. We tapped our network of global distribution relationships to augment the management team. We are currently working to execute a strategic plan focused on building MarketLab into a leading specialty distributor across multiple healthcare markets.

New Century Health

was a young company offering specialty benefit management solutions to a small group of health plans when we first approached the company with our ideas for growth. The founder chose to partner with Water Street in 2010 to achieve his vision for building New Century into a national leader. Water Street assumed majority ownership and management retained a significant position in the business. We are working with the senior management team to engage our payer services expertise and network of relationships to drive business development initiatives that are expanding New Century’s core services and customer base.

Medical Specialties Distributors (MSD)

and Water Street developed a relationship over a number of years. We shared our ideas on how we could contribute to the CEO’s goal of expanding MSD’s distribution services to the growing home infusion therapy market. Water Street partnered with MSD in 2010. Over the next three years, we leveraged our global distribution experience and network of contacts to strategically expand MSD’s relationships with multi-site healthcare providers and manufacturers.  In 2013, we facilitated a strategic acquisition that extended MSD’s leadership position in the home infusion market.   Together, we built MSD’s capabilities into a total enterprise solution uniquely tailored to the needs of its customers.  New Mountain Capital purchased MSD from Water Street in 2013 to continue to build on the company’s strong foundation.

HealthPlan Services’

management team selected Water Street as their partner in 2008.  Working together, we developed and executed a strategic growth plan that expanded HealthPlan Services’ outsourcing platform and elevated the company to a leadership role in the insurance exchange market created through the Affordable Care Act.  HealthPlan leveraged this new capability to enroll more than a quarter of all consumers on the federal health insurance exchange. Wipro Limited, a global information technology, consulting and business process services leader, purchased HealthPlan from Water Street in 2016 to strengthen its position in the U.S. health insurance exchange market. During our seven-year partnership, HealthPlan nearly quadrupled its revenues to $223 million, more than doubled its employees and more than tripled its membership to approximately five million U.S. consumers.

 

Tri-anim

chose to partner with Water Street to achieve a transformational merger. We invested in Tri-anim in 2008 and simultaneously merged it with Bound Tree Medical to create the nation’s leading specialty distributor of innovative healthcare products to the emergency medical services (EMS) and acute care markets. Our team facilitated six more acquisitions to expand Tri-anim’s portfolio of medical products and services and grow its national footprint.  Today, Tri-anim (now named Sarnova) is one of the only distributors that can offer healthcare providers clinically differentiated medical products and expertise supported by refurbishment, maintenance and repair services.

Bound Tree Medical’s

founder chose to partner with Water Street to lead the company through a transformational merger. Water Street invested in Bound Tree in 2008 and simultaneously merged it with Tri-anim to create the nation’s leading specialty distributor of innovative healthcare products to the emergency medical services (EMS) and acute care markets. We facilitated six more acquisitions to significantly expand Bound Tree’s portfolio of medical products and services and grow its national footprint.  Today,  Bound Tree (now named Sarnova) is uniquely positioned as one of the only distributors that can offer healthcare providers clinically differentiated medical products and expertise supported by refurbishment, maintenance and repair services.

Precision Dynamics Corporation (PDC)

chose to partner with Water Street in 2007 to expand its core business focused on patient identification (ID) wristbands. Water Street facilitated two strategic mergers to position PDC as one of world’s leading providers of patient safety ID solutions. In 2009, PDC acquired TimeMed to expand into healthcare labeling systems. And in 2010, Water Street merged PDC with The St. John Companies. It was a ground-breaking merger that created a global leader in healthcare identification solutions.  Water Street also invested in PDC’s product development and manufacturing capabilities to reinvigorate product introductions and more effectively serve customers.  Brady Corporation (NYSE: BRC), a global leader in a broad range of identification solutions, purchased PDC in 2012 to expand its footprint in healthcare and further PDC’s long-term growth. 

PLUS Diagnostics

was a regional laboratory specializing in urology when it chose to partner with Water Street.  Together, we built the company into a leading national anatomic pathology company. Our team recruited an industry-leading management team and board. We expanded the company’s diagnostic services into dermatopathology, hematopathology, and gastrointestinal and genitourinary pathology.  We invested in bi-coastal, state-of-the-art laboratories to more than triple PLUS Diagnostics’ overall laboratory capacity.  Miraca Life Sciences purchased PLUS Diagnostics from Water Street to become the largest independent pathology company in the United States.