Water Street acquired AAIPharma Services Corp. in 2009 when it was a division of a global corporation and transitioned it to a standalone company. We tapped our global pharmaceutical network to recruit an executive team with years of drug development experience. Together with management, Water Street created and executed a strategic expansion program that transformed AAIPharma into a leading independent provider of pharmaceutical development services. With Water Street’s support, AAIPharma opened a 40,000-square foot technology center, expanded its manufacturing centers and completed a market-leading acquisition that extended its capabilities into the growing material testing services market. In 2013, Cambridge Major Laboratories Inc. (“CML”) acquired AAIPharma from Water Street to form one ofthe world’s leading providers of integrated chemistry, manufacturing and controls (CMC) services.