Over the years, Water Street has proactively identified and realized opportunities to create significant value through creative partnerships with the world's leading healthcare companies. As a result of our shared successes, Water Street has strong, long-standing relationships with a number of healthcare leaders:

Johnson & Johnson

divested its oral health business OraPharma to Water Street in order to focus on core business priorities. Our deep pharmaceutical expertise and successful track record of corporate carve-outs were key factors in Johnson & Johnson’s decision to work with us. We recruited Janet Vergis, a former executive with Johnson & Johnson’s family of companies, to chief executive officer. Together, we transitioned OraPharma into a successful, standalone business and expanded its leadership position in the oral healthcare market. We accelerated OraPharma’s growth and expanded its new product and market opportunities. Valeant Pharmaceuticals, one of the world’s leading specialty pharmaceutical companies, purchased OraPharma from us in 2012, and is continuing to invest in the strategic growth initiatives started by Water Street.

Medtronic, Inc.,

the global leader in medical technology, divested its neurology diagnostics product line to Water Street in 2007. Water Street simultaneously acquired Alpine Biomed, a leader in the gastroenterology market. The merger transformed Alpine Biomed into a global leader in specialty diagnostic devices for the gastroenterology and neurology clinical markets. Water Street facilitated two more strategic acquisitions to extend Alpine Biomed’s leadership position. In 2009, Natus Medical Incorporated bought Alpine Biomed’s neurodiagnostic business to affirm its position as the worldwide leader in neurology. One year later, Given Imaging Ltd. purchased Alpine Biomed’s gastrodiagnostic business to strengthen its global leadership position in the gastro esophageal market.

Gentiva Health Services,

the nation’s leading provider of comprehensive home health services, divested its CareCentrix business unit to Water Street to accelerate growth in its core business. Water Street structured an agreement that enabled Gentiva to retain a significant position in CareCentrix and profit from its future growth. In less than three years, Water Street transformed CareCentrix into the nation’s leading home health management company. Our team established CareCentrix as an independent company. We recruited a team of leaders with extensive health plan and services experience. We expanded CareCentrix’s core services and facilitated introductions to leading health plans. CareCentrix more than doubled its contracted revenues. It is one of the fastest growing companies in healthcare today.

Stryker Corporation,

one of the world’s leading medical technology companies, divested its outpatient physical therapy business to Water Street in 2006. The transaction supported Stryker’s plan to focus its core business on the medical technology market.  Collaborating with Water Street also gave Stryker confidence that its employees and patients would be in good hands. Shortly after acquiring the Physiotherapy Associates business from Stryker, Water Street merged it with Benchmark Medical to transform the company into a national leader. Water Street recruited a high-caliber management team, and further expanded the company’s leadership position through a combination of targeted acquisitions and organic growth initiatives. In 2012, Water Street divested Physiotherapy Associates to a strategic growth investor.

Smith & Nephew,

one of the world’s leading medical technology businesses, partnered with Water Street in 2002 to divest its rehabilitation division. Our team combined the business with AbilityOne, a company we acquired from BISSELL Inc. one year earlier.  The merger created a global leader in rehabilitation products distribution.  Smith & Nephew retained an ownership position that enabled it to consolidate earnings and maintain significant upside in the new company. Patterson Companies, Inc., a leading supplier of dental and other healthcare products, purchased AbilityOne from us in 2003 to support its strategic plans for expansion. As a business of Patterson, AbilityOne continues to be the world’s leading distributor of rehabilitation products.


partnered with the Water Street team in 1996 to divest its centrifuge products business, SORVALL. The transaction supported DuPont’s strategic plan to divest all of its medical products businesses. In Water Street, DuPont found a partner committed to growing its business and serving the best interests of its employees and customers. Two years after our investment, we merged SORVALL with the laboratory instruments division of Heraeus to form Kendro Laboratory products. It was a transformational combination that created a global leader in products and services to the laboratory life sciences and drug discovery markets. SPX Corporation, a multi-industry manufacturing leader, bought the company from us in 2001 to expand its life sciences business. Kendro’s products continue to support research scientists around the world with preparing samples for experimentation.

Natus Medical

collaborated with Water Street in 2009 to acquire our specialty neurodiagnostic business, Alpine Biomed. Natus was especially attracted to Alpine Biomed’s leadership position in electromyography diagnostics (EMG) in Europe. The acquisition solidified Natus Medical’s position as the worldwide leader in neurology. Water Street invested in Alpine Biomed in 2007, and simultaneously acquired and merged Medtronic’s neurology diagnostics product line. The combination transformed Alpine Biomed into a global leader in specialty diagnostic devices for the gastroenterology and neurology clinical markets. Water Street facilitated two more strategic acquisitions to further extend Alpine Biomed’s leadership position.

Given Imaging

collaborated with Water Street in 2010 to acquire our specialty gastrodiagnostic business, Sierra Scientific Instruments. The acquisition strengthened Given Imaging’s position as the global leader in the gastro esophageal market and further diversified its extensive product portfolio. Water Street invested in Sierra Scientific in 2009 and simultaneously merged it with the gastrodiagnostic division of our company, Alpine Biomed. The transformational combination created the world’s leading provider of specialty diagnostic devices for the clinical gastroenterology market.