Medical & Diagnostic Products

Alpine Biomed

Water Street acquired Alpine Biomed in 2007, and simultaneously acquired Medtronic’s neurology diagnostic product line. We facilitated three more strategic acquisitions that built the company into a global specialty diagnostic device leader in the clinical gastroenterology and neurology markets.  Natus Medical acquired Alpine Biomed’s neurodiagnostic business in 2009 to solidify its position as the worldwide leader in neurology.  Given Imaging acquired Alpine’s gastrodiagnostic business in 2010 to strengthen its position as the global leader in the gastro esophageal market.

 

Facet Technologies

Water Street partnered with Matria Healthcare, Inc. to acquire Facet Technologies in 2006.  We transitioned Facet to an independent company and recruited to CEO a former Becton Dickinson executive with more than 20 years of experience in medical device manufacturing.  Water Street invested in Facet’s infrastructure and expanded its customer relationships to build it into the world’s largest microsampling sharps provider.  The company is now owned by Tower Three Partners, and continues to be the leading provider of lancets and lancing devices to the blood glucose monitoring and additional point-of-care testing markets.

MarketLab

Water Street cultivated a five-year relationship with MarketLab’s founder and CEO.  He chose to partner exclusively with Water Street in 2011 based on our ongoing ideas for expansion and ability to customize an arrangement that met his goal of transitioning out of the business with an ownership position.  Our team facilitated seven acquisitions to expand MarketLab’s blue-chip brands, bolster its pipeline of private label products, and solidify its leadership position in key markets.  We also invested in the company’s direct marketing capabilities, distribution platform, and infrastructure. Since partnering with Water Street, MarketLab has more than doubled its customer base to encompass 95 percent of all U.S. hospitals.  Today, MarketLab is a leading direct marketing supplier of specialty products and services to healthcare providers. The company is unmatched in its ability to respond with speed and innovation to the unique needs of its customers.

MSD

Water Street invested in Medical Specialties Distributors (MSD) in 2010 after management recommended our firm as the preferred buyer.  Over the next three years, we partnered with management to build MSD into the leading distributor and solutions provider to the alternate-site home infusion therapy market. We leveraged our expertise and network of contacts to expand MSD’s relationships with multi-site healthcare providers and suppliers.  In 2013, we helped MSD acquire Medical Technology Resources to expand its national footprint and create a stronger growth platform long-term.  Today, MSD serves more than 4,000 customers with a total enterprise solution encompassing products and value-added services.  The company achieved double-digit organic revenue annually over the course of our partnership.  In 2013, New Mountain Capital acquired MSD to further build on the company’s strong foundation.

PDC

Water Street invested in Precision Dynamics Corporation (PDC) in 2007 when the company specialized in healthcare identification wristbands. Our team partnered with the founders and management team to execute a strategic plan that transformed PDC into a global leader in patient safety identification products.   In 2009, our team helped PDC acquire TimeMed Labeling Systems, Inc. to expand into healthcare labeling systems.  In 2010, Water Street initiated an industry-leading merger between PDC and The St. John Companies to create the world’s foremost provider of healthcare wristbands, specialty labels and identification solutions.  The merger enabled PDC to offer the healthcare industry’s most comprehensive set of products and services to accurately identify patients, label clinical specimens, track medications and monitor treatments. Brady Corporation (NYSE: BRC), a world leader in a broad range of identification solutions, purchased PDC in 2012 to expand its presence into the healthcare market.

PLUS Diagnostics

Water Street invested in PLUS Diagnostics in 2006 when it was a regional laboratory specializing in urology. We recruited an industry-leading executive team and board led by Tim Brodnik, the former president and CEO of American Medical Laboratories, and longtime diagnostics executive, David Pauluzzi. Together, we transformed PLUS into a national anatomic pathology leader offering a comprehensive menu of diagnostic services.  Water Street invested our team’s industry experience and network or resources to support PLUS with opening bi-coastal laboratories, introducing innovative new tests and recruiting an experienced team of nationally recognized pathologists.  In seven years, PLUS tripled its laboratory capacity and expanded its capabilities into dermatopathology, hematopathology, gastrointestinal and genitourinary pathology.  Miraca Life Sciences acquired PLUS in 2013 to become the largest independent pathology company in the United States.

 

Temptime Corporation

Temptime is a global healthcare innovator specializing in temperature-monitoring solutions.  Its founder chose to partner exclusively with Water Street when he was ready to make an ownership transition in 2013, believing that Water Street was the best steward for the company and its long-term success.  Over the next six years, our team facilitated strategic acquisitions, partnerships and licensing agreements that expanded Temptime’s proprietary technology into new applications, products and healthcare markets.  We doubled the company’s production capacity, broadened its global footprint and significantly grew its customer base.  Temptime’s impact on improving global health is significant.  As the only company to offer temperature-monitoring devices approved by the world’s leading global health organizations, Temptime has enabled healthcare workers to successfully deliver more than 10 billion immunizations to children and families around the world with greater confidence in their safety and effectiveness.  Zebra Technologies Corporation (NASDAQ: ZBRA) bought Temptime in 2019 as part of its strategy to expand into high-growth areas.

Specialty Distribution

MarketLab

Water Street cultivated a five-year relationship with MarketLab’s founder and CEO.  He chose to partner exclusively with Water Street in 2011 based on our ongoing ideas for expansion and ability to customize an arrangement that met his goal of transitioning out of the business with an ownership position.  Our team facilitated seven acquisitions to expand MarketLab’s blue-chip brands, bolster its pipeline of private label products, and solidify its leadership position in key markets.  We also invested in the company’s direct marketing capabilities, distribution platform, and infrastructure. Since partnering with Water Street, MarketLab has more than doubled its customer base to encompass 95 percent of all U.S. hospitals.  Today, MarketLab is a leading direct marketing supplier of specialty products and services to healthcare providers. The company is unmatched in its ability to respond with speed and innovation to the unique needs of its customers.

MSD

Water Street invested in Medical Specialties Distributors (MSD) in 2010 after management recommended our firm as the preferred buyer.  Over the next three years, we partnered with management to build MSD into the leading distributor and solutions provider to the alternate-site home infusion therapy market. We leveraged our expertise and network of contacts to expand MSD’s relationships with multi-site healthcare providers and suppliers.  In 2013, we helped MSD acquire Medical Technology Resources to expand its national footprint and create a stronger growth platform long-term.  Today, MSD serves more than 4,000 customers with a total enterprise solution encompassing products and value-added services.  The company achieved double-digit organic revenue annually over the course of our partnership.  In 2013, New Mountain Capital acquired MSD to further build on the company’s strong foundation.

Healthcare Services

Access MediQuip

Water Street invested in Access MediQuip in 2006 and leveraged our network of industry relationships to recruit an executive team with years of clinical and payer experience.  We invested in expanding the company’s infrastructure and services to support customers with managing the high costs of implantable medical devices, as well as improving quality and safety to facilities, surgeons and patients.

ConVerge Diagnostic Services

Water Street invested in ConVerge in 2009 and recruited an experienced management team spearheaded by Bob Gorman, a 20-year laboratory services veteran.  Together, we built ConVerge into a leading reference laboratory recognized by healthcare providers for its innovation, high-touch customer service and expertise in women’s health across the greater New England region. With Bob’s leadership, we expanded ConVerge’s test menu and invested in strategic initiatives to enhance its capabilities. We also engaged our network of executive relationships to support ConVerge with growing its customer base through partnerships with leading health systems, hospitals, physician groups and universities.  Quest Diagnostics (NYSE: DGX), the world’s leading provider of diagnostic information services, purchased ConVerge from Water Street in 2013 to supports its growth strategy in New England.

 

HealthPlan Services

During our seven-year partnership with HealthPlan Services, Water Street helped grow the company into the nation’s leading technology and Business Process as a Services (BPaaS) solution for the individual health insurance industry.  Together with management, Water Street developed and executed a strategic plan that expanded HealthPlan’s outsourcing platform and elevated the company to a leadership role in the insurance exchange market created through the Affordable Care Act.  HealthPlan nearly quadrupled its revenues to $223 million and more than doubled its employees over the course of our partnership.  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.

New Century Health

New Century Health is the first company to successfully address value-based care in two of the largest and fastest-growing areas of medical spend: oncology and cardiology.  Water Street partnered with New Century Health in 2010 when it was a regional business.  Working with management, our team transformed New Century Health into a national leader serving more than 3 million members across 38 states.  We leveraged our team’s expertise and network to foster partnerships with the nation’s premier health plans, expand the company’s presence into new markets and launch new products.  Over the course of our eight-year partnership, New Century Health tripled its revenues, operating income, and employee base.  In 2018, we divested New Century Health to Evolent Health (NYSE: EVH).

Physiotherapy Associates

Water Street partnered with Stryker Corporation (NYSE: SYK) to acquire Physiotherapy Associates in 2007. Shortly thereafter, we merged the business with Benchmark Medical. It was a transformational combination that propelled Physiotherapy Associates into an industry-leadership position. Water Street tapped our industry network to recruit a highly talented managegment team. Together, we helped the company achieve optimal performance and executed a strategic growth plan that established Physiotherapy Associates as the nation’s foremost provider of outpatient rehabilitation services. In 2012, we divested the company to a strategic growth investor who is focused on further expanding its leadership position. Physiotherapy Associates continues to be one of the only providers that can offer high-quality, consistent care on a national scale.

PLUS Diagnostics

Water Street invested in PLUS Diagnostics in 2006 when it was a regional laboratory specializing in urology. We recruited an industry-leading executive team and board led by Tim Brodnik, the former president and CEO of American Medical Laboratories, and longtime diagnostics executive, David Pauluzzi. Together, we transformed PLUS into a national anatomic pathology leader offering a comprehensive menu of diagnostic services.  Water Street invested our team’s industry experience and network or resources to support PLUS with opening bi-coastal laboratories, introducing innovative new tests and recruiting an experienced team of nationally recognized pathologists.  In seven years, PLUS tripled its laboratory capacity and expanded its capabilities into dermatopathology, hematopathology, gastrointestinal and genitourinary pathology.  Miraca Life Sciences acquired PLUS in 2013 to become the largest independent pathology company in the United States.

 

Premise Health

Premise Health is the nation’s leading direct healthcare access company pioneering new models to deliver healthcare.   The company was formed in 2014 when Water Street partnered with Walgreen Co. to invest in its onsite healthcare subsidiary, Take Care Employer Solutions.  We simultaneously merged Take Care with CHS Health Services — bringing together two of the most experienced worksite providers in the industry.  Over the next four years, Water Street facilitated three more strategic acquisitions and invested in a state-of-the-art technology platform to extend Premise’s onsite model to near-site health centers and virtual health. Since partnering with Water Street, Premise Health has expanded its footprint to more than 600 health and wellness centers across 44 states, Guam and Puerto Rico.  The company has grown to serve more than 275 U.S. corporations, including many of the Fortune 1000.  In 2018, Water Street divested Premise Health to OMERS Private Equity to continue the company’s strategic expansion.

Zenith American Solutions

Zenith’s partnership with Water Street began in 2008 when it was a business division of HealthPlan Holdings.  Over the next nine years, Water Street transformed Zenith into a standalone company and recognized industry leader.  Working with leadership, we completed five acquisitions, including an industry-leading merger, to expand Zenith’s client base and national footprint.  We invested in a state-of-the-art information technology platform.  We supported the company’s development of six new products to enhance its customer offering.  During our nine-year collaboration, Zenith more than doubled its customer base and tripled its employee base.  When we divested Zenith to its new owner in 2017, the company had grown to become the nation’s largest independent third-party administrator of health and other benefits to Taft-Hartley trust funds.

Specialty Pharmaceutical Products & Services

AAIPharma Services

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 of the world’s leading providers of integrated chemistry, manufacturing and controls (CMC) services.

 

 

 

 

Bioclinica

Water Street’s partnership with Bioclinica began in 2013 when we invested in CCBR-SYNARC. One year later, we facilitated a transformational merger between CCBR-SYNARC and Bioclinica that elevated the company to a premier global provider of specialty outsourced clinical trial services.  Bioclinica completed six more strategic acquisitions that strengthened and broadened its capabilities across every major phase of clinical development.  During the 3.5 years of our partnership, Bioclinica doubled in size and expanded its customer to more than 400 corporations, including the top 100 pharmaceutical companies and the top ten contract research organizations. Today, Bioclinica into one of the world’s leading providers of specialty clinical trial solutions.  In 2016, a global firm acquired Bioclinica.

OraPharma

Water Street acquired OraPharma from Johnson & Johnson. Our team transformed the business into a standalone company and recruited a highly talented management team spearheaded by CEO Janet Vergis. We leveraged our team’s extensive experience and deep expertise in the pharmaceutical sector to accelerate OraPharma’s growth, improve profitability, and advance attractive new product and market opportunities. Together with management, we built OraPharma into a leading oral health pharmaceutical company. In 2012, Valeant Pharmaceuticals, one of the world’s leading specialty pharmaceutical companies, purchased OraPharma from Water Street.

Temptime Corporation

Temptime is a global healthcare innovator specializing in temperature-monitoring solutions.  Its founder chose to partner exclusively with Water Street when he was ready to make an ownership transition in 2013, believing that Water Street was the best steward for the company and its long-term success.  Over the next six years, our team facilitated strategic acquisitions, partnerships and licensing agreements that expanded Temptime’s proprietary technology into new applications, products and healthcare markets.  We doubled the company’s production capacity, broadened its global footprint and significantly grew its customer base.  Temptime’s impact on improving global health is significant.  As the only company to offer temperature-monitoring devices approved by the world’s leading global health organizations, Temptime has enabled healthcare workers to successfully deliver more than 10 billion immunizations to children and families around the world with greater confidence in their safety and effectiveness.  Zebra Technologies Corporation (NASDAQ: ZBRA) bought Temptime in 2019 as part of its strategy to expand into high-growth areas.