Building on a diagnostics legacy

Founded in 1971, Avantik has steadily grown to become a trusted service provider to diagnostic laboratories. When the founding family decided it was time to transition to a new phase of growth, they selected Water Street, resulting in an incredible year of transformation for the company.

Since partnering with Water Street, Avantik has advanced its vision to become the go-to service and equipment provider to diagnostics labs nationwide:

  • Leveraged Water Street’s network, recruiting experienced diagnostics executives to augment its leadership team
  • Implemented a new ERP system
  • Acquired two established regional providers, CPBS Holdings (CPBS) and Marston Technical Services (MTS)

Together, we’ve more than doubled Avantik’s geographic service coverage nationwide.

Avantik Map
  • 3,000+ Avantik Diagnostic Lab Customers in Anatomic Pathology, Histology and Dermatology
  • 2X Geographic Footprint Doubled in 2023 with addition of CPBS and MTS

We’ve elevated our business to a new level, creating an extensive national network of technicians and service hubs to keep our customers’ operations running smoothly. These are the first steps in our strategic expansion focused on supporting our customers with what’s most important: delivering accurate and timely diagnoses.

CEO Mark Zacur on Avantik’s national expansion Disclaimer
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Compliance Services

Identifying a new opportunity

Today’s intensifying health insurance regulatory environment is profoundly impacting U.S. companies. We formed Compliance Services, partnering with founders of three businesses to achieve our shared goal of building a provider offering comprehensive data, analysis and related services to support employers with intensifying healthcare compliance demands.

  • 153M Employer-Sponsored Health Benefits Cover Almost 153 Million Non-elderly People in the U.S.1 1https://www.kff.org/report-section/ehbs-2023-summary-of-findings/
  • 94% Of U.S. Firms with Over 50 Workers Offered Health Benefits in 20231 1https://www.kff.org/report-section/ehbs-2023-summary-of-findings/
  • 1/4 One in Four Organizations Say They Have Been Audited by IRS for Potential ACA Non-Compliance2 2https://trusaic.com/press-center/irs-audits-1-in-4-companies-over-aca-non-compliance/
  • >50% Of Company Officials Find ACA Reporting Requirements Overly Burdensome3 3https://www.benefitspro.com/2023/04/26/more-than-half-of-surveyed-companies-find-aca-compliance-burdensome-new-study-shows/?slreturn=20240003144240

With our deep experience in employer healthcare services, we saw an opportunity to work with specialized providers to build a first-of-its-kind, broad-spectrum platform that offers employers more options for addressing their growing healthcare benefits compliance needs.

healthcare benefits compliance platform

In 2023, we partnered with founders of three providers specializing in compliance and claims services, each unique in its approach, to lay the foundation for building a provider that offers employers a new level of choice, efficiency and control in administering their healthcare benefits programs.

  • Choice
  • Efficiency
  • Control

Employer-sponsored health plan compliance issues in 2024 will continue to generate extensive federal and state regulatory activity, legislation, and litigation… [including] preparing for sweeping new mental health parity rules proposed for 2025, ongoing compliance with numerous group health plan transparency requirements, and efforts to rein in healthcare and prescription drug costs.

Mercer, “Top 10 Health, Leave Benefit Compliance And Policy Issues In 2024”

Discovery Life Sciences

Advancing to the next phase of growth

Since merging three businesses to create Discovery Life Sciences five years ago, we have collaborated with Discovery’s management team to transform the company into a premier provider of biospecimen products and specialty lab services. This year, we worked together to take the business to a new level.

  • 13 Strategic Acquisitions in Five Years
  • 1,150+ Pharma, Biotech and Cell & Gene Therapy Customers

With Water Street support, Discovery accelerated its forward momentum in 2023:

  • Completed its 13th acquisition, joining with ReachBio Research Labs to expand Discovery’s cell biology and toxicology service offering
  • Opened a new 95,000sf global headquarters in the renowned HudsonAlpha Institute Biotechnology campus in Huntsville, Alabama
  • Completed the planned transition to a new CEO, Greg Herrema, recruited with the active involvement of Water Street and former CEO Glenn Bilawsky

We’re excited about our future:

We believe that the world-class capabilities we have created in genomics, proteomics, tissue biomarkers and flow are highly differentiated, positioning us well for future growth opportunities with our largest biopharma customers.

CEO Greg Herrema on Discovery’s expanded capabilities Disclaimer
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