4B — April 13 - 26, 2018 — New Jersey — M id A tlantic
Real Estate Journal
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N ew J ersey
Hires 50 New Employees, Plans to Add Services Ammon Labs Expands in Union County with Support from EDA and Provident Bank
RENTON, NJ —What started as one man’s mission to wage a battle against opioid addiction has grown into a 150-employee operation built on providing a full suite of accurate and fast drug testing and monitoring solutions to addiction treat- ment professionals across the United States. Operating out of its Union County-based full- service drug testing laboratory, Ammon Labs is a dedicated partner in the fight against substance misuse, committed to providing addiction treatment professionals with the precise T
services that they need to ef- fectively treat their clients and support sustainable recovery. Family-owned and operated since 1998, Ammon Labs was founded by current CEO Ste- phen Haupt in Linden, with the goal of providing cost-effective, reliable drug testing and moni- toring services designed to improve patient outcomes. Now led by Haupt and his sons Evan and Andrew, Ammon Labs con- tinues to build off of Stephen’s vision. According to the com- pany, Ammon Labs is commit- ted to providing personalized and targeted health solutions
backed by the nation’s leading toxicology and laboratory sci- entists to a range of healthcare partners, from small practices to large treatment providers. Since its founding, Ammon Labs has been the preferred drug testing laboratory of ad- diction treatment professionals and healthcare partners across the eastern United States. The company also plans to expand its services later this year to include genetic testing and data analytics. When Ammon Labs outgrew its two facilities in Linden it purchased and renovated a nearby three-story 23,400 s/f facility which now serves as Ammon Labs’ corporate head- quarters and new state-of-the- art laboratory. Following this expansion, Ammon Labs turned to Provi- dent Bank for refinancing of its mortgage and funds for additional improvements, with an estimated funding require- ment of more than $3 million. Based on the appraisal of the facility, Provident Bank pro- vided a loan of $2.56 million. To close the gap in funding, Ammon approached the New Jersey Economic Develop- ment (EDA) , which provided a $500,000 loan through its Small Business Fund. “Our ongoing commitment to ethical practices and qual- ity requires a methodical ap- proach to growth,” said Evan Haupt, president of Ammon Labs. “The complementary fi- nancing provided by Provident Bank and the EDA has enabled us to expand our services in a strategic manner and hire over 50 people in the last six months alone. The EDA’s commitment to fostering sustainable growth has provided us with the oppor- tunity to hire New Jersey resi- dents and support our clients’ needs as they strive to better understand and combat this perilous threat to people across all socio-economic levels.” While the science behind ad- diction treatment is Ammon Labs’ daily focus, the Haupt family considers philanthropy to be an extension of its com- mitment to treatment and recovery from addiction. The Ammon Foundation, created in October 2016, has expanded Ammon Labs’ reach to include strategic support to remove barriers for those in addiction recovery. Ammon envisions a world where all of those who continued on page 6B
Shown from left to right: Alejandro Amador, Chief Operating Officer, Ammon Labs: Tejinder Gill, Vice President – Business Banking, Prov- ident Bank; Tim Sullivan, Chief Executive Officer, NJEDA; Ammon Labs – Stephen Haupt, CEO, Andrew Haupt, Senior Vice President of Marketing, and Evan Haupt, President.
When Elmwood Park-based Adagio Teas wanted to upgrade its manufacturing capabilities, it turned to the New Jersey Economic Development Authority (EDA), which supports New Jersey small businesses with direct loans or participations and guarantees of a commercial bank loan or line of credit. Through the EDA’s Small Business Fund, Adagio Teas received a 50 percent guarantee of a commercial bank loan, allowing the company to ramp up its manufacturing and increase its workforce by 20 percent.
“With the EDA’s support, we will be able to continue our growth and focus on providing customers with the best quality teas and products,” said Adagio Teas CEO Michael Cramer.
To find out how the EDA can help your business access financing, call 609-858-6767 or visit www.NJEDA.com/LookHereFirst.
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