Ammon Labs Expands in Union County with Support from EDA and Provident Bank
Hires 50 New Employees, Plans to Add Services
TRENTON, N.J. (April 3, 2018) – 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 treatment 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 services that they need to effectively treat their clients and support sustainable recovery.
Family-owned and operated since 1998, Ammon Labs was founded by current Chief Executive Officer (CEO) Stephen Haupt in Linden, with the goal of providing cost-effective, reliable drug testing and monitoring services designed to improve patient outcomes. Now led by Haupt and his sons Evan and Andrew, Ammon Labs continues to build off of Stephen’s vision. According to the company, Ammon Labs is committed to providing personalized and targeted health solutions backed by the nation’s leading toxicology and laboratory scientists 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 addiction 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-square-foot facility which now serves as Ammon Labs’ corporate headquarters and new state-of-the-art laboratory.
Following this expansion, Ammon Labs turned to Provident Bank for refinancing of its mortgage and funds for additional improvements, with an estimated funding requirement of more than $3 million. Based on the appraisal of the facility, Provident Bank provided a loan of $2.56 million. To close the gap in funding, Ammon approached the New Jersey Economic Development (EDA), which provided a $500,000 loan through its Small Business Fund.
“Our ongoing commitment to ethical practices and quality requires a methodical approach to growth,” said Evan Haupt, President of Ammon Labs. “The complementary financing 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 opportunity to hire New Jersey residents 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 addiction treatment is Ammon Labs’ daily focus, the Haupt family considers philanthropy to be an extension of its commitment 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 have suffered from addiction are able to access and complete the education necessary to sustain long-term recovery. The Foundation offers evidence-based life-skills training for those in early recovery and is committed to providing over $100,000 this year in academic scholarships.
EDA CEO Tim Sullivan visited Ammon Labs today to raise awareness of the Small Business Fund and the range of other low-cost financing solutions offered by the EDA to support the growth of small businesses in New Jersey. He was accompanied by Tejinder Gill, Vice President, Commercial Lending Relationship Manager, Provident Bank.
“Fostering an environment where small and mid-sized businesses can thrive and give back to their communities is paramount to our ability to create a stronger and fairer economy in New Jersey,” said Sullivan. “Improving access to capital is a critical component of this effort.”
The Small Business Fund supports creditworthy, small, minority-owned, or women-owned businesses in New Jersey that have been in operation for at least one year and nonprofit corporations in operation for at least three years. Up to $500,000 is available and can be used for fixed assets and working capital.