Covington Associates Announces Advisory Role in the Sale of IMARC to Avania

June 22, 2021 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as exclusive financial advisor to IMARC, a highly respected medical device CRO headquartered in Strongsville, Ohio, in the sale of its business to Avania, a leading global medical technology CRO. IMARC brings more than two decades of full-service clinical research oversight to its clients, including monitoring, auditing, safety, data management, and training.

“At Avania, we are focused on building a high-quality, full-service specialist medical technology CRO with global reach,” said Avania CEO Sapna Hornyak. “We are delighted to welcome the IMARC team, with whom we have had the pleasure of collaborating for some time. They bring a great commitment to client service and outcomes and allow us to offer our clients additional depth and strength in the United States, complementing our existing global operations perfectly.”

IMARC clients will benefit from Avania’s extended international footprint, gaining access to the company’s extensive network in the EU and Australia. Additionally, Avania brings enhanced services to the combined companies — including biostatistics, strategic consulting, regulatory, and medical writing.

“Avania’s geographic and therapeutic area strengths make them the perfect strategic complement to IMARC,” said IMARC CEO Sandra Maddock. “Adding IMARC’s portfolio of capabilities to Avania’s will provide clients with a single-source provider of extensive, specialized medical device expertise combined with global reach.”

ABOUT COVINGTON ASSOCIATES

Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising and strategic advisory to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals.  Founded in 1991 and based in Boston, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization.  Since its inception, Covington Associates has completed over 350 transactions globally for both private and publicly traded companies totaling over $20 billion. Further information can be found at http://www.covingtonassociates.com/overview/.

ABOUT IMARC

IMARC assists clinical researchers pursuing FDA and worldwide approvals by preparing, educating, and guiding site teams from Day One to control the complex management of trials via cost-effective monitoring, auditing, and training services — resulting in the support, proof, and assurance they seek to overcome chaos caused by complexity while achieving compliance through consistency — based on competent, committed consultation and setting the highest standards for site outcomes and study partnerships. Further information about IMARC can be found at https://www.imarcresearch.com/.

ABOUT AVANIA

Avania is a leading, global full-service contract research organization focused on the management of clinical studies for medical devices, IVDs, biologics, and device-drug combination products internationally. Avania supports products from the first-in-human phase through the post-market phase with the same customized approach. When you need to advance your medical technology, it takes Avania. Avania’s vision is to be your trusted global partner in the evolution of your medical technology from innovation to commercialization to improving patient health and well-being. Further information about Avania can be found at https://www.avaniaclinical.com/.

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