May 25, 2021 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as exclusive financial advisor to Proven Process Medical Devices, a medical device design, development and manufacturing services firm, in the sale of its business to NextPhase Medical Devices, a leading provider of electronic manufacturing services (EMS) and single-use disposable devices to leading medical device OEMs. Proven Process expands NextPhase’s expertise in R&D, engineering, design and manufacturing of FDA Class II and III therapeutic and diagnostic devices. Proven Process’ areas of expertise include implantables, hand-held devices, combination devices, wearable devices and electro-mechanical capital equipment. Proven Process also adds a New England EMS Center of Excellence to NextPhase’s manufacturing locations in New Jersey, New Hampshire and Mexico.
NextPhase will incorporate Proven Process’ engineering expertise and design capabilities into its suite of customer solutions that will expand product offerings into high-growth categories, optimize supply chains and continue a culture of quality while also effectively managing costs.
“The acquisition of Proven Process reinforces NextPhase’s growth strategy, extends our technology platform and strengthens our capabilities to help our customers navigate medical device challenges,” said NextPhase CEO Carlo W. Colesanti. “Proven Process is known for its state-of-the-art engineering and its ability to act with speed to support customers in commercializing their technologies and products.”
Kenneth Fine, president of Proven Process, said, “Joining NextPhase will give our customers access to a world-class, Lean-focused organization with manufacturing capacity and scale. This will also help us to quickly expand our capabilities to better serve our customers. Our shared desire to engineer and manufacture some of the world’s most innovative medical devices that address unmet patient needs makes this a very exciting time for our two companies and for our employees and customers.”
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 250 transactions globally for both private and publicly traded companies totaling over $17 billion. Further information can be found at http://www.covingtonassociates.com/overview/.
About Proven Process Medical Devices
Proven Process is a medical device design, development and manufacturing services firm established by a tight-knit team in 1994 that envisioned a better way to serve the needs of medical device and healthcare brands and then set out to create it. More than two decades later, the company’s original vision has been realized, and is trusted by many of the medical device industry’s finest organizations. Proven Process’ extensive experience includes implantable, interventional, diagnostic and minimally invasive surgical devices. Learn more at www.provenprocess.com.
About NextPhase Medical Devices
NextPhase is a design, development and manufacturing partner that helps OEMs bring low- to medium-volume complex medical devices to market. Its expertise in electromechanical and single-use devices, combined with its skill in Lean manufacturing, helps it bring customer requirements to life. With an emphasis on its Core Values of customer priority, shop floor focus, teamwork, agility, accountability and continuous improvement, NextPhase has grown to become one of North America’s premier specialist outsourced manufacturers of medical devices. Learn more at www.nextphasemed.com.