July 19, 2019 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as financial advisor to Midé Technology Corporation (Midé), a top provider of advanced engineering products and services, on the sale of its business to Hutchinson Corporation (Hutchinson), a subsidiary of Total.
Midé Technology Corporation’s founder, Dr. Marthinus van Schoor, stated; “When we started this small, independent engineering business in 1989 our goal was to develop innovative engineering solutions for worldwide use. After 30 years we have achieved this goal many times over. We have positive pressure relief valves on the International Space Station, bulkhead shaft seals on US Naval ships helping to protect our US sailors, and our two commercial lines of piezo products and services (piezo.com) and our Slam Stick data acquisition systems.”
Hutchinson said it expects the 50-employee company to enhance its development of “high-value content solutions.”
Now, as a Hutchinson company, Midé is looking forward to continuing its engineering development programs and marketing/selling our expertise and products to the US government and commercial customers. Midé is excited to use their expertise to identify and solve Hutchinson’s technology opportunities as they drive towards the future of mobility all while executing on their current contracts and supporting their current customer base well into the future.
About Covington Associates
Covington Associates is a leading middle market investment banking firm offering advisory services in the areas of M&A, capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Covington’s mission has remained unchanged since its founding in 1991 – 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 more than 300 transactions globally for both private and publicly traded companies totaling over $17 billion. Further information about Covington Associates can be found at http://www.covingtonassociates.com/overview.
About Midé Technology Corporation
Midé Technology Corporation is a leading provider of advanced engineering products and services. Midé is committed to providing customers with high-quality deliverables that are on-time, on budget, and meet their expectations through the use of a quality management system focused on continual improvement. Midé uses industry best practices in both execution and cost effectiveness. Further information can be found at www.mide.com.
About Hutchinson Corporation
Hutchinson designs and produces customized materials and connected solutions to respond to the needs of its global customers, on land, in the air and at sea. A global leader in vibration control, fluid management and sealing system technologies, their Group stands out with a multiple market offering spanning multiple areas of expertise and delivering synergies and value-added. Hutchinson reported revenues of €4.1 billion in 2017 and has 42,000 employees in 24 countries. Their ambition is to contribute to safer, more efficient and more responsible mobility for the future. For more information please visit https://www.hutchinson.com/en.