May 3, 2021 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as exclusive financial advisor to Summit Express Medical Supply (“Summit Express”), a leading regional distributor of urological supplies to patients in the home setting, in its strategic partnership with Strive Medical (“Strive” or the “Company”), a portfolio company of NMS Capital (“NMS”). Terms of the transaction were not disclosed.
Steve Gottlieb, owner and President of Summit Express commented, “We are truly excited to be partnering with Strive and entering into this next chapter for our business. Strive’s commitment to delivering the highest quality service to patients aligns directly with our own ideals, and we are confident that this partnership will help us continue to provide the best possible care to those we serve.”
“We are thrilled to be partnering with Summit Express,” said Monty McKellar, CEO of Strive. “Steve and Sue Gottlieb have built a fantastic business that has provided the highest quality of care to patients for years. Our partnership opens the door to tremendous opportunity in the Northeast and other new markets, and we are looking forward to helping drive new growth with a continued focus on providing the highest quality care for our patients.”
Luis Gonzalez, Partner at NMS, added, “The partnership increases Strive’s reach to 4,000 active urology patients and further expands its geographic footprint across 45 states. The transaction further solidifies Strive’s status as a leading independent, specialty distributor of urological and wound care supplies and NMS remains committed to supporting the Company’s acquisition and organic growth initiatives.”
Covington Associates served as exclusive financial advisor to Summit Express.
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 Summit Express Medical Supply
Founded in 2006, Summit Express Medical Supply is a family owned and operated distributor of Durable Medical Equipment (“DME”), specializing in catheter and catheter supplies. Summit Express delivers a variety of urological products from major manufacturers, using a drop shipping distribution model to reach patients across the US. For more information on Summit Express, please visit the company’s website at www.summitexpressmed.com.
About Strive Medical
Strive Medical is a provider of direct-to-patient urological and wound care supplies to patients in the home setting, serving patients across the US. Strive is headquartered in Irving, Texas. Since its founding, Strive has focused on giving patients the highest quality customer service and best products available. For additional information on Strive, please visit the company’s website at www.strivemedical.com.
About NMS Capital
NMS Capital is a New York headquartered private investment firm specializing in strategic equity investments and leveraged buyouts of lower middle market companies. The firm was formed through the spin-out of a group of portfolio companies from Goldman Sachs’ Merchant Banking Division. NMS focuses on companies headquartered in the U.S. poised to benefit from sustainable growth trends with particular concentration on companies in Business Services and Healthcare Services. For additional information on NMS, please visit the firm’s website at www.nms-capital.com.