Press Release – June 19, 2014 – Covington Associates Closes Three Transactions

Covington Associates Closes Three Transactions

Covington Associates, LLC, a leading Boston based investment bank serving middle-market clients spanning the healthcare, business services, consumer & industrial, and technology sectors, is pleased to announce the closing of three healthcare transactions in the past three weeks.  Covington continues to see significant M&A activity within the middle market, as strategic buyers and financial sponsors continue to search for platform or add-on acquisition targets.

Recent Transactions


WaldenClient: Walden Behavioral Care
Location: Waltham, MA

Walden Behavioral Care, LLC, is one of the first treatment facilities in the country to specialize in eating disorders and provide a full continuum of care for patients – inpatient, residential, partial hospitalization and intensive outpatient care – as well as inpatient programs for psychiatric patients. To further serve patients Walden has expanded to seven locations throughout Massachusetts and Connecticut.  Walden was recapitalized by Seacoast Capital, a PE fund focused on mezzanine debt and equity investments in lower-middle market businesses.



Client: MedAllocators 
Location: Lawrenceville, GA

MedAllocators, Inc., a leading Medicare compliance and complex claims services company, and parent company, Ability Services Network, Inc., a leading provider of case management and technology services, were acquired by ExamWorks.  The ASN and MedAllocators acquisition expands ExamWorks’ ability to provide cost containment solutions, adds case management capabilities and resources for workers’ compensation and disability clients.


Southeast MedicalClient: Southeast Medical
Location: Savannah, GA

Southeast Medical, Inc.,  a provider of urological medical supplies, was acquired by ABC Medical, a one-stop shop with a comprehensive line of medical supplies that includes catheters, ostomy and wound care supplies. Southeast Medical and ABC Medical have joined forces with a unified mission to provide their customers and healthcare professionals with unparalleled customer service.


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About Covington Associates

Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M & A”), capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals.  Founded in 1991 with offices in Boston, Chicago, and New York, 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 more than 200 transactions globally for both private and publicly traded companies totaling over $15 billion.

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