Covington Associates Advises on Access Product Marketing LLC
on the Sale of its MDI Instruments, LLC
Boston, MA — April 20, 2005 — Covington Associates LLC, financial advisors to the healthcare, technology and consumer/industrial sectors, announced today that it has acted as an exclusive advisor to Access Product Marketing, LLC, (“Access”) in the sale of its subsidiary, MDI Instruments, LLC. (“MDI”) to Innovia Medical, an entity formed by a group of high net worth individuals and the principals of Humatec, a Kansas City based product development consulting firm. Humatec has experience in the development of medical devices, aerospace products and consumer and industrial products. The terms of the transaction were not disclosed.
Based in Chester, NJ, MDI develops and markets medical products under the EarCheck® brand that accurately detect middle ear fluid, a key sign of ear infection in children. MDI Instruments currently holds patents and FDA marketing approval for its two main EarCheck® products, one designed for use by medical professionals and another for consumers. Based in Alpharetta, GA, Access distributes and markets high-quality healthcare products to consumers. Access focuses on two sub-sectors of the health care market through its Can-Am Care subsidiary: diabetes care and mobility assistance/home safety products. Can-Am Care offers value-based healthcare solutions for people with diabetes through retail pharmacies across the country. Additionally, it also manages the distribution and marketing of its HUGO® rolling walker a product designed to provide people with mobility assistance.
Dave Gesmondi, a Principal at Covington Associates and lead advisor to Access on the transaction, said “This transaction allows Access to free up capital from a non-core business and reallocate it to its core diabetes and mobility products business units. Earcheck® should benefit from additional capital and marketing support from Innovia Medical which should allow it to expand its market reach.”
Steve Smith, a partner and board member of Access commented, “Covington Associates did an outstanding job working through this transaction. Their advice, support, and market knowledge was instrumental to executing the sale of MDI.”
For more information about MDI, please visit www.earcheck.com.
About Covington Associates LLC
Covington Associates is a specialty investment banking firm offering financial advisory services in the areas of mergers, acquisitions and capital raising. For more than a decade, Covington Associates’ senior advisors have been providing a superior level of service to middle-market companies in the healthcare, technology and consumer/industrial sectors. Covington Associates has completed transactions ranging from $5 million to more than $1 billion for both privately held and publicly traded companies across the U.S. and abroad. To learn more about Covington Associates, visit www.covingtonassociates.com.