Covington Associates Announces Role in AcroMetrix Acquisition by Life Technologies
Boston, MA – February 1, 2010 – Covington Associates announced it acted as exclusive financial advisor to AcroMetrix, a provider of molecular and serological diagnostic quality control products to clinical laboratories, blood screening centers and in-vitro diagnostic (IVD) manufacturers, in its sale to Life Technologies Corporation (NASDAQ: LIFE), a provider of innovative life science solution. The financial terms were not disclosed. Life Technologies holds a significant portfolio of molecular diagnostics products, including components such as magnetic beads, fluorescent dyes and specific antibodies, which can be custom designed for diagnostics manufacturers.
“We’re pleased to add our superior line of products to Life Technologies’ comprehensive suite of offerings in the molecular diagnostics market,” said Michael J. Eck, President and Chief Executive Officer of AcroMetrix. “Our customers will now benefit from even greater investment in new molecular products designed to meet the needs of clinical laboratories.”
“The acquisition brings together AcroMetrix’ thought-leading scientific team and market leading products with Life’s global reach and commitment to cutting edge research,” said Steve Mermelstein, Managing Director at Covington Associates and lead advisor on the transaction. “This opens significant opportunities for Life and will enable AcroMetrix to enhance its position as the leader in the quality controls materials space.”
AcroMetrix, with facilities in Benicia, California and Alkmaar, The Netherlands, provides a comprehensive line of molecular and serological diagnostic quality control products that help laboratories meet quality requirements. AcroMetrix maintains this leadership role by consistently developing innovative standards, external run controls, and validation kits for molecular and serological testing in blood screening and clinical diagnostic laboratories.
To learn more about AcroMetrix, visit www.acrometrix.com
About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare, and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to nearly $2 billion for both private and publicly traded companies.