Covington Associates Announces Role in Inverness Medical Nutritionals Sale
Boston, MA – January 19, 2010 – Covington Associates announced it acted as financial advisor to Inverness Medical Innovations, Inc. (NYSE: IMA), a global leader in enabling individuals to take charge of their health at home through the merger of rapid diagnostics and health management, in the sale of its nutritionals business to International Vitamin Corporation and affiliates.
The Inverness Medical vitamin and nutritional supplements business operates under the names Inverness Medical Nutritionals and IVC Industries and constitutes Inverness’ entire vitamin and nutritional supplements business segment. The sale of the assets of the business, which include manufacturing facilities in Freehold and Irvington, New Jersey, total approximately $63.4 million in cash, subject to post closing adjustment based on the final working capital of the business.
“As Inverness Medical continues its ascent as a leading diversified healthcare company, the vitamins and nutritional supplements business has become less of a core asset,” said Mike Kent, Director at Covington Associates. “This divestiture frees up management bandwidth and resources to pursue other strategic initiatives in rapid point-of-care diagnostics and patient health management.”
About Inverness Medical Innovations
By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life. A global leader in rapid point-of-care diagnostics, Inverness’ products, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women’s health. Inverness is headquartered in Waltham, Massachusetts.
For more information on Inverness Medical Innovations, visit http://www.invernessmedical.com.
About Covington Associates
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.