Covington Associates Advises JJWild on Capital Raise
Boston, MA — January 25, 2006 — Covington Associates LLC announced today that it has acted as financial advisor to JJWild, Inc. (“JJWild”), the leading provider of integrated technology solutions and consulting services for the MEDITECH healthcare information systems community, in their equity raise of $20 million of Series A Preferred Stock. The funding was provided by Advent International (“Advent”), one of the world’s leading private equity firms.
Based in Canton, MA, JJWild is the sole integration partner for MEDITECH, a leader in the Health Care Information Systems (HCIS) industry. MEDITECH’s application software is designed to unify clinical, administrative and financial information across a healthcare organization. JJWild’s service offerings span from IT infrastructure design and deployment to document management and process optimization to help clients fully maximize their MEDITECH implementation.
Advent International is a global private equity firm with $10 billion in cumulative capital raised and offices in 13 countries around the world. Leigh Michl and Mike Pehl, both Partners in Advent’s Boston office, will assume board positions at JJWild and have a combined 50 plus years of investment management expertise in IT infrastructure and services companies.
Tom Cibotti, a Managing Director at Covington Associates, commented “We looked for an investment partner for JJWild who had a proven track record and would not only provide capital but industry expertise to help them grow to the next level. The outstanding Advent team of Leigh Michl and Mike Pehl bring a long history of helping build successful companies in the IT arena.”
About JJWild, Inc.
JJWild, founded in 1956 by John J. Wild, Sr., has maintained a 20 year relationship with MEDITECH, becoming their sole integration partner. JJWild employs both healthcare and IT professionals in order to offer the best possible solutions in infrastructure and application to support MEDITECH’s software throughout its life cycle. To learn more about JJWild and MEDITECH, please visit www.jjwild.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 over $1 billion for both private and publicly traded companies. To learn more about Covington Associates, visit www.covingtonassociates.com.