Covington Associates Advises on the Acquisition of American WholeHealth Networks, Inc. by AXIA Health Management
Boston, MA — July 21, 2005 — Covington Associates announced today that it has acted as an exclusive sell-side advisor to American WholeHealth Networks, Inc. in its sale to AXIA Health Management LLC. The terms of the transaction were not disclosed.
American WholeHealth, based in Sterling, Virginia, is a health and wellness company working with health plans and providers to offer complementary and alternative medicine solutions to patients nationwide. AXIA’s integrated suite of prevention programs provides health plans, employers, and government agencies with a full-service solution to preventive benefits that combine health management programs with prevention resources.
American WholeHealth products and services complement AXIA’s desire to provide plan sponsors with programs designed to engage members to take charge of their own health, leading to improved health behavior, a higher quality of life, and lower health care costs.
Tom Cibotti, a Managing Director at Covington Associates and lead advisor to American WholeHealth on the transaction, said “We worked with American WholeHealth to find the right buyer who would complement their comprehensive network of health and wellness practitioners nationwide as well as allow them to continue their operations at the local level.”
Dr. William Lubin, President and CEO of American WholeHealth said, “Unequivocally, our deal would not have gone through if it were not for Covington’s perseverance, industry expertise, and negotiating brilliance. They went well beyond the call in so many ways, winding their way relentlessly through a complex diversity of players.”
About American WholeHealth Networks, Inc.
American WholeHealth Networks, Inc. (AWHN) is the nation’s largest complementary health and wellness company, dedicated to serving more than 47 million patients through collaborative relationships with health plans and more than 25,000 providers nationwide. The company’s network consists of more than 35 CAM specialties, including Chiropractic, Acupuncture, Massage Therapy, and Nutritional Counseling, as well as Personal Trainers, Yoga and Pilates Instructors, Mind/Body Therapies, Spas, FitnessCenters, and more. AWHN supports consumers via its award-winning, educational site WholeHealthMD.com. Network participants are supported through WholeHealthPro.com, a professional website that helps practitioners better serve their patients and improve their business. For more information about American WholeHealth Networks, visit www.americanwholehealth.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 over $1 billion for both private and publicly traded companies. To learn more about Covington Associates, visit www.covingtonassociates.com.