Covington Associates Announces Role as Financial Advisor to CPR+ in its Sale to Mediware
July 24, 2013 – Boston, MA – Covington Associates, LLC announced its role as financial advisor to Definitive Homecare Solutions, d/b/a CPR+, in its sale to Mediware Information Systems.
Definitive Homecare Solutions is the developer and owner of an enterprise management software application, CPR+, used by home infusion pharmacies, specialty pharmacies, and HME providers to manage all core business and clinical functions. Kelly Mann, CEO of Mediware, stated, “DHS is a forward-thinking company that shares Mediware’s vision for delivering homecare technology with advanced functionality and interoperability. We’re very excited to welcome CPR+ to the Mediware family of solutions.”
Jeff Johnston and Stuart Crane, co-owners of CPR+ who launched the company in 1993, also view the acquisition as a significant benefit to the homecare organizations they serve. “This development gives us a lot of momentum,” Johnston said. “Stuart and I see it as a tremendous opportunity to blend our expertise together with Mediware’s to make the best software and related solutions in the homecare industry.”
Ben Dunn, lead advisor to CPR+ and Managing Director at Covington Associates, added “The acquisition of CPR+ allows Mediware to significantly expand their market presence in the home infusion and specialty pharmacy arenas. By aligning Mediware and CPR+’s solutions, Mediware will be uniquely positioned to support a wide spectrum of clients within the homecare industry with first-class technology and service.”
About Definitive Homecare Solutions
Definitive Homecare Solutions, Ltd. develops and licenses its business and patient management software solution, CPR+, to home infusion, specialty pharmacy, and HME/DME providers nationwide. Founded in 1993, Definitive Homecare Solutions has grown to be a leading provider of enterprise management software to the homecare and specialty pharmacy industries by providing technology to reduce costs and improve efficiencies in clinical patient management, e-billing, and inventory control. With offices in Westerville, Ohio and Laguna Hills, California, Definitive Homecare Solutions currently supports more than 1100 homecare locations and specialty pharmacies nationwide. For more information, visit www.cprplus.com.
About Covington Associates
Covington Associates is a boutique investment banking firm founded in 1991 serving middle-market companies across the verticals of the healthcare, business service, consumer & industrial, and technology sectors. Focused on mergers and acquisitions, debt and equity capital raising, and strategic advisory assignments, Covington Associates has completed transactions ranging in value from $10 million to nearly $2 billion for both private and publicly traded companies. To learn more, please visit www.covllc.com.