Covington Associates advises Arriva Medical on purchase of AmMed Direct
Boston, MA . March 12, 2012 – Covington Associates announced its role as financial advisor to Arriva Medical, a subsidiary of Alere Inc. (NYSE:ALR) on the purchase of AmMed Direct.
Arriva Medical, a leading national provider of diabetic supplies, has acquired AmMed Direct, in a transaction valued at approximately $23 million. The transaction included a cash payment of $21 million at closing and contingent payments which are expected to total $2 million.
AmMed based in Nashville, TN, has a customer base of approximately 120,000 active diabetic customers. As part of the acquisition, Arriva acquired certain operational assets and has also leased a portion of the space in which AmMed
Tom Cibotti, lead advisor to AmMed Direct and Managing Director at Covington Associates, said, “Arriva’s acquisition of AmMed furthers their initiative of building a leading position and goal of supporting the needs of diabetic patients throughout the U.S.”
About Arriva Medical
Arriva Medical, a subsidiary of Alere, is a leading provider for diabetic testing supplies. To learn more about Arriva Medical, visit: www.arrivamedical.com.www.arrivamedical.com.