Covington Associates Advises on its Seventh Transaction of 2005
Boston, MA — May 14, 2005 — Covington Associates LLC, financial advisors to the healthcare, technology and consumer/industrial sectors, announced today that it has arranged financing for Advanced Practice Systems LLC (“Advanced”) to purchase APS Professional Systems (“APS”), a Tarzana, CA-based software provider to the physical therapy practice management industry. Terms of the acquisition and financing were not disclosed.
Ropart Asset Management LLC of Greenwich, CT provided financing to Advanced in connection with this transaction.
Dave Gesmondi, a Principal at Covington Associates and lead advisor to Robert Brooker and Advanced Practice Systems on the transaction, commented “The capital markets continue to be very supportive of financial and strategic acquisitions in the middle market. Robert Brooker and his team are highly successful software investors and their experience, leadership, and knowledge of the industry were critical elements in raising the financing necessary to support the acquisition of APS.”
Robert Brooker, Chief Executive Officer of Advanced said, “Covington Associates’ knowledge of the capital markets was integral to the successful placing of financing in this transaction. They helped structure, price, and arrange the facility and their deep experience working with middle market private equity groups and mezzanine firms was instrumental to the closing of the deal.”
About Advanced Practice Systems LLC
Advanced, as owner of APS, is the leading physical therapy management software supplier in the United States. APS is the developer of a proprietary practice management software package called The Physical Therapy Office System for Windows (“PTOS”) which is used in over 3,500 practices and rehabilitation clinics nationwide. Other applications of PTOS include occupational and speech therapy clinics, medical doctors, and billing services companies.
About Covington Associates LLC
Covington Associates is a specialty investment banking firm offering financial advisory services in the areas of mergers, acquisitions and capital raising. For more than a decade, Covington Associates’ senior advisors have been providing a superior level of service to middle-market companies in the healthcare, technology and industrial/consumer sectors. Covington Associates has completed transactions ranging from $5 million to more than $1 billion for both privately held and publicly traded companies across the U.S. and abroad. To learn more about Covington Associates, visit www.covingtonassociates.com.