Covington Associates Announces Role in Sale of Advent to Rochling
Boston, MA – May 31, 2012 – Covington Associates announced its role as financial advisor to Advent Tool and Mold Inc., a provider of custom injection molding, highly engineered custom plastic components and assemblies for medical devices. Advent Tool and Mold was acquired by the large, German-based manufacturing firm Rochling.
Ludger Bartels, COO of the Rhling Group and also CEO of the High-Performance Plastics Division states: “This acquisition allows us to significantly expand the position of Rochling, as a provider of sophisticated plastic products for the life science industry. In addition, we expect the acquisition to translate into synergies with other Rochling subsidiaries, which cater to the life science industry.”
Ben Dunn, lead advisor to Advent and Managing Director at Covington Associates, said “The sale of Advent represents a continuing trend of large foreign firms looking to enhance their medical capabilities and have better access to the medical device market in the United States. Advent provides Rochling with significant medical experience and expertise that they will have the opportunity to leverage across their larger platform.”
Jim Murphy of Advent said, “The Covington team did an excellent job of presenting us with a range of strategic alternatives and orchestrating a successful transaction with Rochling. The team’s knowledge of the industry was extremely valuable.”
About Advent Tool & Mold Inc.
Advent Tool & Mold Inc., is a full service manufacturing specialist of precision injection molded plastic parts for medical equipment and components for the electronic industry and vehicle construction and generates with its 250 employees sales of approximately 35 million U.S. dollars. A particular competitive advantage of Advent Tool & Mold Inc. is its own tool making capability, which allows for unconventional product solutions.
For more information about Advent, visit www.adventtool.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 nearly $2 billion for both private and publicly traded companies.