Covington Associates Advises on the Acquisition of Alignis, Inc., by American WholeHealth Networks, Inc.
Boston, MA January 3, 2005 Covington Associates announced today that it has acted as an exclusive buy-side advisor to American WholeHealth Networks, Inc. on its purchase of Alignis, Inc., a provider of chiropractic and complementary health care solutions. 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. The acquisition of Alignis has allowed the company to add new clients, key personnel and unique intellectual capital to its growing network of providers.
Tom Cibotti, a Managing Director at Covington Associates and lead advisor to American WholeHealth on the transaction, said "We have been working with American WholeHealth to assist in their goal of becoming the leading market player in the integrated health and wellness industry. The addition of Alignis expands both their market presence and complementary product lines."
Dr. William Lubin, President and CEO of American WholeHealth said, "Covington Associates offered critical guidance and participation in the entire transaction. Their experience in similar transactions developed the common ground for the parties to come together."
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, Fitness Centers, 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.
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.