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.
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.
To learn more about Covington Associates, visit www.covllc.com.
Covington Associates LLC