Walker Magnetics acquired by Alliance Holdings
Covington Associates announced it acted as exclusive financial advisor to Walker Magnetics, a leading designer and manufacturer of magnetic workholding chucks, lifting, material handling, and separation applications, in its sale to Alliance Holdings. >Press Release
Rock of Ages merges with Swenson Granite
Covington Associates acted as financial advisor to the special committee of the Rock of Ages Corporation (NASDAQ:ROAC) board of directors in its definitive merger agreement with Swenson Granite Company LLC. >Press Release
Inverness Medical Innovations nutritionals business acquired by International Vitamin Corporation
Covington Associates announced it acted as financial advisor to Inverness Medical Innovations, Inc. (NYSE: IMA), a global leader in enabling individuals to take charge of their health at home through the merger of rapid diagnostics and health management, in the sale of its nutritionals business to International Vitamin Corporation and affiliates. >Press Release
Covington Associates initiates sale of Rogers Induflex NV to BV Capital Partners
Rogers Corporation's Induflex subsidiary, located in Ghent, Belgium, specializes in the manufacture of multi-layer tapes and flexible foil laminates. BV Capital Partners is an investment holding firm investing in small and medium sized enterprises in the Benelux. The closing was completed at the time of the signing and therefore the sale is effective immediately. The new owners plan to continue operating the business from the Ghent, Belgium site.
Memry acquired by SAES Getters
Covington Associates announced today it acted as financial advisor to Memry Corporation (AMEX: MRY), a provider of design support, engineering, development and manufacturing services to the medical device industry and other industries using the company's proprietary technologies, in its sale to SAES Getters. This is the fifth in a series of recent transactions that Covington Associates has advised on in the outsourced manufacturing space.
Rock of Ages has been acquired by PKDM Holdings, Inc.
Covington Associates today announced it has acted as financial advisor to Rock of Ages Corporation (NASDAQ:ROAC), a granite quarrier and manufacturer of finished granite memorials and granite blocks for memorial use, as it has sold its retail operations to PKDM Holdings, Inc. Under the definitive stock purchase agreement for the sale of the Company's wholly owned subsidiary Rock of Ages Memorials, Inc. which closed yesterday, the Company will receive approximately $7.6 million in net cash proceeds, after closing adjustments. In addition, PKDM will be responsible for purchasing $2.1 million in inventory retained by ROAC as it is sold plus any inventory remaining after the tenth anniversary of the transaction. As part of the transaction, approximately $6.7 million of current retail liabilities, primarily customer deposit obligations, accounts payable and accrued expenses, as well as obligations under pending retail contracts for memorials, will be retained by the purchased subsidiary.
Vermont Teddy Bear Company has been taken private by Mustang Capital
Covington Associates LLC acted as financial advisor to The Vermont Teddy Bear Company, a premier direct-to-consumer gift company, in its going private transaction with Boston-based private equity firm Mustang Capital LLC at $6.50 per share.
United Industries d/b/a Spectrum Brands acquired by Rayovac Industries
Covington Associates has acted as purchaser representative for United Industries, a leading manufacturer and marketer of products for the consumer lawn-and-garden care and household insect control markets, operating under the trade name Spectrum Brands, in connection with United Industries' $1.3 billion sale to Rayovac Industries (NYSE: ROV).
Roll Systems acquired by Böwe Systec
Roll Systems, Inc. is North America's largest manufacturer of high-speed paper handling, converting and monitoring systems for digital printers. Covington Associates advised Roll Systems in its sale to Böwe Systec International GmbH, a provider of paper management systems for high-volume mail processing.