Covington Advises Bournewood Health Systems in its sale to Alita Care, Enhancing Capabilities with Leading New England Acute Psychiatric Treatment Provider
BOSTON, MA – March 17th, 2017 - Covington Associates LLC, a leading middle market investment bank, announced its role as exclusive advisor to Bournewood Health Systems (“Bournewood”), a leading New England based provider of acute psychiatric and dual diagnosis (psych/substance abuse) treatment services, in its sale to Alita Care, LLC (“Alita”), a leading national provider of behavioral health services. Alita is owned by Kohlberg & Company, L.L.C., a leading private equity firm specializing in middle-market investing. Michael Papile, Managing Director of Covington Associates said “We are pleased to have been given the opportunity to represent such a well regarded Behavioral Health organization as Bournewood. It exemplifies the positive attributes that we see driving the current levels of M&A activity in the rapidly consolidating Behavioral Health market.” Based in Brookline, Massachusetts, Bournewood has been in continuous operation since 1884 and serves a wide range of adults and adolescents through acute inpatient, partial hospitalization, and outpatient programs. Bournewood has significant experience treating patients with complex psychiatric and addiction-related diseases and serves a critical need in its local market. Former Massachusetts mental health commissioner Marcia Fowler was named Chief Executive Officer of Bournewood in 2015 and will continue to lead the hospital going forward. Alita serves as the parent holding company for Meadows Behavioral Healthcare (“The Meadows”) and Sunspire Health (“Sunspire”) and is a leading national behavioral health services provider with 16 differentiated programs across the country. The acquisition of Bournewood will further enhance Alita’s treatment capabilities, particularly in acute psychiatric care, while also expanding its comprehensive care model in the Massachusetts market. Jim Dredge, Chief Executive Officer of Alita, remarked, “We are thrilled to be welcoming Bournewood to the Alita family. Their reputation for clinical excellence has been cultivated over 130 years, and they are well known for providing cutting-edge and compassionate treatment for patients and their families, clinical referral sources, and payors across the country. By adding Bournewood to our family of programs, we will be able to offer a full continuum-of-care to an even wider range of patients.” Bournewood will continue to operate as an independent brand within Alita. Clinical operations will not be impacted by the transaction, and Bournewood will continue to provide the best trauma-informed and person-centered treatment services for adults, adolescents, and their families in the Massachusetts behavioral health field. “We are proud to be joining the Alita team and to be combining our expertise with that of the highly-respected and caring professionals at The Meadows and Sunspire Health,” stated Marcia Fowler, Bournewood’s CEO. “We have a mutual appreciation for the mission-driven cultures of these organizations within Alita and look forward to continuing to expand and improve services for the increasing number of people struggling through mental health and addiction crises.” Covington Associates LLC served as financial advisor and Choate, Hall & Stewart LLP served as legal counsel to Bournewood. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Benesch, Friedlander, Coplan & Aronoff LLP acted as legal counsel and regulatory counsel, respectively, to Alita. Antares Capital, Ares Capital Management, Capital One Healthcare, CIT Healthcare Corporate Finance, and Partners Group provided debt financing to support the transaction.
Covington Associates acts as Adviser to Walden Behavioral Care on its acquisition of Atlanta Center for Eating Disorders
BOSTON, MA -February 6, 2017-Covington Associates LLC, a leading middle market investment bank, announced its role as exclusive financial advisor to Walden Behavioral Care, LLC. on its acquisition of the Atlanta Center for Eating Disorders (ACE) of Dunwoody, Ga. The joining of these two organizations brings more comprehensive, individualized and accessible eating disorder treatment to those across the Atlanta region. Leveraging Walden’s proven experience in establishing a regional, full system of care, ACE will build off its 23 years of treatment excellence, expanding its community-based treatment services and programming into additional, intensive treatment settings. Specifically, it is Walden’s intention to create programming to meet the needs of individuals who require comprehensive, coordinated care. ACE will continue to provide treatment at the partial hospitalization, intensive outpatient (IOP) and aftercare program (Outpatient) levels at its Alpharetta, Decatur and Dunwoody locations. Michael Papile, Managing Director of Covington Associates commented, ”This transaction represents another landmark for Walden as they continue their expansion plans into the Southeast, remaining focused on clinical excellence and best business practices.” Thirty million Americans have eating disorders, including hundreds of thousands throughout Georgia. The combination of Walden and ACE establishes one of the region’s first full systems of care for adolescents and adults impacted by anorexia, bulimia, binge eating disorder and other specific feeding or eating disorders (OSFED). “This acquisition is about bringing together two organizations with a shared vision and commitment to providing high quality treatment and support as close to home as possible, through all levels of care,” said Stuart Koman, Ph.D., president and CEO of Walden Behavioral Care. “We’re honored to become part of the Metro Atlanta community, giving individuals what they deserve: the best possible chance for a lasting recovery.” All ACE clinical and administrative staff will remain with the organization, including. Clinical Director & founder Linda Paulk Buchanan, Ph.D., and Clinical Director Rick Kilmer, Ph.D. Likewise, there will be no other changes to Walden’s staffing, locations or operations. “Words cannot do justice for the high level of respect and admiration I have for Linda, Rick and their highly accomplished team,” added Koman. “This partnership is because of them. We’re excited to work together and build on the outstanding care they have become known for throughout Georgia and beyond.” With the acquisition, Walden will now have 14 locations across Massachusetts, Connecticut and Georgia, including two inpatient units, one residential facility and 11 ambulatory clinics. “Rick and I are so excited to join Walden – we immediately felt a connection with Stu, Walden’s staff and its treatment philosophy,” said Paulk Buchanan. “Our longstanding mission has been to provide intensive treatment to people with eating disorders, while minimizing disruption to their normal lives. By offering a full range of services for those in need, we now have an opportunity to build on that promise.” About Covington Associates LLC Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare and Life Sciences, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991, with offices in Boston and New York, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice-driven and results-focused organization. Since its inception, Covington Associates has completed more than 200 transactions globally for both private and publicly traded companies totaling over $15 billion. For more information, visit www.covllc.com. About Walden Behavioral Care Walden Behavioral Care offers a full system of specialized care for individuals and families impacted by all types of eating disorders. Our commitment is to provide the most personalized support and best chance for a lasting recovery, as close to home as possible for those across New England and Georgia. Walden’s programming spans all levels of care – inpatient, residential, partial hospitalization, intensive outpatient and outpatient care – for those with anorexia, bulimia, binge eating disorder and other specified feeding or eating disorders (OSFED). Locations include Amherst, Braintree, Milford, Peabody, Waltham and Worcester, Mass.; Guilford, South Windsor and Vernon, Conn; and Alpharetta, Decatur and Dunwoody, Ga. Additional information is available at www.WaldenEatingDisorders.com. About The Atlanta Center for Eating Disorders (ACE) The Atlanta Center for Eating Disorders (ACE) treats individuals of all ages who seek to recover from anorexia, bulimia, binge eating disorder or OSFED (other specified feeding or eating disorder). By offering partial hospitalization, intensive outpatient care and outpatient care, along with personal care housing at ACE House, treatment can be individualized, customized and modified as the individual progresses toward recovery. Our programs are designed to allow participants to maintain their daily lives as much as possible during treatment. Seeking to provide convenient locations, ACE headquarters are located in Dunwoody, with additional facilities in Alpharetta and Decatur, Ga. Further information is available at www.EatingDisorders.cc
Covington Associates acts as Adviser to AMG Medical on its sale to Drive DeVilbiss
BOSTON, MA – October 19, 2016 – Covington Associates LLC, a leading middle market investment bank, announced its role as exclusive advisor to AMG Medical, a Canadian based manufacturer and distributor of medical products, in the sale of four durable medical equipment brands (the “AMG Brands”) to Drive DeVilbiss, a US based medical product manufacturer. Tom Cibotti, Managing Director at Covington Associates stated, “The AMG Medical team built a strong portfolio of brands that have a unique position as a recognized leader in the Canadian market. Drive DeVilbiss has scale and momentum that position their business to further grow in Canada and to further expand the AMG Brands internationally.” Philip del Buey, President of AMG Medical, stated, “We are delighted that our brands will be in the hands of one of the leading global manufacturers of durable medical equipment. Like AMG, Drive is dedicated to providing high quality products and first-class service to its customers. By aligning these important brands with Drive, we foresee major growth for them.” Mr. del Buey added, “Covington’s deep healthcare expertise and transaction experience provided us with a range of transaction opportunities. Covington played a key role in developing the marketing materials and in communicating our value proposition to prospective buyers. Their knowledge of the healthcare landscape and experience with complex international transactions was paramount in the ultimate execution of this transaction.” About Drive DeVilbiss Healthcare Headquartered in Port Washington, New York, Drive DeVilbiss Healthcare manufactures a complete line of medical products, including mobility products, sleep and respiratory products, beds, bariatric products, wheelchairs, sleep surfaces and pressure prevention products, self-assist products, power operated wheelchairs, rehabilitation products, patient room equipment, personal care products and electrotherapy devices. Currently, the Company has corporate offices, manufacturing facilities and distribution facilities located throughout the United States, Canada, the United Kingdom, France, Germany, China, Hong Kong, Romania, Australia, the Netherlands and India. The Company markets its products to customers located throughout the United States, Europe, Canada, Mexico, Central and South America, the Middle East and Asia. For more information, visit www.drivemedical.com. About AMG Medical Inc. AMG Medical Inc. manufactures, imports, packages and distributes home healthcare and medical professional products. The Company’s broad product line includes more than 3,500 products that deliver freedom and empower people to live and feel better. For more information, visit www.amgmedical.com.
Covington Associates acts as Adviser to Immunetics on its sale to Oxford Immunotec
Covington continues its active role as advisor to the Diagnostics sector BOSTON, MA - October 14, 2016 - Covington Associates LLC, a leading middle market investment bank, announced its role as exclusive financial advisor to Boston-based Immunetics, Inc. (“Immunetics” or “the Company”) on its recent sale to Oxford Immunotec Global PLC (Nasdaq:OXFD), a global diagnostics company focused on developing and commercializing proprietary tests for the management of immune-regulated conditions. Immunetics’ platform includes novel proprietary assays for underserved infectious disease states, including C6 Lyme, Babesia, Anthrax and others, offering significant synergies with Oxford’s TB business. Oxford intends to leverage its existing sales and marketing infrastructure to increase Immunetics’ revenue growth over time. The transaction included an upfront cash amount along with near-term regulatory and commercial milestones. “Immunetics brings a long history of innovative product development in infectious disease testing, especially in the critical area of emerging pathogens” said Andrew Levin, Founder and Chief Scientific Officer of Immunetics. “Oxford’s capabilities complement our own, enabling us to realize the value in our R&D pipeline through a strong commercial partner.” “The combination of Immunetics’ innovative products with Oxford’s global customer channels will allow for significantly improved sales of Immunetics’ existing products and positions it well for broad commercial launch of its near-term pipeline products, notably Babesia,” notes Steven Mermelstein, Managing Director at Covington Associates and lead advisor to Immunetics. About Covington Associates LLC Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions ("M&A"), capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare and Life Sciences, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991, with offices in Boston and New York, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice-driven and results-focused organization. Since its inception, Covington Associates has completed more than 200 transactions globally for both private and publicly traded companies totaling over $15 billion. For more information, visit www.covllc.com. Foley Hoag LLP acted as outside legal counsel to Immunetics. About Immunetics Immunetics (www.immunetics.com) offers state-of-the-art assay technology for infectious disease diagnosis and blood screening, and for more than 10 years has been a leading innovator of tests for bacterial, viral, and parasitic diseases. The Company produces and markets a range of infectious disease assay kits and instruments. Its mission is to deliver better, cost-efficient care through more accurate diagnosis. About Oxford Immunotec Oxford Immunotec Global PLC is a global, high-growth diagnostics company focused on developing and commercializing proprietary tests for the management of under-served immune-regulated conditions. The Company's first product is the T-SPOT®.TB test, which is used to test for tuberculosis infection. The T-SPOT.TB test has been approved for sale in over 50 countries, including the United States, where it has received pre-market approval from the Food and Drug Administration, Europe, where it has obtained a CE mark, as well as Japan and China. The Company’s second product line is a range of assays for tick-borne diseases, such as Lyme disease, obtained through the acquisition of Imugen. The T-SPOT.CMV test and the T-SPOT.PRT test are part of the Company's third product line focused on the transplantation market. In addition to these three product lines, the Company has additional active development programs in other immune-regulated conditions. The Company is headquartered near Oxford, U.K. and in Marlborough, Mass. Additional information can be found at www.oxfordimmunotec.com. T-SPOT and the Oxford Immunotec logo are trademarks of Oxford Immunotec Ltd.
Covington Associates Announces Advisory Role in Sale of Creehan & Company to Inovalon
Combination empowers expanded data-driven capabilities to achieve greater outcomes and economics for high-cost and high-complexity medications BOSTON, MA – October 3, 2016 – Covington Associates LLC, a leading middle market investment bank, announced its role as exclusive advisor to Creehan & Co, the industry’s leading independent provider of specialty pharmacy and specialty medications management software-as-a-service (SaaS) platforms, in its sale to Inovalon (NASDAQ: INOV), a leading technology company providing advanced, cloud-based analytics and data-driven intervention platforms to the healthcare industry. Ben Dunn, Managing Director at Covington Associates stated, “Creehan & Company’s unique position as a technology leader in the growing specialty pharmacy sector, along with the breadth of capabilities and synergies of Inovalon, make this an exciting combination.” “Creehan & Company and Inovalon share a common philosophy that data, its analysis, and the resulting ability to drive highly meaningful impact is key to the achievement of improved care, quality, and financial performance within the healthcare ecosystem,” said Sean Creehan, chief executive officer of Creehan & Company. “Our combination with Inovalon will enable us to further advance and scale our industry-leading platform and bring an expanded set of capabilities to our existing clients as well as to the expansive client base of Inovalon. All of us at Creehan & Company are excited about the people, technologies, and vision that we have found with Inovalon and see our union as a significant benefit for our clients and competitive advantage unmatched in the industry today.” Sean Creehan added, “Covington’s deep healthcare IT expertise and transaction experience provided us with a range of strategic alternatives that ultimately led to the consummation of this great transaction with Inovalon. Covington orchestrated the presentation materials and management meetings with speed and crispness, generating and efficiently managing extraordinary strategic interest, keeping us focused and on track during a complicated transaction.” About Creehan & Company Creehan & Company is the healthcare technology industry’s leading third-party provider of SaaS and on-premise enterprise-wide software application platforms and implementation services for standalone specialty pharmacies and other industry players such as PBM’s drug manufacturers and distributors that operate in the specialty pharmacy market space. Built upon more than a decade of client collaboration, Creehan & Company proudly partners with leading industry health plans, pharmacy benefits management (PBM), retail and specialty pharmacy, and pharmaceutical companies to provide a comprehensive enterprise platform supporting the complete array of specially pharmacy operational, clinical, financial, and regulatory needs from referral, order, and care management, to contract administration, inventory management, fulfillment, and pharma data management. About Covington Associates Covington Associates is an investment banking firm offering M&A advisory services to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991, with offices in Boston, and New York, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization. Since its inception, Covington Associates has completed more than 200 transactions globally for both private and publicly traded companies totaling over $15 billion.
Covington Associates acts as Adviser to NLT Spine on its sale to SeaSpine
Covington Associates acts as Adviser to NLT Spine on its sale to SeaSpineAugust 19, 2016 (Boston, MA) - Covington Associates LLC, a leading middle market investment bank, announced its role as exclusive financial advisor to Israeli-based NLT Spine LTD. (“NLT” or “the Company”). NLT, an Israel-based medical device company developing innovative spinal products for minimally invasive surgery, has entered into a definitive agreement to sell substantially all of its assets to SeaSpine Holdings Corporation (NASDAQ: SPNE), a global medical technology company focused on surgical solutions for the treatment of spinal disorders. NLT’s platform includes vertical, lordotic and footprint expanding interbody technologies for use in lumbar fusion procedures for the treatment of degenerative spinal conditions. By allowing surgeons to place smaller interbody implants that expand within the interbody space, these patented technologies are designed to enable smaller incisions and less nerve retraction, while achieving the same advantages of larger implants but with easier insertion and potentially less tissue disruption. Acquisition terms include an upfront cash payment, issuance of common stock upon achievement of a near-term regulatory milestone, longer-term commercially-based milestone payments, as well as future revenue-based royalties of up to $43 million. “We’re pleased to add our line of products and technologies to SeaSpine’s comprehensive suite of offerings in the spine intervention market,” said NLT President and Chief Executive Officer, Didier Toubia. “We see SeaSpine as the ideal group to bring to market and drive adoption of our innovative interbody spine solutions, which we believe will benefit patients and our shareholders, now and in the longer-term.” NLT’s broad intellectual property portfolio includes technologies that provide a robust pipeline of innovative MIS interbody solutions. NLT’s patent estate includes additional disruptive technologies with potential in other spinal applications. SeaSpine plans to further refine NLT’s existing products based on feedback from leading spine surgeons prior to full commercial launch and to evaluate NLT’s full intellectual property portfolio for additional product development opportunities. “The combination of NLT’s innovative products with SeaSpine’s global customer channels will allow for rapid market adoption for NLT’s differentiated interbody solutions, one of the fastest growing market segments within spine,” notes Steven Mermelstein, Managing Director at Covington Associates and lead advisor to NLT. About Covington Associates LLC Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions ("M&A"), capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare and Life Sciences, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991, with offices in Boston and New York, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice-driven and results-focused organization. Since its inception, Covington Associates has completed more than 200 transactions globally for both private and publicly traded companies totaling over $15 billion. For more information, visit www.covllc.com. About NLT NLT was founded in 2006 by Dr. Tzony Siegal, a leading spine surgeon, to provide innovative spine surgery instrumentation and implants for treating degenerative spinal conditions through small surgical incisions. The Company’s vision is to improve patient care and reduce total treatment costs by ultimately shifting from traditional open surgical routines to MIS, employing new methods and technologies to enhance usability and outcomes. Funded by institutional investors, including Accelmed and Peregrine Ventures, as well as a leading global strategic investor, NLT’s product portfolio includes the FDA-cleared PROW FUSION, a segmented TLIF interbody fusion device that automatically turns into the disc space upon insertion to provide a larger footprint; the FDA-cleared PROW FUSION-V interbody fusion device that provides either vertical expansion or lordotic expansion; and the PROW FUSION-L lateral interbody fusion device that features an expanding anterior/posterior footprint. APM & Co. acted as outside legal counsel to NLT. About SeaSpine SeaSpine is a global medical technology company focused on the design, development and commercialization of surgical solutions for the treatment of patients suffering from spinal disorders. SeaSpine has a comprehensive portfolio of orthobiologics and spinal hardware solutions to meet the varying combinations of products that neurosurgeons and orthopedic spine surgeons need to perform fusion procedures on the lumbar, thoracic and cervical spine. SeaSpine’s orthobiologics products consist of a broad range of advanced and traditional bone graft substitutes that are designed to improve bone fusion rates following a wide range of orthopedic surgeries, including spine, hip, and extremities procedures. SeaSpine’s spinal hardware portfolio consists of an extensive line of products to facilitate spinal fusion in minimally invasive surgery (MIS), complex spine, deformity and degenerative procedures. Expertise in both orthobiologic sciences and spinal fusion hardware product development helps SeaSpine to offer its surgeon customers a complete solution to meet their fusion requirements. SeaSpine currently markets its products in the United States and in over 30 countries worldwide.
Farm was acquired by Flextronics
Farm was acquired by Flextronics, a leading global electronics manufacturing services company with an emphasis on medical devices, drug delivery systems, diagnostics and capital equipment. Press Release >>
Emory Univesity has entered into a joint venture for its Emory Genetics Laboratory with Eurofins
Covington advised Emory University on the sale of 75% of its Emory Genetics Lab to Eurofins for $41.3m in cash and a 25% stake in the newco EGL Genetics Diagnostics, LLC. Press Release>>
CID Management acquired by GENEX Services
GENEX Services, the nation's largest provider or workers' compensation clinical services has acquired Comprehensive Industrial Disability Management Services Inc. (CID), one of the leading providers of utilization review software and services to the Workers' Compensation market. Press Release>>
Palm Beach Capital invests in Liberty Medical Holdings, LLC
Covington Associates, LLC acted as financial advisor to Palm Beach Capital Fund III, L.P., through one of its investment entities, in its investment in Liberty Medical Holdings, LLC, an industry leading distributor of catheters, ostomy supplies, insulin pumps, insulin pump supplies, and other medical supplies.
Burman’s acquired by Diplomat
Covington Associates, LLC acted as financial advisor to Burman's Specialty Pharmacy (Burman's) in its sale to Diplomat Pharmacy, Inc. (NYSE: DPLO). Burman's, located in the greater Philadelphia, Pennsylvania area, is a provider of individualized patient care with a primary focus on the challenging condition of hepatitis C. Headquartered in Flint, Michigan, Diplomat focuses on medication management programs for people with complex chronic diseases, including oncology, immunology, hepatitis, multiple sclerosis, HIV, specialized infusion therapy and many other serious or long-term conditions. >Press Release
SCCIPA acquired by affiliate of HCA’s Physician Services Group
Covington Associates, LLC acted as financial advisor to Santa Clara County Independent Practice Association (SCCIPA) in its acquisition by an affiliate of HCA’s Physician Services Group. SCCIPA's individual practice association is a market leader in providing physicians and related health services to the residents of Santa Clara County. >Press Release
ProTek acquired by Molex
Covington Associates, LLC acted as financial advisor to ProTek Medical Ltd., an Ireland-based outsourced provider of design, development and manufacturing services for medical device companies, in its acquistion by Molex, Inc., a provider of electronic components and solutions. >Press Release
Accountable Health Solutions, Inc. acquired by Hooper Holmes
Hooper Holmes (NYSE MKT: HH) has acquired the assets representing the health and wellness business of Accountable Health Solutions, Inc. (AHS). Accountable Health Solutions offers comprehensive health and wellness programs to employers and health plan clients.
Tarpon acquired by Pall
Covington Associates, LLC acted as financial advisor to Tarpon Biosystems in the sale of its BioSMB technology platform to Pall Corporation. The BioSMB technology enables single use, multi-column chromatography for process development and are well placed for multi-product and single use facilities. >Press Release
Activate Networks acquired by Decision Resources Group
Covington Associates, LLC acted as financial advisor to Activate Networks, a provider of network analytics for healthcare/life sciences companies, in its acquisition by Decision Resources Group, which provides high-value information and insights on critical issues within the healthcare industry. >Press Release
Alere Health acquired by Optum
Covington Associates LLC served as sole financial advisor to Alere Health, a provider of condition management, case management, wellbeing, wellness and women’s and children’s health services to regional and local health plans, Fortune 500 employers and state governments, to Optum for $600 million in cash. >Press Release
Spirometrix completes Series B Financing
Covington Associates LLC served as financial advisor Spirometrix, Inc. in its Series B Equity financing. Based in Pleasanton, CA, Spirometrix focuses on research, development and commercialization of breath analysis devices for application in disease diagnosis and management.
Sonoma Orthopedic Products completes Series E Financing
Covington Associates LLC served as financial advisor Sonoma Orthopedic Products, Inc. ("Sonoma") in its Series E Equity Financing. Based in Buffalo Grove, IL, Sonoma is an orthopedic device company providing fracture fixation devices that allow orthopedic surgeons to quickly and easily repair problematic bone fractures.
Allegro Diagnostics acquired by Veracyte
Covington Associates LLC acted as exclusive financial advisor to Allegro Diagnostics Corp. ("Allegro"), a privately-held molecular diagnostics company focused on developing genomic tests to improve the preoperative diagnosis of lung cancer, on the sale of its business to Veracyte, Inc. (Nasdaq: VCYT), a molecular diagnostics company pioneering the field of molecular cytology. Veracyte acquired Allegro for $21 million in cash and stock. >Press Release
Pharmalucence acquired by Sun Pharmaceuticals
Covington Associates, LLC acted as financial advisor to Pharmalucence, Inc., a Massachusetts based manufacturer of sterile injectable pharmaceuticals, in its sale to Sun Pharmaceutical Industries Ltd., an India based specialty pharmaceutical company. >Press Release
Walden Behavioral Care recapitalized by Seacoast Capital
Covington Associates, LLC acted as financial advisor to Walden Behavioral Care, LLC, one of the first treatment facilities in the country to specialize in eating disorders and provide a full continuum of care for patients - inpatient, residential, partial hospitalization and intensive outpatient care - as well as inpatient programs for psychiatric patients. To further serve patients Walden has expanded to seven locations throughout Massachusetts and Connecticut. Walden was recapitalized by Seacoast Capital, a PE fund focused on mezzanine debt and equity investments in lower-middle market businesses.
MedAllocators acquired by ExamWorks
Covington Associates, LLC acted as financial advisor to MedAllocators, Inc., a leading Medicare compliance and complex claims services company, and parent company, Ability Services Network, Inc., a leading provider of case management and technology services, were acquired by ExamWorks. The ASN and MedAllocators acquisition expands ExamWorks' ability to provide cost containment solutions, adds case management capabilities and resources for workers' compensation and disability clients. >Press Release
Southeast Medical acquired by ABC Medical Supply
Covington Associates acted as financial advisor to Southeast Medical, Inc., a national a provider of top-quality urological medical supplies, in their sale to ABC Medical Supply, Inc., a one-stop shop with a comprehensive line of medical supplies that includes catheters, ostomy and wound care supplies. >Press Release
Hobart Group Holdings acquired by Precision For Medicine
Covington Associates advised Hobart Group Holdings, a leading market access firm, on their acquisition by Precision For Medicine, a specialized services company supporting next generation approaches to drug development and commercialization. >Press Release
dLife acquired by Veria Living
dLife is the leader in diabetes self-care and a community network and resource for millions of people with prediabetes, diabetes, their caregivers and healthcare providers. Covington Associates acted as financial advisor to dLife in their sale to an affiliated entity of Veria Living, a multiplatform media brand devoted to showcasing healthy lifestyle and wellness programming. >Press Release
Applied Computational Technologies acquired by Varian Medical Systems
Applied Computational Technologies, LLC (ACT), a PA based developer of software for life sciences application in radiation treatment planning for cancer therapy, completed the sale of certain intellectual property assets to Varian Medical Systems (VAR – NYSE), a leading manufacturer of medical devices and software for treating cancer and other medical conditions. Covington Associates acted as financial advisor to ACT.
Arriva Medical acquires Simplex Healthcare
Covington Associates advised Arriva Medical, LLC on its acquisition of Simplex Healthcare, Inc., a TN based healthcare company providing home delivery of medical supplies to patients suffering from diabetes. Arriva Medical, LLC, a subsidiary of Alere Inc. (NYSE:ALR), provides diabetic testing supplies and offers embrace talking meters and element meters for diabetic testing.
Healthrageous assets acquired by Humana
Covington Associates acted as financial advisor to Hea!thrageous, a Boston based digital health management company that provides a SaaS platform allowing users to prevent and self-manage chronic health conditions, in the sale of their assets to Humana. >Press Release
PocketSonics acquired by Analogic Corporation
Covington Associates acted as financial advisor to PocketSonics, Inc., a privately held ultrasound technology firm based in Charlottesville, VA, in its sale to Analogic Corporation (Nasdaq:ALOG). >Press Release
P.J. Noyes acquired by Nipro Diagnostics
Covington Associates, LLC announced its role as financial advisor to P.J. Noyes Company, Inc., a leading contract manufacturer and packaging company specializing in high quality pharmaceuticals and personal care products. Covington acted as exclusive M&A advisor to P.J. Noyes in its acquisition by Nipro Diagnostics, a Fort Lauderdale, FL based manufacturer and marketer of blood glucose monitoring products and diabetes management supplies. >Press Release
Discount Diabetic divests certain assets to All American Medical Supply
Covington Associates acted as financial advisor to Discount Diabetic, a supplier of diabetic products including: blood glucose monitoring products, BioBack back braces to relieve lower back pain, and arthritis heating pads to medical beneficiaries, in their divestiture of certain assets to All American Medical Supply.
CPR+ acquired by Mediware
Covington Associates, LLC announced its role as financial advisor to Definitive Homecare Solutions (dba CPR+), the provider of the CPR+ software application for HME, home infusion and specialty pharmacy industries, in its sale to Mediware Information Systems, a Lenexa, KS based provider of specialized software solutions targeting specific processes within healthcare institutions. >Press Release
Envoy Health acquired by Lincare
Covington Associates, LLC announced its role as financial advisor to Envoy Health, a nationwide provider of diabetes supplies and patient support services. Covington acted as exclusive M&A advisor to Envoy Health in its sale to Lincare, Inc., a subsidiary of The Linde Group, is a Clearwater, FL. based healthcare services company. >Press Release
Alere has acquired Liberty Medical
Covington Associates acted as the buy-side advisor to Alere Medical, Inc. in its acquisition of the Medicare Business of Liberty Medical Supply, a home delivery service that sells diabetes testing supplies, prescription drugs, urology supplies, CPAP and ostomy supplies directly to consumers.
Premier Source acquired by AmerisourceBergen
Covington Associates acted as exclusive financial advisor to Premier Source, a privately held company that provides consulting and reimbursement services to medical device, pharmaceutical, molecular diagnostic, and biotechnology manufacturers, as well as other health services companies, in its sale to AmerisourceBergen Corporation (NYSE:ABC). >Press Release
InfoMedics acquired by Physicians Interactive
Covington Associates announced it acted as exclusive financial advisor to InfoMedics, the industry expert in the design and delivery of interactive patient communications platforms, in its sale to Physicians Interactive. >Press Release
BioSeek acquired by DiscoveRx
Covington Associates announced it acted as exclusive financial advisor to BioSeek, plc, a provider of high quality, human-tissue based tools and services for drug and drug target discovery, in its sale to DiscoveRx Corporation. >Press Release
Excella Healthcare Acquired by Encompass Home Health.
Covington Associates announced it acted as exclusive financial advisor to Excella Healthcare, a New England based rehabilitation company with a goal to provide the highest quality rehabilitation in the most cost effective manner, in its sale to Encompass Home Health.
Vortex Medical acquired by AngioDynamics
Covington Associates announced it acted as exclusive financial advisor to Vortex Medical, which focuses on the development of innovative medical devices for the removal of thrombus, or blood clots, from occluded blood vessels, in its sale to AngioDynamics (Nasdaq:ANGO). >Press Release
HistoRx acquired by Genoptix
Covington Associates announced it acted as exclusive financial advisor to HistoRx, which provides a solution to the need for quantitative, standardized and reproducible analysis of protein biomarkers in tissue, in its sale to Genoptix, a subsidiary of the Novartis Pharmaceuticals Division.
Penrith Corporation acquired by Siemens Healthcare
Covington Associates announced it acted as exclusive financial advisor to Penrith Corporation, a developer of wireless ultrasound systems for interventional guidance, in its sale to Siemens Healthcare (Siemens AG NYSE: SI). >Press Release
Asterand acquired by Stemgent
Asterand, the leading global provider of high quality, well characterized human tissue and human tissue-based research solutions to drug discovery scientists, was acquired by Stemgent. >Press Release
Pluromed Acquired By Sanofi Biosurgery
Pluromed, a medical technology company pioneering the use of injectable plugs to improve the safety, efficacy and economics of medical interventions was acquired by Sanofi Biosurgery (NYSE: GCVRZ). >Press Release
Covington Associates advises Fluxion Biosciences on $12 Million Capital Raise
Covington Associates announced it acted as exclusive financial advisor to Fluxion Biosciences on its $12 million Series C capital raise led by Signet Healthcare Partners. Existing investors Claremont Creek Ventures and Kodiak Venture Partners also participated in the round. Fluxion Biosciences is a developer and manufacturer of systems and microfluidic consumables for running functional cell-based assays.
Sanare has acquired Doctor Diabetic Supply
Covington Associates served as financial advisor to Sanare, a healthcare products and services company specializing in diabetes, in their acquisition of Doctor Diabetic Supply, a direct-to-consumer distributor of diabetic testing supplies and related products in the United States.
Magellan Biosciences sells its TREK Microbiology Business to Thermo Fisher Scientific
Covington Associates acted as exclusive financial advisor to Magellan Biosciences in its sale of TREK Diagnostic Systems, the Company's microbiology business, to Thermo Fisher Scientific (NYSE: TMO). >Press Release
Med-Vantage, Inc. acquired by IMS Health
Covington Associates acted as exclusive financial advisor to Med-Vantage, Inc., a software solutions company, in its sale to IMS, a global provider of information services for the healthcare industry. >Press Release
J-PAC / JPMD acquired by The Cypress Group
Covington Associates acted as the sell-side advisor to J-PAC / JPMD, a contract manufacturing and packaging company for the medical device industry in its sale to The Cypress Group., a global Business, Management, and Performance Improvement Consulting firm.
JJWild raised a round of senior debt financing from GE Healthcare
Covington Associates LLC has arranged $20 million in senior debt financing for JJWild, Inc., the leading provider of integrated technology solutions and consulting services for the MEDITECH healthcare information systems community. The financing was provided by GE Healthcare Financial Services.
Inverness Medical Innovations has acquired IVC
Inverness Medical Innovations, Inc., (AMEX: IMA), is a publicly-held manufacturer and seller of products focused on the women's health and nutritionals market. Covington Associates advised Inverness in its acquisition of IVC Industries, Inc., (OTC BB:IVCO.OB), a manufacturer and seller of vitamin and nutritional supplement products primarily in the private label market segment.
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
AcroMetrix acquired by Life Technologies
Covington Associates acted as exclusive financial advisor to AcroMetrix, a provider of molecular and serological diagnostic quality control products to clinical laboratories, blood screening centers and in-vitro diagnostic (IVD) manufacturers, in its sale to Life Technologies Corporation (NASDAQ: LIFE), a provider of innovative life science solution. > Press Release
Bard Access Systems acquires select assets of Spire Corporation
Covington Associates advised Spire Corporation (Nasdaq: SPIR) in its sale of substantially all of the assets of its hemodialysis catheter business to Bard Access Systems, Inc. >Press Release
Wellogic and Alere Enter into Source Code Licensing Agreement
Covington Associates acted as exclusive financial advisor to Wellogic, a provider of health information exchange, portal, and EHR/PHR solutions that help ensure quality care for nearly 5 million patients, in the source code licensing agreement of Wellogic.s HIE software to Alere (NYSE:ALR).
Tourtellotte Solutions acquired by BioClinica, Inc.
Covington Associates acted as financial advisor to Tourtellotte Solutions, a software and services firm focused on providing cutting edge products, custom application development and consulting services, in its sale to BioClinica, Inc. (NASDAQ: BIOC).
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.
Pharsight Corporation acquired by Tripos International
Covington Associates announced today it acted as financial advisor to Pharsight Corporation (NASDAQ: PHST), a leading provider of software, strategic, and regulatory services designed to optimize clinical drug development, in its sale to Tripos International, a portfolio company of Vector Capital.
Eidetics acquired by Quintiles Transnational
Covington Associates acted as financial advisor to Eidetics, a privately held data analytics and market research consulting company, in its sale to Quintiles Transnational Corp. >Press Release
Iverness Medical Innovations has acquired Matria Healthcare
Covington Associates announced today it has acted as financial advisor to Inverness Medical Innovations (AMEX: IMA), in its definitive merger agreement to acquire Matria Healthcare, Inc. (AMEX: MATR). Inverness will acquire all outstanding shares of common stock of Matria for $39.00 per share of Matria common stock, payable $6.50 in cash plus $32.50 in convertible preferred stock issued by Inverness. The proposed transaction would take the form of an indirect acquisition through a merger of a newly formed, wholly-owned subsidiary of Inverness with and into Matria.
Inverness Medical Innovations has acquired ParadigmHealth
Covington Associates LLC announced today it has acted as advisor to Inverness Medical Innovations (AMEX: IMA) in its agreement to acquire ParadigmHealth ("Paradigm"), a leading provider and integrator of care and disease management services for acutely ill and clinically complex patients, including neonatal intensive care and oncology patients. The transaction is structured as an all cash deal, with a purchase price of approximately $230 million. This is the 8th transaction that Covington Associates has advised Inverness on in 2007, representing over $4 billion in transaction value.
Inverness Medical Innovations has acquired Alere Medical, Inc.
Covington Associates has acted as advisor to Inverness Medical Innovations, Inc. (AMEX: IMA) in its agreement to acquire Alere Medical, Inc., a leading provider of health and care management services helping patients with chronic illnesses manage their conditions through a unique combination of at-home monitoring, patient education, and nurse-patient relationships. The purchase price is $302 million, comprising approximately $125 million in cash and $177 million in Inverness common stock. This is the fifth transaction Covington has advised Inverness on in 2007.
Inverness Medical Innovations has acquired HemoSense, Inc.
Covington Associates has acted as advisor to Inverness Medical Innovations, Inc. (AMEX: IMA) in its agreement to acquire Hemosense, Inc. (AMEX: HEM), a point-of-care diagnostic healthcare company that manufactures and sells easy-to-use, handheld blood coagulation systems for monitoring patients taking warfarin.