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 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.
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
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.
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.
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
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
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
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
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
Advanced Molecular Imaging acquired by Gamma Medica-Ideas
Covington Associates LLC announced that it acted as the exclusive sell-side advisor to Advanced Molecular Imaging, Inc., a provider of pre-clinical imaging products, in its sale to Gamma Medica-Ideas, Inc., a leading provider of next-generation medical imaging devices.
GRAFTcath has sold a minority interest to Boston Scientific
Covington Associates LLC has acted as the sell-side advisor to GRAFTcath, Inc. in its sale of a minority interest of the company to Boston Scientific Corporation (NYSE: BSX), one of the world's largest medical device companies. The terms of the transaction were not disclosed. >Press Release
Breakaway Imaging Entered into a Supply Agreement with Medtronic
Breakaway Imaging LLC of Littleton, MA has entered into an exclusive supply agreement with Medtronic Inc. that gives Medtronic worldwide distribution and marketing rights of Breakaway Imaging's O-arm Imaging System. Founded in 2002, Breakaway Imaging is a privately held medical device company, developing new imaging platforms.
Sensant acquired by Siemens
Covington Associates LLC announced today that it acted as the sell-side advisor to Sensant Corporation, a leader in the development of Silicon Ultrasound™ diagnostic imaging technology, in its sale to Siemens Medical Solutions, a division of Siemens AG (NYSE: SI). The terms of the transaction were not disclosed.
VTI acquired by GE Medical Systems
Visualization Technology, Inc (VTI) is a privately-held manufacturer of intraoperative systems and related products for use in image-guided surgery. Covington Associates advised VTI in its sale to GE Medical Systems, a unit of General Electric Company, (NYSE:GE). The terms of the transaction were not disclosed. >Press Release
Inverness Medical Technology, Inc. acquired by Johnson & Johnson
Inverness Medical Technology, Inc. (AMEX:IMA) is a publicly-held developer, manufacturer, and marketer of innovative products focused primarily on diabetes self-management. Covington Associates advised IMA in the $1.3 billion sale to Johnson & Johnson (NYSE:JNJ), the world's most comprehensive and broadly-based manufacturer of health care products and related services. >Press Release
Thermotrex Corporation spin in to Thermo Electron Corp
ThermoTrex, Corp. (AMEX:TKN) was the parent company for three subsidiaries that included Trex Medical, a leading provider of medical imaging systems, ThermoLase, a leading producer of medical laser technology, and Trex Enterprises, a research and development contract firm to various government agencies. Covington Associates advised a special committee of the board of ThermoTrex in connection with a spin-in of ThermoTrex into ThermoElectron.