February 22, 2018 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as exclusive advisor to Bridgemedica LLC (“Bridgemedica”), a medical device company that provides concept to supply solutions through design, development engineering and manufacturing, on the sale of its business to NN, Inc., a diversified industrial company. The financial terms of the transaction were not disclosed.
Richard Holder, President and CEO of NN, Inc. commented, “The acquisition of Bridgemedica is another key step in the growth of our Life Sciences segment through significantly expanding our new product design and development capabilities. This acquisition aligns perfectly with our strategic plan and long-term objective to further diversify our portfolio and expand into markets that we believe have strong growth potential. Bridgemedica significantly expands our new product design engineering and development capabilities through its expertise in rapidly moving from the concept design stage through development and full-scale product manufacturing as we continue to focus on providing more value add and innovative solutions for our customers.”
Ben Dunn, Managing Director of Covington Associates commented, “The combination of Bridgemedica’s world class design and development capabilities and experience with combination medical products with NN’s existing medical platform and manufacturing expertise creates a very potent competitor in the rapidly growing medical manufacturing market.”
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, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991, with offices in Boston, 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.
About Bridgemedica, LLC
Bridgemedica, LLC is a medical device turnkey concept-to-supply partner providing a unique single source solution to clients. They provide high value innovative concept-to-supply services in design, development engineering, sourcing, assembly and packaging services. Bridgemedica’s modular service provides maximum flexibility. For more information about Bridgemedica visit, http://www.bridgemedica.com/index.html.
About NN, Inc.
NN, Inc., a diversified industrial company combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Johnson City, Tennessee, NN has 36 facilities in North America, Western Europe, Eastern Europe, South America and China. For more information on NN, Inc. visit, http://www.nninc.com/.