BOSTON, September 3, 2004 – Covington Associates announced today it acted as the exclusive financial advisor to Millstone Medical Outsourcing, Inc. (“Millstone”) in its sale to Wellesley, MA-based private investment company Boulder Brook Partners LLC (“Boulder Brook”) and Boston-based Schooner Capital LLC (“Schooner”).  Terms of the transaction were not disclosed.

Based in Fall River, MA, Millstone provides outsourced solutions to medical device manufacturers including assembly and packaging and product inspection.  Founded in 2000, Millstone has built relationships with several large medical manufacturers such as Johnson & Johnson, VERTEBRON and Stryker by continuously expanding its services as its customers’ needs have changed.

Ben Dunn, a managing director at Covington Associates who advised Millstone on the transaction said, “Boulder Brook and Schooner bring Millstone the capital resources and managerial expertise to further exploit the numerous opportunities in the rapidly growing medical outsourcing market.”

Shannon Tillman, CEO & Founder of Millstone said, “Covington Associates did an outstanding job of providing us with a wide range of alternatives to choose from.  We ultimately selected the partner who would not only work with us in continuing to provide Millstone’s customers and employees with high quality services and opportunities but provide the company with the best chance to grow.”

About Covington Associates

Covington Associates is a specialty investment banking firm offering financial advisory services in the areas of mergers, acquisitions and capital raising.  For more than a decade, Covington Associates’ senior advisors have been providing a superior level of service to middle-market companies in the technology, healthcare and industrial/consumer sectors.  Covington Associates has completed transactions ranging in value from $5 million to more than $1 billion for both publicly-traded and privately-held companies across the U.S. and abroad.  For more information, visit the company’s web site at

About Millstone Medical Outsourcing, Inc.

Based in Fall River, MA, Millstone Medical Outsourcing, Inc. is a leading provider of outsourced solutions to leading medical device manufacturers.  Millstone’s services include mechanical inspection, sterile and non-sterile packaging and repackaging, product inspection, engineering, warehousing and distribution, physical auditing services and ultrasonic cleaning.  For more information, visit the company’s web site at

About Boulder Brook Partners LLC

Boulder Brook Partners LLC is a private equity firm focused on the acquisition of lower middle market operating companies.  Based in the Boston suburbs, Boulder Brook seeks to complete a limited number of acquisitions where the extensive operating backgrounds of its partners will add significant value to its investments.  Boulder Brook acquires manufacturing, distribution and services companies in the northeast U.S., preferably in New England, to facilitate a close interaction with the operating managers of its portfolio companies.  Target companies have revenues between $5 million and $100 million and are cash flow positive.