Mar 29, 2006 3:22:00 AM |
Boston, MA — March 29, 2006 — Covington Associates LLC announced today that it has arranged senior debt financing for JJWild, Inc. (“JJWild”), the leading provider of integrated technology solutions and consulting services for the MEDITECH healthcare information systems community based in Canton, Massachusetts. The $20 million in senior secured debt financing was provided by GE Healthcare Financial Services. This marks the second transaction that Covington Associates has advised JJWild on in 2006.
The senior secured debt financing is related to the company’s recapitalization and provides growth in working capital going forward. On January 25, 2006, JJWild completed an equity raise of Series A Preferred Stock from Advent International. JJWild is the preferred integration partner for MEDITECH, a leader in the Health Care Information Systems (HCIS) industry. MEDITECH’s application software is designed to unify clinical, administrative and financial information across a healthcare organization. JJWild’s service offerings range from IT infrastructure design and deployment to process optimization, all for the purpose of helping clients fully leverage their MEDITECH investment.
Tom Cibotti, a Managing Director at Covington Associates and lead advisor to JJWild on the transaction, commented “We are pleased to continue working with JJWild to help them fund growth in their working capital, and also in finding an investment partner in Advent International who will work to further the company’s success.”
Dick Fitzpatrick, President of JJWild, said “We are very satisfied with the outcome of this refinancing. Covington Associates worked with us throughout the recapitalization process to find not only a growth partner in Advent International, but also to help us fund an increase in working capital.”
About JJWild, Inc.
JJWild, founded in 1956 by John J. Wild, Sr., has enjoyed a relationship with MEDITECH for more than 20 years, becoming their preferred integration partner. JJWild employs both healthcare and IT professionals in order to offer the best possible solutions in infrastructure and application optimization to help healthcare organizations realize the full value of MEDITECH’s software throughout its life cycle. To learn more about JJWild and MEDITECH, please visit www.jjwild.com.
About Covington Associates LLC
Covington Associates is a specialty investment banking firm offering financial advisory services in the areas of mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments. Since 1991, Covington Associates’ senior advisors have been providing a superior level of service to middle-market companies in the business service, consumer and industrial, healthcare and technology sectors. Covington Associates has completed transactions ranging from $10 million to more than $1 billion for both privately held and publicly traded companies across the U.S. and abroad. To learn more about Covington Associates, visit www.covingtonassociates.com.
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