April 11, 2013 03:44 AM | Press Release
April 11, 2013 – (Boston, MA) – Covington Associates, LLC announced its role as financial advisor to Walker Magnetics (www.walkermagnet.com), the worldwide leading designer and manufacturer of magnetic based technologies. Covington acted as exclusive M&A advisor to Walker Magnetics in its sale to Alliance Holdings (www.allianceholdings.com), an employee-owned private equity firm based out of Abington, PA.
Walker Magnetics designs and manufactures the widest range of permanent, electromagnetic and electro-permanent magnetic products and systems for industrial applications in the world. “Walker Magnetics and Alliance Holdings combine old line industrial strength and modern financial and operating management. The new company is uniquely positioned to continue the revival of what’s best in American manufacturing for the domestic and international machine tool, scrap, steel, mining and recycling industries. Everyone at Walker is looking forward to the next chapter in our rich history,” said Dick Longo, President of Walker Magnetics.
“After several failed attempts to restructure the company, Walker Magnetics teamed up with Mike Papile and his team at Covington Associates. Covington introduced a more focused approach to the problems, minimized the distraction within the company due to the sale process and brought only qualified bidders to the table,” Longo continues, “I have been involved in a number of sale / acquisitions previously in my career but I’ll never do another one without Mike and his associates at Covington.”
About Covington Associates
Covington Associates, founded in 1991, is an investment banking firm providing strategic advisory and corporate finance services to middle-market companies in key market segments including healthcare, industrial, business service, consumer, and technology. Headquartered in Boston with offices in Chicago and New York City, our team of seasoned professionals have completed domestic and cross-boarder transactions ranging in value from $10 million to nearly $2 billion for both private and publicly traded companies. We have been able to achieve such successes over the past two decades by delivering the highest level of commitment, expertise, and execution capabilities to our clients and by establishing long-term relationships with corporate buyers, PE and VC investors. To learn more, visit www.covingtonassociates.com.