November 23, 2011 03:53 AM | Press Release
Boston, MA (November 23, 2011) – Covington Associates announced today it acted as exclusive financial advisor to Arriva Medical, a provider of mail-order diabetic testing supplies, in its sale to Alere (NYSE: ALR). To acquire Arriva, Alere paid approximately $65 million cash, subject to working capital and other closing adjustments, plus 806,452 restricted shares of Alere common stock.
Alere, headquartered in Waltham, MA, enables individuals to take charge of their health at home through the merger of rapid diagnostics and health management. Alere’s global leading products and services, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, toxicology and women’s health.
Tom Cibotti, Managing Director at Covington Associates, said, “Arriva Medical’s mail-order diabetic testing offerings are consistent with Alere’s patient self management and home testing strategy. Given the current demographics, diabetes represents a significant market opportunity for Alere to expand its platform through partnering with the management team at Arriva.”
Arriva Medical, LLC
Arriva Medical is a provider of diabetic testing supplies. It offers embrace talking meters and element meters for diabetic testing. The company also provides Medicare covered diabetes testing supplies, which include glucose meters, blood glucose testing strips, lancets, lancing devices, meter batteries, and control solutions. Arriva Medical, LLC was incorporated in 2008 and is based in Coral Springs, Florida.
About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare, and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to nearly $2 billion for both private and publicly traded companies.
ARRIVA ACQUIRED BY ALERE