October 20, 2005 03:29 AM | Press Release
Boston, MA — October 20, 2005 — Covington Associates LLC announced today that it acted as the exclusive sell-side advisor to Quitnet, Inc. (Quitnet) in its sale to AXIA Health Management (AXIA), a national health care services provider. The terms of the transaction were not disclosed.
Quitnet, Inc., based in Boston, Massachusetts, operates the highly acclaimed QuitNet.com website for individuals and employers. The company works with state and local tobacco control programs, public agencies, health plans, professional associations and employers to develop a full range of customized tobacco cessation services that deliver low cost, effective support to the populations they serve. Quitnet offers around the clock support, an online community that provides peer support as well as trained counselors, personalized solutions, support for pharmaceutical products, email and wireless resources as well as a host of online tips, guides, calendars and a directory of local support programs. As a part of AXIA Health Management, Quitnet will be able to reach a greater number of people looking for support to quit smoking.
According to Dr. David Rosenbloom, Co-Founder and Chairman of Quitnet.com, “Covington Associates offered critical guidance and participation throughout the entire process. Their depth of experience in the health and wellness arena created a common ground for the parties to come together.”
Tom Cibotti, a Managing Director at Covington Associates and lead advisor to Quitnet.com on the transaction, was quoted as saying “We worked with Quitnet to find a match that would stay consistent with the online community that Quitnet has established, while allowing them to expand their offerings to reach a greater number of individuals and employers looking for support.”
About AXIA Health Management
AXIA Health Management is a leading national provider of integrated preventive health solutions that empower individuals to make positive lifestyle changes to improve their health and reduce the risk of disability and disease. Headquartered in Tempe, Arizona, AXIA’s proprietary suite of prevention programs and custom-tailored networks engage individuals through high-touch community-based venues, telephone outreach, and web-based tools that help our members easily engage in health improvement activities such as physical activity, weight management, complementary and alternative medicine, lifestyle and disease management, stress and depression, pain management, pre/post natal services, and smoking cessation. AXIA reduces health care costs for our plan sponsors through outcomes results driven by our industry-leading participation methodologies. For more information, call 480-763-5222 or visit www.axiahealth.com .
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 over $1 billion for both private and publicly traded companies. To learn more about Covington Associates, visit www.covingtonassociates.com.
QUITNET ACQUIRED BY AXIA