July 7, 2025 (Boston, MA) – Covington Associates, a leading middle-market investment bank, announced its role as financial advisor to Duke Empirical, Inc. (“Duke”), a premier designer, developer, and manufacturer of innovative medical devices focused on advanced catheters and minimally invasive delivery systems, in the sale of its business to TEAM Technologies (“TEAM Tech”), a leading end-to-end outsourced manufacturer of mission-critical medical devices. This acquisition marks a significant expansion of TEAM’s capabilities in the minimally invasive, cardiology, and interventional markets, providing customers with a fully integrated, turnkey solution that combines Duke’s specialized front-end design and catheter expertise with TEAM’s comprehensive capability set and global manufacturing footprint.

Based in Morgan Hill, CA, Duke is recognized for its deep technical expertise and innovation in catheter design, complex medical extrusion, and high precision assembly. The company serves top-tier global OEMs with a differentiated suite of capabilities, proprietary technologies, and a state-of-the-art facility. Specifically, Duke manufactures a variety of catheters, including those used for minimally invasive structural heart, cardiovascular, neurovascular, urology and kidney-related procedures, while offering custom design and development services for catheter-based medical devices including guide catheters, balloon dilation catheters, and ultrasound catheters.

“This is a pivotal step in our strategy to become the full-service partner of choice for healthcare OEMs in high-growth, high-acuity end markets,” commented Marshall White, President and CEO of TEAM Tech. “With Duke’s complementary capabilities and innovative solutions, we are expanding the breadth and depth of services we offer to our partners while advancing our mission of Helping Those Who Help Others.”

Duke’s devices play a critical role in minimally invasive procedures, particularly in interventional and structural heart applications. Its advanced catheter systems, including custom and steerable designs, enable clinicians to navigate complexity and deliver therapies with precision in high-risk cardiovascular interventions. These mission-critical components improve access, efficiency, and outcomes in life-saving procedures, making Duke’s technologies foundational to the development of next-generation therapies.

“The Covington team were fantastic partners,” said Robert LaDuca, Duke’s Founder and CEO. “They not only spent time to work with me to position Duke for success but orchestrated an outstanding transaction with a great partner.”

About Covington Associates

Covington Associates is an investment banking firm offering advisory services in mergers and acquisitions (M&A), capital raising, and strategic advisory for middle-market companies across Healthcare, Business Services, Consumer & Industrial, and Technology sectors. Established in 1991 and headquartered in Boston, Covington has successfully completed over 350 transactions globally for private and publicly traded companies, totaling more than $30 billion.

About Duke Empirical, Inc.

Headquartered in Morgan Hill, CA, Duke Empirical is a leading developer and manufacturer of innovative medical devices focused on advanced catheters and minimally invasive delivery systems. The company specializes in medical device design and development, precision custom extrusion, high performance catheter manufacturing, medical device component assembly, and finished goods assembly and packaging. For more information, visit dukeempirical.com.

About TEAM Technologies

Headquartered in Knoxville, TN, with facilities throughout the United States and international facilities in Mexico and Singapore, TEAM Technologies is a specialized end-to-end outsourced manufacturer of mission-critical, single-use medical devices. The company has an extensive array of advanced and vertically integrated manufacturing solutions servicing top medical device and pharmaceutical OEMs. With its deep industry experience and reputation for the highest quality standards, TEAM Technologies leverages seamless, turnkey processes and innovation to dramatically simplify and improve its customers’ supply chains. For more information, visit teamtech.com.