October 20, 2022 12:00 AM | Covington Associates
October 20, 2022 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as exclusive financial advisor to Health Media Network (“HMN”), a provider of digital healthcare solutions and wellness content to health venues across the country, in the sale of its business to CheckedUp (or the “Company”), one of the leading providers of 100% digital healthcare solutions at the point of care. Financial terms of the transaction were not disclosed. CheckedUp is backed by Rockbridge Growth Equity (“Rockbridge”), a partnership-oriented middle market private equity firm with a differentiated approach to building and growing companies.
The transaction brings together two of the largest companies in the digital-out-of-home point of care space, changing the market landscape. The combination creates a scaled digital network with a focus on technology innovation and delivering dedicated customer service and support. HMN will provide increased network breadth and a foothold in key healthcare verticals, which will complement CheckedUp’s existing footprint. The combined business will have an opportunity to provide a broader breadth and depth of offerings to a wider range of customers in the healthcare space.
“The addition of HMN is transformational for CheckedUp and emphasizes our commitment to growth and significantly accelerates our expansion across multiple medical specialties, offering greater scale to our customers,” said Dr. Richard Awdeh, CEO of CheckedUp. “Concurrent with our growth, CheckedUp remains committed to our customer centric engagement and support model by investing in new cutting-edge technology and providing the most innovative offering in the point of care space.”
CheckedUp Co-Founder Mark Awdeh said, “We changed the point of care technology landscape when we founded the Company 10 years ago, and we look forward to disrupting the industry further in this next stage of our development.”
Headquartered in Norwalk, CT, HMN offers premium in-office communication tools and video content to deliver a more meaningful experience for patients, care givers, and health care professionals. HMN’s assets include an internet-connected, addressable Digital TV Network across therapeutic specialties including cardiology, neurology, women’s health, and infectious disease, as well as custom published wallboards and wellness literature curated for each office location. Content is refreshed daily for its health care networks targeted to women, men, families, kids and pets, as well as condition-specific networks such as cardiology and orthopedics.
Founded by ophthalmologist Dr. Awdeh and Mark Awdeh, CheckedUp supports treatment decisions by healthcare providers and patients through its digital technologies, including waiting room displays and interactive digital wallboards. CheckedUp’s technology transmits information on diseases and treatments through its digital network in the critical moments when medical decisions are made. The Company has enjoyed a period of rapid growth in recent years.
“The need for high-quality health care content at the point of care is continuing to grow, and the combination of CheckedUp and HMN creates a company that we believe has the capabilities, reach, and medical expertise to meet this demand,” said Kevin Prokop, Managing Partner at Rockbridge Growth Equity. “When Rockbridge invested in CheckedUp, we saw an opportunity to grow the platform through strategic acquisitions, and we’re pleased to have worked with Richard and Mark to achieve this goal quickly. We are excited to partner with CheckedUp and build on this milestone acquisition.”
HMN was represented by Covington Associates and Carmody Torrance Sandak & Hennessey, and CheckedUp was represented by Honigman and Greenberg Traurig. Senior debt financing was provided by Comvest.
ABOUT COVINGTON ASSOCIATES
Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising and strategic advisory to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991 and based in Boston, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization. Since its inception, Covington Associates has completed over 350 transactions globally for both private and publicly traded companies totaling over $30 billion. Further information can be found at https://www.covllc.com/our-firm-covington-associates.
ABOUT HEALTH MEDIA NETWORK
Launched in 2007, Health Media Network remains a leading health, wellness and lifestyle brand dedicated to delivering premium content. Their media networks include women’s and men’s health, families, kids, pets and more. Their IP addressable digital TV screens and Custom Published assets including wallboards and wellness literature can be found in healthcare and veterinary locations across the U.S. Their premier in-office communication tools and premium video content educate, entertain, prepare, and inspire people to embrace healthy living every day. Further information can be found at https://www.healthmedianetworks.com/.
CheckedUp is a physician founded digital patient education company that actively engages patients, caregivers, and physicians at the Point of Care. The Company is one of the nation’s largest 100% digital, specialty focused point of care network with a national footprint, providing condition specific, active patient engagement through a variety of digital touch points including TV’s in waiting rooms and interactive exam room digital wallboards in specialty Healthcare Provider’s offices and Health Hospital Systems across the US. For more information on CheckedUp, visit www.checkedup.com.
ABOUT ROCKBRIDGE GROWTH EQUITY
Founded in 2007, Rockbridge Growth Equity is a middle market private equity firm committed to helping both founder-operated and established companies accelerate growth and build long-term, sustainable value. Rockbridge combines the flexibility of a financial sponsor with the benefits of strategic partnership by leveraging the firm’s relationship with the Rock Family of Companies, which provides access to industry and functional expertise. As of year-end 2021, Rockbridge has regulatory assets under management of over $1.2 billion across its target sectors: e-Commerce and Marketing Services, Financial Services and Fintech, Tech-Enabled Products and Services, and Digital Media. For more information, please visit www.rbequity.com.
Health Media Network acquired by CheckedUp