January 25, 2006 03:25 AM | Press Release
Boston, MA — January 25, 2006 — Covington Associates LLC announced today that it has acted as financial advisor to JJWild, Inc. (“JJWild”), the leading professional services provider of both technology and application expertise for the MEDITECH healthcare information systems community, in their equity raise of Series A Preferred Stock. The funding, representing a minority interest in the company, was provided by Advent International (“Advent”), one of the world’s foremost private equity firms.
Based in Canton, MA, JJWild is the preferred integration partner for MEDITECH, a leader in the Health Care Information Systems (HCIS) industry. MEDITECH’s application software is designed to unify clinical, administrative and financial information across a healthcare organization. JJWild’s service offerings range from IT infrastructure design and deployment to process optimization, all for the purpose of helping clients fully leverage their MEDITECH investment.
Advent International is a global private equity firm with $10 billion in cumulative capital raised and offices in 13 countries around the world. Leigh Michl and Mike Pehl, Partners in Advent’s Boston office, will assume board positions at JJWild, bringing a combined 50 plus years of investment management expertise with IT infrastructure and services companies.
Tom Cibotti, a Managing Director at Covington Associates, commented “We looked for an investment partner for JJWild who had a proven track record and would not only provide capital but industry expertise to help them grow to the next level. The outstanding Advent team of Leigh Michl and Mike Pehl brings a long history of helping build successful companies in the IT arena.”
Sal Lanuto, CEO of JJWild, said “Covington Associates LLC did an excellent job in working with us to find the best solution for our company. We look forward to Advent’s involvement with JJWild and to working together to further build and grow our company.”
About JJWild, Inc.
JJWild, founded in 1956 by John J. Wild, Sr., has enjoyed a relationship with MEDITECH for more than 20 years. JJWild technology and healthcare consultants offer the best possible solutions in infrastructure and application support to optimize MEDITECH’s software throughout its entire life cycle. To learn more about JJWild and MEDITECH, please visit www.jjwild.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.