August 17, 2013 03:34 AM | Press Release
August 17, 2013 – Boston, MA – Covington Associates, LLC announced its role as financial advisor to P.J. Noyes Company, Inc., a leading contract manufacturer and packaging company specializing in high quality pharmaceuticals and personal care products. Covington acted as exclusive M&A advisor to P.J. Noyes in its acquisition by Nipro Diagnostics, a Fort Lauderdale, FL based manufacturer and marketer of blood glucose monitoring products and diabetes management supplies.
Headquartered in Lancaster, NH, P.J. Noyes provides tablets, liquids, creams, gels and capsules to a broad range of customers primarily across North America. P.J. Noyes, a company with 150 years of experience and expertise in the product development and manufacturing of nutraceuticals and personal care products, brings a comprehensive formulation and manufacturing capability to Nipro Diagnostics.
“P.J. Noyes’ manufacturing practices have long focused on providing the highest level of quality and value to the end customer. Its unique combination of product development, manufacturing and packaging expertise aligns perfectly with our goals for portfolio expansion. These were driving factors in our search for the right partner to support our strategic vision, and the reason why we are so pleased that P.J. Noyes is now part of the Nipro Diagnostics family of companies,” said Scott Verner, President and CEO of Nipro Diagnostics.
The strategic acquisition cultivates a single-source total diabetes healthcare supplier that will deliver significant profitability and ability for its business partners to create a diabetes destination that will afford unprecedented quality and value to diabetic consumers.
“We have received many offers to buy the Company in recent years, but this is the first one that we felt would be truly beneficial for all P.J. Noyes stakeholders, because of Nipro’s strategic vision for growth and their commitment to the area,” said David Hill, President of P.J. Noyes. “Covington Associates has been an advisor to PJ Noyes for several years and when we when we received inbound strategic interest they helped us navigate the transaction to close, resulting in a successful deal with our new partner Nipro Diagnostics,” concluded Hill.
“We were pleased to be able to assist P.J. Noyes and David Hill and helping complete a transaction with a great partner, Nipro Diagnostics” said Tom Cibotti, Managing Director at Covington Associates and lead advisor on the sale. “Nipro is committed to building upon the success of P.J. Noyes and taking the company to another level both domestically and internationally as they execute their strategy of being a market leader of OTC products within the diabetes market space.”
About P.J. Noyes
Based in Lancaster, New Hampshire, P.J. Noyes Company is dedicated to serving its contract-manufacturing customers in the markets of dietary supplements, OTC nutraceuticals, personal care products, homeopathics, and dietary products. These customers range in size from sole proprietorships to multinational corporations. Products made at P.J. Noyes Company are found in all major U.S. retail outlets and on many shelves around the world. For more information, visit www.pjnoyes.com.
About Covington Associates
Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M & A”), capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991 with offices in Boston, Chicago, and New York, 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 more than 200 transactions globally for both private and publicly traded companies with a compiled transaction value in excess of $15 billion. To learn more, please visit www.covllc.com.
PJ NOYES ACQUIRED BY NIPRO