Covington Associates

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November 10, 2022 12:00 AM  |   Covington Associates

Covington Associates Announces Advisory Role in the Recapitalization of Pinnacle X-Ray Solutions, LLC by Altus Capital Partners

November 10, 2022 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as exclusive financial advisor to Pinnacle X-Ray Solutions, LLC, (“Pinnacle” or the “Company”), a leading manufacturer of non-destructive testing and inspection (“NDT”) systems for manufacturers and service providers in the aerospace and defense, industrial, electronics, education/research, automotive, and medical markets, in the recapitalization of its business by Altus Capital Partners, an investment firm focused on middle market manufacturing companies headquartered in the U.S.. The Company provides custom-built solutions and has a broad portfolio of branded standard products for the industries it serves. Financial terms of the transaction were not disclosed.

Headquartered in Suwanee, Georgia, outside of Atlanta, Pinnacle’s X-Ray and Computed Tomography (“CT”) scanning systems are used for critical requirements in manufacturing production, R&D, and field service. The Company’s imaging division, Pinnacle Industrial X-Ray Lab (“PiXL”), provides NADCAP certified digital radiography and 3D/CT scanning services to customers for quality assurance and non-destructive testing applications. With a long history of operational excellence, Pinnacle has a proven track record of successfully commercializing its proprietary and customized systems to offer solutions to meet each individual customer’s specific needs. Pinnacle’s experienced management team will remain unchanged.

Rod Meyer, Pinnacle’s President, and Chief Executive Officer said, “We are extremely excited about the opportunity to work with Altus Capital Partners to accelerate growth and create additional value for our customers. Combining our history, assets, and people with the investment and energy of Altus Capital Partners gives all of us at Pinnacle a great feeling of optimism for the future.”

Greg L. Greenberg, Senior Partner of Altus Capital Partners, commented, “Altus is very pleased to partner with a globally recognized designer and manufacturer of non-destructive test and inspection systems and we look forward to working alongside Pinnacle’s management team to support its growth plans. We recognize and value management’s capabilities in our partnership as it aligns with our investment strategy to grow and continue to strengthen the company’s industry position and end-market diversification.”

Nick deMarco, Principal of Altus Capital Partners, said, “We are looking forward to partnering with the Pinnacle team and its talented employees to continue to drive strong sales and support their long-term growth initiatives.”



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



Pinnacle X-Ray Solutions, LLC offers advanced imaging equipment services along with all-access customer support. Our comprehensive, full-service company specializes in the sale, manufacture, service, and support of 2D/3D (DR/CT) X-Ray Systems, and maintains an in-house Inspection Services Group. The Company delivers state-of-the-art technology and expert professional services. For more information on Pinnacle, please visit



Altus Capital Partners is a private equity firm that makes control investments in middle market niche-manufacturing businesses. Our exclusive focus on manufacturing provides us with a unique understanding of the opportunities and challenges faced by companies in the sector. We utilize a patient, thoughtful investment approach and seek to partner with the management teams of our operating companies to achieve growth. For more information, please visit

Pinnacle X-Ray Solutions, LLC Recapitalized by Altus Capital Partners