January 20, 2011 04:00 AM | Press Release
January 20, 2011 (Boston, MA) – Covington Associates announced it acted as financial advisor and provided a fairness opinion to the special committee of the Rock of Ages Corporation board of directors in its merger with a wholly owned subsidiary of Swenson Granite Company LLC whereby Swenson acquired all of the outstanding shares of common stock of the Company that it did not previously own for $5.25 per share in cash. Rock of Ages is now a wholly owned subsidiary of Swenson.
As a result of the merger, the Company’s Class A common stock ceased trading on the NASDAQ Global Market at the close of business on January 19, 2011, and the Company expects to deregister and suspend its reporting obligations under the Securities and Exchange Act of 1934, as amended.
Tim McMahon, Managing Director at Covington Associates, said “We are pleased to have had the opportunity to work with Rock of Ages on another important strategic transaction. It is enjoyable to work with a client committed to shareholder value.”
About Rock of Ages
Rock of Ages is the largest integrated granite quarrier and manufacturer of finished granite memorials and granite blocks for memorial use in North America.
To learn more about Rock of Ages, please visit www.rockofages.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 nearly $2 billion for both private and publicly traded companies.
ROCK-OF-AGES ACQUIRED BY SWENSON-GRANITE