November 18, 2021 01:31 AM | Covington Associates
November 17, 2021 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as exclusive financial advisor to Summit Xpress Medical Supply (“Summit Xpress”), a leading regional distributor of urological supplies to patients in the home setting, in the sale of its business to Strive Medical (“Strive” or the “Company”), a portfolio company of NMS Capital (“NMS”). Terms of the transaction were not disclosed.
Anthony You, owner and CEO of Summit Xpress commented, “We are truly excited to be partnering with Strive and entering into this next chapter for our business. Our team has been impressed with Strive’s thoughtfulness and unwavering focus on high quality service, which was one of the primary reasons that attracted us to this partnership. We look forward to working with the Strive team and continuing to provide the best possible care to our patients.”
“Our partnership with Anthony and Summit Xpress brings Strive to an exciting new stage, with an expanded presence in the Northeast and other major markets,” said Todd Philbrick, CEO of Strive. “We were impressed with the technology-enabled business that Anthony has built, and we are looking forward to continue to work with their team to serve our patients with high quality care.”
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 $20 billion. Further information can be found at http://www.covingtonassociates.com/overview/.
Founded in 2010, Summit Xpress Medical Supply is a direct-to-patient provider supplier of urological supplies, offering the convenience of ordering online but with the service of a “mom and pop” supplier. Summit Xpress delivers a variety of products from major manufacturers, using a drop shipping distribution model to reach patients across the US. For more information on Summit Xpress, please visit the company’s website at www.summitxpress.com.
Strive Medical is a provider of direct-to-patient urological and wound care supplies to patients in the home setting, serving patients across the US. Strive is headquartered in Irving, Texas. Since its founding, Strive has focused on giving patients the highest quality customer service and best products available. For additional information on Strive, please visit the company’s website at www.strivemedical.com.
NMS Capital is a New York headquartered private investment firm specializing in strategic equity investments and leveraged buyouts of lower middle market companies. The firm was formed through the spin-out of a group of portfolio companies from Goldman Sachs’ Merchant Banking Division. NMS focuses on companies headquartered in the U.S. poised to benefit from sustainable growth trends with particular concentration on companies in Business Services and Healthcare Services. For additional information on NMS, please visit the firm’s website at www.nms-capital.com.
SUMMIT XPRESS MEDICAL SUPPLY ACQUIRED BY STRIVE MEDICAL