Covington Associates announces the sale of a majority stake of MedKeeper

January 26, 2018 (Boston, MA) – Covington Associates LLC, a leading middle market investment bank announced its role as exclusive advisor to MedKeeper, a technology firm that develops and markets mobile and web-based software applications for hospital pharmacies, on the majority stake sale of its business to Grifols, a global leader in the production of plasma-derived medicines and tools for hospitals, pharmacies, and healthcare professionals.

The transaction was executed through a subscription of a capital increase, without debt issuance. Grifols now holds a majority position on the Board of Directors of MedKeeper. As part of the agreement, Grifols also negotiated a call option to acquire the remaining 49% interest within three years. MedKeeper holds a put option to sell Grifols said interest that can be executed at the end of the three years period.

According to Ben Dunn, Managing Director of Covington Associates, “This is an exciting transaction for both Grifols and MedKeeper.  It greatly enhances Grifols offerings to hospital pharmacies by adding a Best in KLAS IV workflow solution while MedKeeper will have the benefit of Grifols wide range of relationships and financial resources to greatly accelerate customer adoption and drive additional development.”

Grifols continues to advance its strategic plan to reinforce the Hospital Division by investing in technology-based innovations that complement its core portfolio of products for hospital pharmacies. The transaction also accelerates Grifols global expansion by increasing its presence in the U.S. market.

MedKeeper’s capabilities will complement the line of hospital-pharmacy products that Grifols already markets on a global scale, like KIRO® Oncology. This system was created by Kiro Grifols, a company that develops equipment and technology to automate and monitor key hospital-management processes, including those related to the safety of patients and healthcare professionals.

MedKeeper’s product portfolio uses leading-edge technology to design fast, flexible and customer-centric software applications. These applications include among others, a medication workflow system to increase staff efficiency and ensure compliance with applicable compounding regulations; a medication tracking system to reduce turnaround times and improve communications on medication deliveries; a training system to create, schedule and manage team’s competencies, certifications and training all in one place; and a medication checklist system to ensure compliance with standards for medication storage and inspections.

About Covington Associates LLC

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, 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 totaling over $15 billion.

About MedKeeper

Established in 2001, MedKeeper is a Denver, Colorado-based technology firm that creates mobile and web-based technology solutions designed to improve efficiency and safety, as well as enhance compliance with key processes in hospital pharmacy operations. MedKeeper’s product portfolio uses leading-edge technology to design fast, flexible and customer-centric software applications. They provide a suite of fast, flexible, and economical applications for hospital pharmacies. Their secure, hosted applications are used by hundreds of hospitals and medical centers to promote pharmacy communications, compliance and productivity. For more information, visit http://www.medkeeper.com/.

About Grifols

Grifols is a global healthcare company with more than 75 years of legacy dedicated to improving the health and well-being of people around the world. Grifols produces essential plasma-derived medicines for patients and provides hospitals and healthcare professionals with the tools, information and services they need to help them deliver expert medical care.

Grifols’ three main divisions – Bioscience, Diagnostic and Hospital – develop, produce and market innovative products and services that are available in more than 100 countries.

With a network of more than 180 plasma donation centers, Grifols is a leading producer of plasma-derived medicines used to treat rare, chronic and, at times, life-threatening conditions. As a recognized leader in transfusion medicine, Grifols offers a comprehensive portfolio of diagnostic products designed to support safety from donation through transfusion. The Hospital Division provides intravenous (IV) therapies, clinical nutrition products and hospital pharmacy systems, including systems that automate drug compounding and control drug inventory.

Grifols is headquartered in Barcelona, Spain and has approximately 18,000 employees in 30 countries. For more information, visit http://www.grifolsusa.com/en/web/eeuu.