- CRX Partners, a business
headed by two audio industry veterans, has joined forces with Covington Associates, a specialty
investment banking firm,
to offer financing
services to audio and video companies in the
consumer, professional/commercial, musical instruments, broadcast, and Internet industries.
The two companies said they will guide businesses looking for financing
or considering merger
and acquisition options through the planning, execution and
closing stages. The
two companies also said they will connect companies to a network of strategic and financial
investors and buyers.
Boston-based Covington Associates has more than 50 years of
experience in media technology markets
and offers expertise
in investment banking, corporate development, finance, legal matters, and Wall Street
research and sales for privately held and publicly traded companies.
Partners, based in
Montville, N.J., is a strategic
and business development consulting
a focus on the audio industry.
CRX is headed by CE industry veterans Courtney Spencer and Roland MacBeth, who have held
senior executive positions and consulted for CE companies and were involved in the acquisition
and integration of Calrec and Allen & Heath into D&M's pro division. CRX's current clients include
manufacturers, technology licensors and national distributors in North America,
Europe and Asia.
M&A and capital-raising expertise in the media
technology sector will
combine with CRX's "audio-centric
knowledge and background"
to meet client needs "in a
very comprehensive way,"
said CRX's Spencer.
Ethan Jacks, managing director of Covington's digital media practice, said CRX will bring "broad management
and consulting experience in virtually all sectors of the audio business" to Covington. The CRX
principals will "help
us provide unique capabilities to many current and new clients," he said.
Jacks was a senior executive at Avid
Technology for seven
and was involved in 12 strategic
acquisitions at the