Covington Capital CorporationWinner of the 2008 CVCA "Deal of the Year" AwardSeptember 23, 2008 – Toronto, Ontario – Covington Capital Corp. (“Covington”) is pleased to announce that the Canadian Venture Capital Association (“CVCA”) has selected Covington Capital Corp. (“Covington”) as the recipient of its 2008 “Deal of the Year” award for its investment in PlateSpin Ltd. (“PlateSpin”/the “Company”). Five years after its inception, and Covington’s initial investment in the Company, PlateSpin was acquired by Novell, Inc. for USD $205 million. Over those five years, the Company quickly grew to become one of the leaders in workload lifecycle management solutions for the enterprise data center. Covington, along with our co-investors, CastleHill Ventures and VentureLink, is honoured to have been both an investment and strategic partner in PlateSpin. “PlateSpin’s success is truly an example of how Canada’s retail venture capital program is integral to fostering growth and innovation as well as testament to the entrepreneurial talent resident in Canada,” states Phil Reddon, Managing Director, Covington Capital Corp. One of the largest venture investors in Ontario, Covington is committed to supporting what we believe are some of this province’s best and brightest companies, such as PlateSpin, and providing our investors with the superior return potential such investments offer. “We look forward to continuing to play an integral role in Canada’s economic growth and development as well as nurturing new partnerships with this country’s most outstanding entrepreneurs,” states Reddon. About Covington Group of Funds Founded in 1995, Covington Group of Funds is one of Canada’s largest and most experienced venture capital fund providers. Covington Group of Funds manages close to $400 million in venture capital assets on behalf of 140,000 retail investors. These funds invest in small-and-medium businesses diversified throughout a number of industry sectors. The Covington Group of Funds, headquartered in Toronto, is an affiliate of Affiliated Managers Group Inc. (www.amg.com). AMG is an asset management company with equity interests in a diverse group of boutique investment management firms. AMG provides centralized assistance to its Affiliates in strategic matters, marketing, distribution, product development and operations. AMG’s affiliated investment management firms managed approximately $286 billion in assets at September 30, 2007. For more information please contact: |
