Covington Bulks Up Healthcare Practice

Steven Mermelstein and David Wood have joined the healthcare team of Covington Associates as a managing director and vice president, respectively. They previously were with Ferghana Partners.

Covington Associates LLC, a Boston-based specialty investment bank, announced today the hiring of Managing Director Steven A. Mermelstein and Vice President David E. Wood to augment its Healthcare deal team.

Steve Mermelstein joins Covington Associates to provide strategic advisory and execution services for healthcare clients, including those in the therapeutic, medical device and diagnostic fields. Over the past decade, Steve has worked primarily with middle-market and venture-backed healthcare companies providing strategic advisory services and executing numerous M&A and public/private equity transactions. Most recently, Steve was a Managing Director at Ferghana Partners where he was responsible for corporate partnering, M&A and equity private placements. Prior to Ferghana, Steve was a Partner at Asanté Partners LLC, where he ran that firm’s financing efforts while also focusing on other strategic advisory assignments.

Before joining Asanté, Steve was a Director at Wasserstein Perella & Co. where he headed the Private Equity Advisory Group’s Healthcare and Power & Energy teams. Steve began his career, and spent over 10 years, at Chase Manhattan where he specialized in M&A advisory and Private Equity investing through Chase Capital. He also co-founded KnightBridge Capital Partners LLC, an investment advisory boutique. Steve received an AB in Government from Dartmouth College and an Executive MBA from New York University’s Stern School of Business. Steve will be based in Covington Associates’ New York office and can be reached at

Dave Wood brings a decade of experience in the healthcare sector to Covington Associates. Prior to Covington, he worked at Ferghana Partners as a Senior Associate with responsibility for analytical work and transaction support for a variety of therapeutics, diagnostics and research tools clients. Before joining Ferghana, Dave worked at America’s Growth Capital as a Senior Biotechnology Analyst conducting equity research on emerging small cap biotechnology companies for institutional investors. Dave also worked as a Senior Biotechnology Analyst at Rodman & Renshaw where he covered small cap biotechnology companies and as an Associate Analyst for Stephens Inc. where he conducted research on companies with drug discovery tools and enabling technologies. Dave holds a BA with honors in biology from Bowdoin College. He also received a PhD in Molecular Oncology and Immunology from New York University School of Medicine and conducted postdoctoral studies at Harvard Medical School/Children’s Hospital Boston. Dave will be based in Covington Associates’ Boston office and can be reached at

Chris Covington, managing partner of Covington Associates, comments, “We are thrilled to add both Steve and Dave to the Covington team. We are looking to them to build upon and further enhance Covington’s strong presence in the healthcare sector.”

Steve Mermelstein added, “Dave and I are excited about the opportunity to join the talented team at Covington and to build upon the exceptional track record that the Firm has created in the middle market. We look forward to expanding its offerings across the life science spectrum to include corporate partnering, M&A and private equity transactions.”

About Covington Associates

Covington Associates is a Boston-based specialty investment banking firm founded in 1991 serving business services, 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 more than 150 transactions ranging in value from $10 million to nearly $2 billion for both private and publicly-traded companies. Covington Associates has been named The Top Local Investment Bank by The Boston Business Journal for the years 2005, 2006, 2007 and 2008.