TORONTO, Sept. 24 /CNW/ - 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
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 (www.covingtonfunds.com) is one
of Canada's largest and most experienced venture capital fund providers.
Covington Group of Funds manages approximately $400 million in venture capital
assets on behalf of institutional and retail investors. These funds invest in
small-and-medium businesses throughout many industry sectors. The Covington
Group of Funds, headquartered in Toronto, is an affiliate of Affiliated
Managers Group, Inc. AMG is an asset management company with equity
investments in a diverse group of boutique investment management firms.
For further information:
For further information: Fiona Robertson, EVP Sales and Marketing,
Covington Group of Funds, (416) 365-9155, firstname.lastname@example.org