Tom Cibotti

Tom Cibotti is a senior investment banker at Covington Associates, a Boston-based investment banking firm founded in 1991. Covington says he joined the firm in 1993 and has transaction experience across public and privately held businesses in business services, healthcare, and technology. SEC filings for CA Healthcare Acquisition Corp. describe him as Managing Partner and one of Covington’s founding members after joining in 1993.

Before Covington, Cibotti worked from 1989 to 1993 as an Associate Director at Barclays de Zoete Wedd, where he focused on structured acquisition finance and private placements. Earlier, he was an Associate at Chase Manhattan Bank. He holds a B.S. in Finance and Economics from Boston College and an MBA from New York University / NYU Stern.

Cibotti’s deal record is concentrated in healthcare and healthcare IT. CA Healthcare Acquisition Corp.’s prospectus says he had advised on more than 200 buy-side and sell-side transactions in healthcare and healthcare IT, totaling more than $20 billion in transaction value. Covington’s bio notes that he was part of the team involved in the $1.3 billion sale of Inverness Medical Technology to Johnson & Johnson and the $1.8 billion acquisition of Biosite, Inc.

In 2021, Cibotti was part of the CA Healthcare Acquisition Corp. sponsor/advisor group. SEC filings state that he helped source the LumiraDx business combination, contacted LumiraDx CEO Ron Zwanziger on January 29, 2021, and submitted an initial draft letter of intent the same day. The CAHC/LumiraDx merger closed in September 2021, taking LumiraDx public.

• Covington’s stated focus is advisory work for middle-market companies across Healthcare, Business Services, Consumer & Industrial, and Technology, including M&A, capital raising, strategic advisory, fairness opinions, and valuations.
• In growth-equity and recapitalization situations, Covington says it helps companies raise capital to fund working capital, organic growth, shareholder liquidity, or acquisition strategies.
• Cibotti’s strongest documented specialization is healthcare and healthcare IT, especially diagnostics, healthcare services, care management, specialty pharmacy, medical devices, and pharma/device services.
• CA Healthcare Acquisition Corp.’s stated target was to “capitalize on our management team’s differentiated ability to source, acquire, and manage a business in the healthcare industry,” specifically including healthcare services, healthcare IT, care management, behavioral health, medical devices, diagnostics, pharma services, health and wellness, and specialty pharmacy.
• Cibotti’s approach appears relationship-driven: SEC filings on LumiraDx cite Covington’s more than 25-year relationship with LumiraDx leadership and prior advisory work for Inverness and Alere as important context for the CAHC transaction.
• No reliable source verified the stub claim that Cibotti is a seed-stage angel investor.