Covington Associates

Covington Associates Announces Advisory Role in the Sale of Formedix to Certara

February 22, 2023 12:00 AM  |   Covington Associates

Covington Associates Announces Advisory Role in the Sale of 42 North Solutions to Sequoia Consulting Group

February 22, 2023 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as exclusive financial advisor to 42 North Solutions (42 North) in the sale of its business to Sequoia Consulting Group (Sequoia), a leading provider of technical and full life-cycle services to pharmaceutical and biotechnology clients. Based in Scituate, MA and founded by Robert DeCoste and Daniel Ramsey, 42 North supports capital project execution and management, technical operations, and facilities management needs of pharmaceutical and biotechnology clients. Sequoia is a portfolio company of Riverside Partners, a Boston-based private equity firm.


Sequoia and 42 North provide a broad range of services to help clients manufacture life enhancing and lifesaving therapeutics. The acquisition of 42 North expands Sequoia's geographic presence to the East Coast, adds facilities management capabilities, and brings additional depth to Sequoia's process, automation, and project engineering service offerings.


"We are very excited to support the combination of Sequoia and 42 North," said Craig Stern, a General Partner at Riverside Partners. "Each company has an outstanding reputation, a blue chip customer base, and a highly qualified and dedicated team of technical professionals. By bringing them together, we are creating a leading player with a strong presence in the most attractive markets in the U.S. for pharmaceutical and biotechnology manufacturing."


"Sequoia has grown organically since Riverside's original investment about a year ago, and now we are delighted to add 42 North to the Sequoia family," said David Belluck, a General Partner at Riverside Partners. "We are extremely impressed with Rob and Dan and know they will be excellent additions to Sequoia's senior leadership team and Board of Directors. We look forward to supporting Sequoia's next phase of growth."


"I am thrilled to welcome the 42 North team to Sequoia," said Sequoia Consulting Group CEO Brandy Bullen. "42 North has deep expertise in technical operations and facilities management, a strong presence on the East Coast, an impressive list of clients, and a talented and dedicated employee base – it is an outstanding fit with Sequoia. I am extremely excited to work with Rob, Dan, and the rest of the 42 North team during the combined company's next chapter."


"Our clients have come to expect a broad range of services offered by a highly technical team of professionals with a deep commitment to solving their most challenging projects," said Daniel Ramsey, Co-Founder of 42 North. "We know that's exactly what they will continue to receive from the combined company." Robert DeCoste, Co-Founder of 42 North, added, "We could not be more eager to join forces with Sequoia in order to create a leading national player with a broader suite of services that will allow us to provide more value to clients."


Financial terms of the transaction, which closed in February 2023, were not disclosed.



Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising and strategic advisory to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991 and based in Boston, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization. Since its inception, Covington Associates has completed over 350 transactions globally for both private and publicly traded companies totaling over $30 billion. Further information can be found at



Based in Scituate, MA, 42 North specializes in capital project execution and management, facilities engineering, commissioning and qualification, process engineering, and facilities management for the pharmaceutical and biotechnology sector. For more information, visit



Based in San Diego, CA, Sequoia Consulting Group is a functional and strategic partner for life sciences, pharmaceutical, diagnostics, and medical device companies. Sequoia supports organizations of all sizes from start-up to large enterprise by assembling fit-for-purpose teams to build and implement solutions that drive timely, cost-effective, and successful outcomes for their partners. Sequoia's team of over 250 expert consultants has extensive experience in successfully managing complex, highly technical projects and specializes in project and program management; quality management; process, automation, and project engineering; facilities management; scientific operations; and business transformation. For more information, visit



Founded in 1989, Riverside Partners is a middle market private equity firm with total capital commitments of $1.6 billion raised since inception. The firm focuses on growth-oriented companies in the technology and healthcare industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams, and it brings substantial domain expertise and operating experience to its portfolio companies. For more information, visit

42 North Solutions acquired by Sequoia Consulting Group, a portfolio company of Riverside Partners