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

January 6, 2022 01:13 AM  |   Covington Associates

Covington Associates Announces Advisory Role in the Sale of Granite Recovery Centers to BayMark Health Centers

December 21, 2021 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as exclusive financial advisor to Granite Recovery Centers in the sale of its business to BayMark Health Services. Granite Recovery Centers has two residential treatment facilities and a number of sober living homes throughout southern New Hampshire that serve adult patients from across New England and throughout the country. BayMark is well-known in the addiction treatment industry as North America’s leader in Opioid Use Disorder treatment with more than 300 facilities across the US and Canada. BayMark programs offer a broad spectrum of care including medication-assisted treatment, substance use counseling, residential treatment, IOP, PHP, sober living and both inpatient and outpatient withdrawal management services.

Since December of 2020, BayMark has grown its residential treatment services significantly adding facilities in Maine, West Virginia, Louisiana, Georgia and now New Hampshire. The addition of these facilities has been gratifying for BayMark, whose mission to improve the lives of individuals, families and communities struggling with substance use disorders is well-served by the expansion of evidence-based addiction treatment services.

David K. White, Ph.D, Chief Executive Officer of BayMark Health Services shared, “Throughout the year, those of us in the behavioral health industry have witnessed the unfortunate impact the COVID-19 pandemic had on the mental health and well-being of Americans. Drug overdoses in 2020 reached the highest numbers ever recorded by the CDC after efforts to slow the opioid epidemic had begun to show a positive impact. Our programs offer a choice of proven treatment options so patients can decide between an abstinence-based treatment model or the use of medications, along with counseling, at a variety of levels of care available to serve each patient’s unique needs”.

Like other residential facilities, Granite Recovery Centers offers treatment for a variety of addictions including not only opioids, but also alcohol, cocaine, methamphetamine, prescription drugs and other substances.

Multiple levels of care including residential, partial hospitalization, intensive outpatient treatment and sober living homes, provide patients with step-down care that meets them where they are at in their journey. Granite Recovery treatment plans are individualized, and may include both group and individual counseling, family program work, addiction education, life skills classes, relapse prevention strategies and resources, and around- the-clock supervision and support.

“Granite Recovery Centers has thousands of alumni whose journey to healing began in one of our programs, where our approach is to take the best aspects of evidence-based clinical psychotherapy and integrate them into the powerful healing that is to be had through focus and commitment to other proven recovery methods such as 12-step study,” stated Eric Spofford, Executive Chairman of Granite Recovery Centers. “I have worked closely with my team over the last 13 years to build a compassionate, effective recovery network from a single sober living home with the goal of helping others live productive, fulfilling sober lives. I feel confident that BayMark will support and enhance our mission while maintaining the highest levels of care for our patients and improving accessibility to life-saving treatment.”

In addition to Granite Recovery Centers, BayMark operates medication-assisted treatment facilities in Hudson, Newington, Salem and Somersworth, NH offering methadone and Suboxone®, as well as counseling, for the treatment of Opioid Use Disorder.


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 $25 billion. Further information can be found at


For over 10 years, Granite Recovery Centers has been transforming the lives of alcohol and drug dependent adults from New England and well beyond. Our New Hampshire addiction treatment centers offer a unique blend of evidence-based clinical psychotherapies with a comprehensive 12-Step curriculum. Our addiction treatment programs feature a full continuum of care that includes medical detox, medication-assisted treatment, primary residential treatment, extended care, sober living, and intensive outpatient counseling. Our success is evidenced by our active, growing alumni community, each of whom will tell you that what we do, along with the skills we provide, saved their lives – and continues to do so.


BayMark Health Services provides Substance Use Disorder (SUD) treatment to 70,000+ patients in recovery across more than 300 treatment facilities in 35 states and 3 Canadian provinces. The largest provider of Opioid Use Disorder (OUD) services in North America and the leader in evidence-based treatment options for SUD’s, BayMark’s continuum of care includes medication-assisted treatment (MAT), withdrawal management, counseling and other innovative support therapies in outpatient, inpatient and residential settings.