We Are Growth-Focused
Business Builders

We partner with talented management teams to grow lower middle market companies in rapidly-growing industries - one company at a time

Our Principles

  • Partner first

    Collaborative approach

    We take a true partnership approach to investing, working side by side with founders, owners, and management teams to align on goals and build long-term value. Our model emphasizes transparency, mutual respect, and shared success. By leading with trust and a flexible mindset, we create enduring relationships that unlock each business’s full potential.

  • Independent capital

    Close alignment with founders/owners

    We believe independence fosters better alignment and outcomes. Our deal-by-deal structure encourages trust, collaboration, and alignment among investors, entrepreneurs, and capital providers.

  • Proven business builders

    Using our prior experience to grow companies

    Our Founders bring deep experience in senior investment roles at leading private equity firms with 30+ years of investing in profitable and growing companies, partnering with strong management teams to build exceptional companies, including more than $6.5 billion invested across 100+ companies and 100+ acquisitions.

  • Transformational growth

    Management’s expertise, our partnership; fueling growth together

    We focus on building businesses in fragmented industries and professionalizing operations, transforming them into category-leading platforms with high strategic value to larger private equity firms and strategic buyers.

Our Team

  • David Wassong

    FOUNDER
    MANAGING PARTNER

    30+ years of investing experience across Newlight Partners and Soros Fund Management

    University of Pennsylvania B.A., Wharton M.B.A.

    David has spent his career as a business builder, advising and partnering with entrepreneurs. Prior to founding Coventry Bay, David was a Founder and Co-Managing partner at Newlight Partners, and Co-Head of the Strategic Investments Group at Soros Fund Management LLC, where he also served on the firm's Investment Committee. He was previously a Partner at Soros Private Equity Partners and a Vice President at Lauder Gaspar Ventures.

    David lives in New York with his wife, two children, and two dogs. In his free time, David can be found on his stand-up paddleboard searching for the perfect wave.

  • Adam Stulberger

    FOUNDER
    MANAGING PARTNER

    30+ years of investing experience across Newlight Partners and Tailwind Capital

    Lafayette College B.A.,
    New York University J.D.

    Adam has spent his career as a business builder — advising, operating, and partnering with founders to accelerate growth. Prior to founding Coventry Bay, Adam was a Partner at Newlight Partners and Tailwind Capital. He was previously at SpectraSite Communications, Morgan Stanley, Credit Suisse First Boston, and Wertheim Schroder, and Wachtell, Lipton, Rosen & Katz.

    Adam lives in New Jersey with his wife, four children, and dog.  Adam has run multiple marathons and is trying to keep up with his kids as they toe the line next to him.

  • Danielle Papin

    PRINCIPAL

    University of Pennsylvania B.A., Wharton M.B.A.

    Prior to joining Coventry Bay, Danielle worked as a Private Equity Associate at PSP Capital and worked as an Investment Banking Analyst at Peter J Solomon.

    Danielle lives in New York City.

  • Alexander Renker

    PRINCIPAL

    Harvard University B.A.

    Prior to joining Coventry Bay, Al worked at Point72 and Morgan Stanley Infrastructure Partners

    Al lives in New York City with his wife and three children.

Our Investment Criteria

  • Sector

    Broad range of verticals

    Focus on opportunities where our network can provide true value-add

    Significant experience in Telecom, Business Services, Healthcare Services, and Infrastructure

  • Stage

    Established companies with strong fundamentals and significant growth potential

    EBITDA greater than $2 million

    Late-stage growth, recapitalization, or buyout

  • Check Size

    Minimum check size of $10 million

    Ability to scale well above $50 million

    Preference for majority deals

  • Approach

    Preference for:
    - Significant management rollover
    - First institutional capital

    Ability to invest in larger deals with relevant partners

Our Name

Our name represents our partnership and reflects our values

We are often asked, “Why the name Coventry Bay?”

The answer is both simple and symbolic.

The simple answer is that Adam grew up on Coventry Road, and David has a family home on Mecox Bay.

The symbolic answer is that our name reflects our purpose - to be a secure harbor for resilient growth. Inspired by the historic city of Coventry, a symbol of strength, renewal, and integrity, and the safety and stillness of Mecox Bay, we bring a thoughtful, long-term approach to building value.

We partner with founders and operators navigating moments of transformation, offering not just capital, but clarity, conviction, and calm. In a world of turbulence, Coventry Bay stands for strategic stability, enduring partnerships, and purposeful investment.

Coventry Bay is our home — and a home for others who share our drive and values.