PE Tech Report


Like this article?

Sign up to our free newsletter

Kester Capital backs MBO of Rephine

Buyout specialist Kester Capital (Kester), has invested in Rephine, a provider of Good Manufacturing/Clinical Practice (GMP/GCP) audits and regulatory consulting services to the pharmaceutical industry.

The investment represents Kester’s fourth investment in the Life Sciences sector, and the fourth investment out of its latest fund, Kester Capital II, which closed at its hard cap in August 2020. It also comes at a time of significant positive momentum for Kester, which recently exited Frontier Medical (netting a 3.4x return for its investors), completed two bolt-on acquisitions, and made two hires into its investment team.
Headquartered in Stevenage, and with offices in India and Turkey, Rephine is a fast-growing business that has pioneered a differentiated approach to GMP/GCP auditing through its audit library model. This innovative solution addresses common auditee and customer pain points caused by increasingly time-consuming and onerous auditing requirements. 
With pharmaceutical supply chains and regulations continuing to grow in complexity, Rephine is well positioned to benefit from these strong market tailwinds. This new partnership with Kester will allow Rephine to invest in growing its audit library and broadening its service offering into other GxP audit areas.
Following the acquisition, Adam Sherlock, an experienced life science senior executive, will join the business as CEO, taking over from retiring CEO Rino Coladangelo. In addition, Maureen Coleman, who has held several executive, NED and Chair roles in the life sciences sector, will join as Chair.
Adam Sherlock, incoming CEO, says: “This deal is an important and significant milestone for Rephine, and we are delighted to be partnering with Kester Capital. Rephine has huge potential for growth, and I am looking forward to leading the organisation as we move into this next phase.”
Rino Coladangelo, outgoing CEO, says: “I am proud to have led Rephine to this point and am pleased to be handing over to Adam, Maureen and the Kester team. I am confident their experience and expertise, supported by the great existing team, will take Rephine to the next level.”
Adam Maidment, Managing Partner of Kester Capital, says: “Rephine provides an invaluable service to its auditees and customers through its differentiated audit library model. We are delighted to be partnering with Adam, Maureen and the existing management team to grow the business organically and through acquisition.”

Like this article? Sign up to our free newsletter