Adviser to Kester Capital on investment into Rephine

The deal

Kester Capital invests in leading pharma services provider, Rephine

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

The investment, supported by our Debt Advisory team, represents Kester’s fourth investment in the life sciences sector, and the fourth investment out of its latest fund, Kester Capital II.

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 in the pharmaceutical sector.

Having previously advised Kester Capital on fundraising projects to support acquisitions, our Debt Advisory team – led by Partner Simon Sherliker, alongside Director, Stuart Sweeney and Senior Manager, Scott Archer – managed the debt raise to fund the acquisition of Rephine, which will contribute to the future growth of the business.

With pharmaceutical supply chains and regulations continuing to grow in complexity, Rephine is well positioned to benefit and will now invest in growing its audit library and broadening its service offering into other Good Practices (GxP) audit areas.

Following the acquisition, Adam Sherlock, an experienced life science senior executive, will join the business as CEO. In addition, Maureen Coleman, who has held several executive, NED and Chair roles in the life sciences sector, will join as Chair.

Adam Sherlock, Rephine CEO, said: “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.”

Simon Sherliker, Debt Advisory Partner at FRP, said: “Rephine occupies a very strong position in a niche service sector, supporting an extensive global market. With the deep Healthcare experience and acumen of Kester behind the management team, I’m in no doubt it will go from strength to strength as a trusted partner to its growing client base in the Pharmaceuticals industry.”

Deal summary


October 2021



Deal type:

Acquisition finance and growth capital raising

Deal size:


Rephine occupies a very strong position in a niche service sector, supporting an extensive global market. Simon Sherliker Debt Advisory

Related team

Simon Sherliker

Simon Sherliker

  • Partner
  • Debt Advisory
  • London West End, Reading

Stuart Sweeney

Stuart Sweeney

  • Director
  • Debt Advisory
  • London West End