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Kester Capital is a leading UK private equity investor, focused on the technology & healthcare sectors.
£15-100 million
Enterprise value
> £15 million
Equity investment
75%
Portfolio companies supported by bolt-on acquisitions
2012
Founded
> 100 years
Collective investment experience
> 1,500
Employed across portfolio
EMAS Pharma is a full-service global Clinical Research Organisation that provides specialised services to pharmaceutical and biotech companies. The business provides market-leading clinical trial services across multiple therapeutic areas including oncology, rare disease, inflammation, immunology and microbiome therapeutics. EMAS Pharma counts several of the largest and most innovative global biopharma companies as long-standing customers and is well-positioned to benefit from long-term market growth drivers, including continued outsourcing of clinical research by biopharma, increasing R&D spend in specialist therapeutic areas and ongoing growth in the global drug development pipeline.
With offices in the UK, the USA and New Zealand, The Boundary is the leading tech-enabled provider of marketing-grade digital twins, photorealistic visualisations, and marketing suite software for the global real estate industry. The business has an exceptional reputation and a proven track record of impressive growth, leveraging proprietary software tools and a world-class team of 3D artists and software developers to consistently deliver the highest quality content for its clients, many of which are the world’s largest real estate developers. The architectural visualisation market is expected to see strong growth in the medium-term, underpinned by several factors including growth in the volume of prime and super-prime residential developments, increasing awareness of technological advancements and increasing share of marketing spend allocated to visualisation services.
GXP Engaged is a leading provider of Good Clinical/Pharmacovigilance Practice (GCP/GVP) audit and related consulting services to the pharmaceutical and biotech sectors. The business has an exceptional reputation for quality and is well-positioned to benefit from strong market tailwinds, including an increasingly onerous and rigorously enforced regulatory environment, the continued growth of the global drug development pipeline, and the increasing propensity of biopharma to outsource non-core functions.
MAP is a leading provider of market access consulting services to the pharmaceutical and biotech sectors, with expertise in rare and orphan diseases and cell and gene therapies. The business is dedicated to accelerating patient access to ground-breaking medicines, devices, and diagnostics, and has a proven track record of helping its customers navigate increasingly complex healthcare reimbursement processes around the world. MAP’s consulting services are supported by its proprietary digital platform, MAP Online, which provides actionable market access intelligence to industry participants.
DC Byte is the leading provider of global market data and analytics for the data centre sector. The company’s platform provides a unique view of the market by covering both colocation and self-build enterprise assets. Research is aggregated by the world’s largest dedicated team of data centre analysts. All data is continually validated in real time and combined with a range of proprietary cutting-edge analytics tools making it a must-have for anyone seeking accurate and insightful market intelligence.
Rephine is a leading provider of Good Manufacturing Practice (GMP) audits and regulatory consulting services to the pharmaceutical industry. The business has pioneered a differentiated approach to GMP auditing through its audit library model, solving common manufacturer and customer pain points caused by increasingly time-consuming and onerous auditing requirements. With pharmaceutical supply chains and regulations continuing to grow in complexity, the business is well-positioned to benefit from strong market tailwinds.
Optibrium is a leading drug discovery software provider to the pharmaceutical and biotech industries. The market for computer aided drug discovery (CADD) is valued at >£2 billion and is projected to grow at double digit rates in the medium term. Its StarDrop product is a complete platform of integrated software for small molecule design, optimisation and data analysis that enhances the speed and productivity of the drug discovery process. Optibrium’s recently launched Cerella product uses artificial intelligence to learn from complex drug discovery data to target high-potential chemical compounds. The business’ customer base includes five of the top ten global pharmaceutical companies.
YouGarden is a direct to consumer home shopping platform focusing on the gardening sector through its business to consumer brand YouGarden and a number of business to business category management partnerships with established brands including Ideal World TV shopping and Amazon Prime. Launched in 2012, YouGarden offers consumers a range of live plants, flowers, trees and bulbs which it sources from across the UK and Europe.
VIXIO is the world’s leading provider of global regulatory intelligence to the gambling and payment sectors through its Gambling Compliance, Payments Compliance and RegData products. The business enables compliance and legal teams around the world to manage risk confidently and discover new market opportunities by providing in-depth insight, analysis, commentary and research. Since inception in 2007, VIXIO has been at the forefront of the gambling regulatory landscape, growing its subscription-based information services at an exceptional rate, and, in 2015, it launched a similar offering for the payments industry.
Jollyes Retail Group Limited (“Jollyes”), is the UK’s second largest pet retailer. Founded in 1935, Jollyes has a growing portfolio of over 90 retail park superstores and concessions in garden centres across the UK. Jollyes focuses on providing its loyal and growing customer base with pet products and services that combine great quality and value. Jollyes has recently expanded its offering to customers to include grooming and veterinary services in store.
Atec Group is an innovator in personal and commercial insurance distribution. Since inception, Atec Group has been at the forefront of tech-enabled insurance distribution and niche product and channel development. Atec Group has been successful at leveraging its online broking platform, diverse range of insurer relationships, strong digital marketing skills and deep data insights to develop market leading positions and recurring customer relationships in its core markets and channels.
Avania (formerly Factory-CRO) is a leading contract research organisation (“CRO”) focused exclusively on the fast-growing medical device market in Europe, Australia and North America. Founded in 1994, the business offers a full suite of trial management services to its global client base across a broad range of therapeutic areas, including orthopaedic, cardiovascular, dermatology and aesthetics.
The market for medical device CROs is growing quickly, driven by an increasingly stringent regulatory regime, underlying growth in medical device sales and an increasing propensity to outsource.
Avania (formerly Factory-CRO) is Kester Capital’s second investment in the CRO market after its successful investment in Chiltern International.
Frontier Medical Group is a diversified medical devices business focused on the Skin/Wound Care and Infection Prevention markets. The business’ Skin/Wound Care brands include Repose®, Toto® and DermisPlus® which are used in the prevention and treatment of pressure ulcers (bed sores) and treatment of wounds. Through its Infection Prevention division, the business produces a range of sharps and clinical waste containers (Sharpsafe® and Clinisafe) for the safe disposal of medicinal sharps, pharmaceuticals and other clinical waste. Frontier has an established direct sales team in the UK and has recently invested in direct sales teams in the US and Germany to complement it’s expanding global distributor network.
Frontier Medical Group was sold to Agilitas Private Equity in June 2021, delivering a return of 3.4x to Kester Capital funds and a 30% IRR.
AgriBriefing was established to acquire business-to-business media assets with strong market positions. During Kester Capital's ownership, AgriBriefing made five acquisitions across three sectors: agriculture, healthcare and media strategy. AgriBriefing's agriculture assets formed the UK's leading agriculture information and events group.
AgriBriefing was sold to Lyceum Capital in July 2015, delivering an unlevered return of 3.5x to Kester Capital funds and a 57% IRR.
AgriBriefing was formerly known as BriefingMedia.
Garrets International (“Garrets”) is the global leader in outsourced marine catering management for the commercial shipping industry. Garrets manages approximately 1000 vessels on behalf of some of the largest names in world shipping. The market for outsourced marine catering management is in the early stages of development but is growing rapidly due to the increasing awareness of the benefits of outsourcing which include quality and cost control as well as crew welfare and regulatory compliance.
Garrets was sold to Wrist Ship Supply in January 2016, delivering a return of 3.2x to Kester Capital funds and a 38% IRR.
Our Managing Partners have worked together since 2002 and our investment team collectively brings over 100 years of investment experience.
Adam Maidment
Managing Partner
Adam Maidment
Managing Partner
Adam co-founded Kester Capital and sits on the firm's Investment Committee.
Prior to this, Adam was a partner at Greenhill Capital Partners Europe, a partner at Silverfleet Capital, in the private equity team at Bridgepoint and the leveraged finance team at Deutsche Bank. He currently sits on the boards of Avania, Optibrium, Rephine, MAP Patient Access, GXP Engaged and EMAS Pharma.
Adam graduated from Trinity College, Oxford with a degree in Classics.
Cameron Crockett
Managing Partner
Cameron Crockett
Managing Partner
Cameron co-founded Kester Capital and sits on the firm's Investment Committee.
Prior to this, Cameron was a partner at Greenhill Capital Partners Europe, a partner at Silverfleet Capital, in the leveraged finance team at Deutsche Bank / Bankers Trust and a strategy consultant at Accenture. He currently sits on the boards of YouGarden, DC Byte and The Boundary.
Cameron graduated from the University of Cape Town with a first class honours degree in Electrical Engineering.
Peter Ralph
Partner
Peter Ralph
Partner
Peter joined Kester Capital in 2019 having previously spent 8 years working in lower mid-market private equity firm, Spring Ventures, and 3 years with technology venture capital investor Blenheim Chalcot. Prior to that, he spent 4 years at Oliver Wyman where he worked as a strategy consultant in the financial services practice. He currently sits on the boards of Optibrium, MAP Patient Access and IGF, an SME asset-based lender.
Peter graduated from St Edmund Hall, Oxford, with degrees in Maths and Economics.
Thomas Holroyd
Partner
Thomas Holroyd
Partner
Thomas joined Kester Capital in 2021 having previously spent 7 years in private equity working for Chiltern Capital and Vitruvian Partners. Prior to that, he spent 3 years in corporate finance at Livingstone Partners (now Arrowpoint Advisory) following 4 years at PwC. He currently sits on the board of Rephine, GXP Engaged and EMAS Pharma.
Thomas graduated from the University of Cambridge with a degree in Engineering and Management Studies, and is a Chartered Accountant.
Abhishek Majumdar
Partner
Abhishek Majumdar
Partner
Abhishek joined Kester in 2023 having spent 8 years in private equity principally at Inflexion, where he focused on lower mid-market technology investments. Prior to that, he spent 7 years in corporate finance at various firms including DC Advisory and Duff & Phelps. He currently sits on the board of The Boundary.
Abhishek graduated from Oxford with a degree in Physics.
Patricia Hamel
Chief Operating Officer
Patricia Hamel
Chief Operating Officer
Patricia previously spent 18 years at international private equity firm Livingbridge, where she worked within finance and operations.
Patricia graduated from the University of Cape Town with a honours degree in Business Science.
Rob Henderson
Principal
Rob Henderson
Principal
Rob joined Kester Capital in 2021 having previously spent 6 years working in venture capital and private equity with Albion Capital and Root Capital. Prior to that, he spent 4 years at KPMG, working in the corporate finance and restructuring teams. He currently sits on the board of DC Byte.
Rob graduated from the Newcastle University with a first class honours degree in Business Management, and is a Chartered Accountant.
Ben Woolley
Principal
Ben Woolley
Principal
Ben joined Kester Capital in 2018.
He previously spent 3 years in the corporate finance team at PwC, where he focused on UK technology, media and telecoms. Prior to that, he spent several years at Arma Partners, a technology advisory boutique, with a focus on software and IT services.
Ben graduated from the University of York with a degree in Politics, Philosophy & Economics, and is a Chartered Accountant.
Cam Steele
Vice President
Cam Steele
Vice President
Cam joined Kester Capital in 2023.
He previously spent 5 years at Skill Capital, leading the firm’s B2B software & services franchise and partnering with entrepreneurs on early stage, growth capital and leveraged buyout investments.
Cam graduated from the University of Bristol with a degree in Biological Sciences.
David Fernie
Vice President
David Fernie
Vice President
David joined Kester Capital in 2021.
He previously spent over 4 years at PwC, originally qualifying as a Chartered Accountant in their assurance practice and latterly working in the Healthcare M&A team, advising on transactions across a range of healthcare subsectors.
David graduated from the University of Birmingham with a first class honours degree in Business Management.
Daisy Driscoll
Associate
Daisy Driscoll
Associate
Daisy joined Kester Capital in 2022.
She previously spent over 3 years at Strategy&, the strategic consulting arm of PwC. At Strategy&, Daisy worked on range of projects with a particular focus on the healthcare sector.
Daisy graduated from the University of Cambridge with a degree in Geography.
Sophie Corrodi
Associate
Sophie Corrodi
Associate
Sophie joined Kester Capital in 2024 from the Healthcare team at Inflexion. Prior to Inflexion, she spent several years at OC&C Strategy Consultants, working on a range of projects across sectors in both due diligence support and strategic analysis.
Sophie graduated from the University of Cambridge with a first class degree in Natural Sciences.
Joe Carpenter
Associate
Joe Carpenter
Associate
Joe joined Kester Capital in 2024 from ECI Partners where he focused on mid-market technology investments. Prior to ECI, he spent 4 years in technology investment banking at Jefferies and Alantra, advising on M&A and equity capital markets transactions across a range of technology subsectors.
Joe graduated from the University of Exeter with a first class honours degree in Economics.
Atish Narotam
Fund Accountant
Atish Narotam
Fund Accountant
Atish joined Kester in 2024, having previously spent 5 years in Fund Administration at IQEQ and Apex serving a wide range of private equity funds. Prior to this he was at KPMG and EY.
Atish is an Associate Chartered Certified Accountant and has gained his Fellowship with ACCA.
Hana Grewal
Executive Assistant
Hana Grewal
Executive Assistant
Hana is an Executive Assistant with extensive experience, having held positions in the legal, accountancy and fitness industries. She has a broad range of skills to call upon to help those around her achieve their best.
Hana graduated in Business and Management Finance (focusing on Crisis Management).
She is fluent in English, Czech and German.
Jenni Sheridan
Office Manager
Jenni Sheridan
Office Manager
Jenni is a former cabin crew member with a passion for travel and a strong background in customer service. With over 5 years of experience in the airline industry, she had honed her skills in ensuring customer satisfaction while maintaining a positive and professional demeanor.
Having recently transitioned into a new career path, she is eager to apply her skills set and collaborative mindset to a new field. Jenni considers herself a big team player and will always try to use her skills and experience to help those around her achieve.
We focus on partnering with talented teams and providing first time institutional capital to ambitious UK businesses with potential for growth.
Entrepreneurial approach
Our team combines an entrepreneurial approach with an extensive investment track record and works closely with an established network of experienced industry operators.
Value-adding support
We partner closely with ambitious management teams, providing a high level of strategic support to accelerate their growth.
Experienced team
Working together since 2002, our partners have a long track record of delivering growth in UK businesses and achieving successful exits. Our team collectively brings over 100 years of investment experience.
Organic and acquisitive growth
A powerful combination of financial firepower and business support drives the organic and acquisitive growth of our investee companies.
Responsible investment
Environmental, social, and governance (ESG) considerations are central to Kester’s investment philosophy and we are committed to promoting long term sustainable growth and responsible investment.
Focus
UK SMEs with ambition, talent and strong growth potential
Sectors
Focused on Healthcare, Information & Data, and Technology
Size
Enterprise value of £15-100 million
Geography
UK
Investment range
First time institutional capital
Equity investment
> £15 million
NOV 24
Kester Capital’s MAP Patient Access enters German market through acquisition of SKC
