Specialists in Unlocking Value from Illiquid Assets at the Tail-End of Private Equity Portfolios
What We Do
Efemera releases value from illiquid assets by unlocking moribund investments.
We deliver value through an innovative low-cost, low-risk method of portfolio management.
Efemera invests time and injects momentum in order to unlock value through aligning the interests of all stakeholders along the way.
With the ability to address operational, management and financial challenges, Efemera offers clear perspective to investors, board directors and management teams alike.
We release private equity portfolio managers to focus on other priorities.
Efemera offers a fresh approach to unlocking value by introducing a fixer and problem-solver to act as a catalyst for change.
Whilst Efemera focuses on PE work it also provides a range of advisory services to UK SMEs.
Extensive industry reach
Proven performance
Operating as a catalyst for change, Efemera understands key influencers and identifies and addresses commercial pressure points.
We do this by blending commercial, operational and financial knowledge with an extensive professional network in order to provide crafted, imaginative solutions for clients.
We deliver tailored, innovative solutions.
Efemera has a fresh, independent and ‘no agenda’ approach, and this combined with strong industry credentials, means that Efemera can quickly gain credibility with management teams and keep them focused on both achieving an exit whilst still effectively running the business.
When portfolio managers face competing priorities, Efemera steps in to inject, build, and maintain momentum in the illiquid asset.
Efemera removes emotion.
In doing so it enables swift problem-solving and alignment of interests, ensuring that once a deal is agreed, barriers to execution are removed.
Efemera also brings a valuable alternative perspective for investors, board members, and management as Richard Penston and his team bring a distinctive, highly experienced and sharply focused approach to each project.
Points of Difference
Portfolio Private Equity Clients
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Growth Capital Partners
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Mobeus
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Spayne Lindsay & Co.
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Langholm Capital
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Close Growth Capital
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Graphite Capital
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Dunedin
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3i
• Growth Capital Partners • Mobeus • Spayne Lindsay & Co. • Langholm Capital • Close Growth Capital • Graphite Capital • Dunedin • 3i
Portfolio Projects Advisory Work (All)
John Henry Group
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Bacofoil
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Vet's Kitchen
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VP-AV
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Fosters Foods
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Spayne Lindsay & Co.
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by word of mouth
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Sugar Puffs
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Kue Group
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ATG
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Barilla
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Unifoods
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Ritter Courivaud
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Fishawak Health
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Ralph Martindale
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Health Perception
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Yeo Valley
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Dewhurst
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LGB & Co.
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Vet's Klinic
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KUE Group
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ATG
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John Henry Group • Bacofoil • Vet's Kitchen • VP-AV • Fosters Foods • Spayne Lindsay & Co. • by word of mouth • Sugar Puffs • Kue Group • ATG • Barilla • Unifoods • Ritter Courivaud • Fishawak Health • Ralph Martindale • Health Perception • Yeo Valley • Dewhurst • LGB & Co. • Vet's Klinic • KUE Group • ATG •
Our Services
Unlocking Value from Complexity
Efemera specialises in releasing value from illiquid and often overlooked assets, particularly at the tail-end of private equity portfolios. We step in when traditional value drivers have been exhausted and the investment feels stalled. As an independent operator, Efemera brings fresh energy, insight, and a tailored strategy to each assignment. Our work is grounded in a clear-eyed assessment of each situation, aligning with all stakeholders and focusing on unlocking hidden potential in a low-cost, low-risk manner.
A Skilled Operator with a Human Touch
At the core of Efemera’s service is a deep empathy with owner-managers, an experienced-honed commercial instinct, and the credibility to gain trust quickly. We put ourselves in others’ shoes and see the bigger picture while identifying key details others may overlook. Whether the issue lies in governance, growth, restructuring, or exit planning, we address problems head-on and tailor solutions to the specific needs of the investment. Our goal is to restore clarity and direction where ambiguity and fatigue may have taken hold.
Catalyst for Change
Efemera provides investors, board members, and management teams with a unique perspective informed by broad sectoral knowledge and an unusual combination of commercial, operational, and financial experience. We understand the human dynamics of a deal, how trust, emotion, and perception can become as important as the numbers themselves. Our role is not to replace private equity managers but to offer a complementary approach that delivers distinctive and potentially superior outcomes. By removing emotion and aligning interests, we eliminate roadblocks and pave the way for successful transactions.
Rebuilding Relationships, Delivering Exits
Efemera thrives where relationships between investors and management have broken down and where exit strategies have grown stale. We rebuild trust and refocus efforts, becoming the bridge that re-aligns interests and sets a clear course forward. Combining commercial acumen with sharp financial awareness, we know how deals get done quietly, effectively, and with value creation at the heart of the process. In a sector often dominated by formulas and processes, Efemera offers something different; human insight, practical solutions and measurable outcomes.
Perspective that Makes a Difference
We act as a credible and trusted operator, often embedded within the business, to assess, guide and drive outcomes. With delegated negotiating authority from investors but without final decision-making power we help build consensus, identify pressure points, and catalyse progress. This framework enables us to work as both fixer and advisor, freeing portfolio managers to focus elsewhere while we inject momentum, resolve issues, and restore alignment across parties. Whether operational, financial, or managerial in nature, we focus on what matters most to achieve successful exits.
Tailored Incentives, Aligned Interests
Our fee structure is designed to reflect shared success. Typically engaged by a single private equity investor, we maintain focus and accountability. A modest retainer is often drawn from the monitoring fee, while a ratchet mechanism ensures reward is tied to performance. In other words, the fee increases in line with value recovered above internal expectations. This model creates a low-risk opportunity for investors to gain high-impact input without burdening the portfolio with unnecessary cost or complexity. For clarity, all Efemera fees are a PE cost not an investee company cost.
Meet the Team
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Founder/CEORichard is a highly experienced and dynamic business operator.
He has 33 years experience at director level, working in multinationals, major family businesses and in Private Equity (PE). He worked for Mars Incorporated and Barilla Alimentare in Marketing Director and Business Development Director roles before moving on to PE projects in 1998.
During his years in PE, he has covered both operational and advisory roles specialising in dealing with problematic businesses and moribund investments. He has been tidying up tail-end investments for a variety of UK PE firms and turning illiquid assets into realised investments for over 27 years.
He joined Growth Capital Partners (GCP) as a Partner in 2013 providing independent non-executive advice to their Funds and the Partnership itself.
Through Efemera, he has advised on 18 SME transactions including 11 MBOs. In addition to transaction projects, Richard has counselled many business owners and CEOs, providing Commercial, Corporate, Refinancing, Restructuring and Strategic advice in order to help them puzzle through business problems and make better decisions. Efemera enables CEOs to tackle and fix commercial and corporate issues, then it prepares businesses for sale and manages the sale process.
Richard has experience across a wide range of business sectors from Food Manufacturing, Wholesaling, Pet Care, Engineering, Telecoms, Consulting, Pharmaceuticals, to Household Goods and the Property sectors.
After university Richard served as a police officer and a drugs squad detective in the Merseyside Police for six years. An unlikely start for a career in business! However, he says that it taught him to interrogate information with great care and to leave no stone unturned. Outside work, he retains an avid interest in politics and current affairs, is a keen supporter of Liverpool football club and adores the family spaniel, Sasha.
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DirectorA former House of Commons personal assistant, BBC production assistant and teacher, Lysette has been key to the Efemera operation from the outset. She has provided administrative, payroll and back-office support to the company for over 20 years.
When not working, Lysette loves reading, cooking and gardening. She also has a small vineyard producing English wine, not famed for its quality!
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M&A Consultant and Business AnalystHe is a Chemistry MSc with 4 years working in Switzerland in the field of blood sugar chemistry and biology.
His scientific training allows Keir to use empirical evidence and data-driven analysis to present complex financial models in a comprehensible manner and to trawl through highly detailed and dense information to extract key insights. He can then utilise that information to identify issues, plot a route to better business growth, to evaluate suitable markets and help support the process leading to the sale of businesses.
Outside his working life, Keir loves travelling, hiking, golf and is a big Liverpool FC fan.
External Consultants
Efemera has access to a broad network of senior talent, spanning multiple industries and disciplines, enabling it to effectively support and manage investments through to successful outcomes. This includes a deep pool of experienced external consultants who can be called upon to provide targeted expertise in areas such as strategy, leadership, funding, finance, operations, marketing, branding, sales organisation and structure, general management, technology, R&D, new product development, public sector IT, and IT strategy and execution.