About us

Partnering for growth



Our strategy is focused on partnering with entrepreneurs of successful, robust businesses in Western Europe, with a particular focus on the United Kingdom, the Netherlands, Belgium, and Ireland.

These entrepreneurs are predominantly founders and families seeking a partner who will bolster their continued journey of scalable and long-term growth. A key element of our strategy is the bespoke nature of our innovative and flexible capital structures, optimising the risk-reward equation for all stakeholders.

We listen carefully to each entrepreneur we partner with to truly understand their sector, business model, and culture. By investing in mid-sized companies, we’re able to build meaningful connections with founders to ensure all interests are aligned and make for a more effective and ultimately more enjoyable partnership. Leveraging our strategic and operational expertise, we craft tailored value creation plans to scale operations to the next level and provide a wealth of resources to support the implementation of those plans.

Our Story

Freshstream was established as an independent firm in 2020. The partners of the firm have worked together for many years at leading institutional investment firms, including Towerbrook and Bregal Investments. Patrick Smulders and Rayhan Davis initially met at Soros Private Equity over two decades ago prior to a spin-out that resulted in the formation of Towerbrook Capital Partners. In 2011 they were joined by Adam McLain and began working closely with Reza Fardad and Giuseppe Silvestri. Lodewijk de Graauw’s entrepreneurial background made him a natural fit to join the team at Bregal Investments. He took the lead on value creation and ESG. The team’s long-standing history of working together has fostered a dynamic and cohesive culture that sets us and our entrepreneurs up for success.

Freshstream’s entrepreneurial spirit reflects the history of our partners, each of whom bring first-hand experience in launching and growing profitable businesses. Our expertise is felt in every interaction we have with founders, enabling us to relate to the challenges that many entrepreneurs face in the lifecycle of their businesses. Having walked this path ourselves, we know what it takes to succeed, and we deploy all our expertise creatively and with tenacity to help scale growing businesses to the next level.

Our values

Our values underpin everything we do and are reflected in all aspects of how we conduct business.



  • We are committed to earning the trust of those who place their businesses in our hands.
  • We recognise the confidence that investors have in us and work to safeguard their investments.
  • We support each other as a team and enjoy working together.
  • We do what we say we will do.


  • We have bold ambitions and set a high bar for ourselves and our portfolio companies.
  • We are tenacious and recognise that success rarely comes at the first attempt.
  • We remain focused on the things that really make the difference.
  • We exhibit a bias to action; when in doubt, we try it.


  • We respect the experience and knowledge of the management teams we partner with.
  • We encourage open, respectful dialogue, especially in disagreement.
  • We value the environment and communities we operate in and seek to make a positive contribution to both.


  • We seek to deeply understand the companies and sectors we invest in.
  • We love to test prevailing assumptions and get excited about new ways of doing things.
  • We trust data and facts, not opinions.


  • We don’t have all the answers; we listen before we speak.
  • We are not entitled to succeed; we strive to prove our value in every interaction.
  • We are quick to admit, and learn from, our mistakes.