TPG snaps up majority stake in home care provider Five Good Friends
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The news: US asset management firm TPG has agreed to buy a majority interest in Melbourne-based home care service provider Five Good Friends.
The numbers: Five Good Friends delivers home care services for the elderly, with its software-as-a-service solution 'Lookout' supporting services for over 100 home care and NDIS providers.
The context: TPG will acquire a majority stake in Five Good Friends alongside co-founders Simon Lockyer and Nathan Betteridge, who will retain "significant interests" in the company they founded in 2016. Global investment organisation EQT will retain a minority stake.
The Lookout platform enables automated tracking, monitoring and reporting of care quality and outcomes via automatic check-in and check-out, family access to the care platform, recorded care notes and tracking of client data.
What they said: "For the entire Five Good Friends and Lookout team, TPG's investment is validation of our ambitions to build a scalable care platform, that delivers a high-quality care experience underpinned by transparency and improved oversight," said Lockyer.
Co-head of TPG Asia and head of Australia and New Zealand, Joel Thickins, said: "At a time when broader in-home aged care reforms are taking place to ensure Australia's elderly live independently at home for longer, their approach to home care and disability support, coupled with their cloud-based software solution, has enabled them to create a truly unique care delivery platform that combines the best of technology and human care."
The source: Five Good Friends media release
