Five Good Friends is pleased to announce a strategic investment from leading global alternative asset management firm TPG to fund its continued growth in the home care sector.
Under the terms of the agreement, TPG will acquire a majority interest in Five Good Friends alongside co-founders Simon Lockyer and Nathan Betteridge, who will retain significant interests in the company and continue in their leadership roles. Global investment organisation EQT will retain a minority stake.
Five Good Friends was founded in 2016 as a technology-led disrupter with a focus on delivering a high-quality care experience. As the country’s elderly population continues to grow, with 1 in 6 Australians today being aged 65 or over, it has rapidly gained share in the Australian home care market. Today, Five Good Friends is a top 20 provider of home care services.
Five Good Friends also developed Lookout, a leading SaaS solution for home care operators that has been built specifically to cater to the needs of the Australian market. The Lookout platform enables the 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, tracking of client data with automated escalation to care managers, and complex rostering functions.
“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 higher quality care experience underpinned by transparency and improved oversight,” Mr Lockyer said. “Today, Five Good Friends delivers 30,000 home care visits a month and have provided a total of more than 3 million hours of care since we started. Lookout is powering the care and service delivery of over 100 home care and NDIS providers.”
Mr Betteridge added, “With the additional support of TPG, and their extensive experience in the healthcare and software space, we see enormous potential to continue this growth, empowering more people to remain connected to the homes, friends, families and communities they love. By providing control, advice, support, and a connected health ecosystem, Five Good Friends and Lookout are committed to transforming home care into caring homes.”
Joel Thickins, Co-Head of TPG Asia and Head of Australia & New Zealand said: “Five Good Friends has built a terrific business with all the elements required for continued success. 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.
Five Good Friends’ mission closely aligns with our thematic focus on backing tech-enabled businesses opening pathways to deliver higher quality and more efficient healthcare outcomes. We are excited to partner alongside Simon, Nathan and the Five Good Friends leadership in continuing to scale their platforms to become the leading home care solutions in market.”
About Five Good Friends
Five Good Friends is a leading technology enabled data driven home care provider providing services to older Australians and people living with a disability. Founded in 2016, Five Good Friends is a top 20 provider of home care services. Developed by Five Good Friends, Lookout is a leading digital care management and remote care monitoring platform designed for the Australian market. It powers the service delivery of over 100 care providers around the country.
About TPG
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $246 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com.
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Katelin Stevenson
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