Five Good Friends announced a strategic investment from leading global alternative asset management firm TPG to fund its continued growth in the home care industry.
Under the terms of this deal, 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 launched in 2016 as a technology-led disrupter with a focus on delivering a high-quality care experience. And as the elderly population continues to grow, with 1 in 6 Australians 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 created Lookout, a leading SaaS solution for home care operators that has been built specifically to cater to the needs of the Australian market. And 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.
KEY QUOTES:
“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. 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.”
– Simon Lockyer
“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.”
– Nathan Betteridge
“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.”
– Joel Thickins, Co-Head of TPG Asia and Head of Australia & New Zealand
