King & Wood Mallesons (KWM) is pleased to have advised Five Good Friends on securing a strategic investment from leading global asset management firm, TPG.
Five Good Friends, established in 2016, is a leading provider of technology-enabled, data-driven home care services in Australia, catering to older adults and individuals with disabilities. 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.
The transaction represents a significant investment in the health care industry and marks a pivotal milestone for the founder-led business in continuing to grow the business in the home care sector.
Under the terms of the deal, TPG has acquired 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 organization EQT will retain a minority stake.
The KWM team was led by Partner Anthony Boogert (Private Capital) with support from Partner Mandy Tsang (Insurance), Senior Associate Victoria Lanyon (Tax), and Solicitors Lauren Meyers-Young (Private Capital), Iris Lo (Private Capital) and Eliza Fairbairn (Private Capital).
Commenting on the transaction, KWM Partner Anthony Boogert said:
“It was a pleasure to assist Five Good Friends on this significant transaction in the care industry. The transaction also signifies the growing investment in businesses that integrate technology into its primary offering”.
KWM is a leading advisor in Private Capital transactions and continues to assist founder led businesses on deals in the technology space.
