Souter Investments
is one of the UK’s leading family investment offices specialising in private equity

Souter Investments Completes Baywater Healthcare Investment

Friday, 06 December 2013

Souter Investments Completes Baywater Healthcare Investment

Souter Investments, the family investment office of Sir Brian Souter, has backed the acquisition of Air Products’ Homecare operations in the UK and Ireland.

The deal was originated and headed by Duke Street, the leading European mid-market private equity group and specialists in the healthcare sector.  The transaction value has not been disclosed.

Now rebranded Baywater Healthcare, the business delivers oxygen-therapy, sleep therapy and infusion-therapy services to patients in their home across three health authorities in the UK and Ireland.

Led by CEO Adam Sullivan and the existing management team, the Crewe headquartered business has also added former Voyage Care CEO Douglas Quinn to its Board as Chairman.

John Berthinussen, Investment Director at Souter Investments, commented: “We see enormous potential in the Baywater Healthcare business and are delighted to be partnering with Duke Street to acquire this first class company.”

Charlie Troup, a partner at Duke Street, said: “This transaction represents an exciting opportunity to acquire a high quality, but non-core healthcare business from a global industrial group.  We have significant experience of the healthcare services sector, which is well suited to the Duke Street approach to company development.”

Souter Investments makes investments across a broad range of asset classes, with a primary focus on private equity.  Souter Investments’ other recent unquoted investments include taking stakes in legal business Winn Group and specialist integrated safety engineering services provider OTEAC, and a further investment in the fast growing intercity express coach operator


--- ENDS ---



Souter Investments Gordon Beattie, Beattie Communications 0800 612 9890

Duke Street Stephen Benzikie, Bell Pottinger 020 7861 3879


Notes for Editors:

Home Oxygen Services (HOS), as they are known in the healthcare industry, involve procuring and supplying oxygen to patients in the home, with the oxygen delivered through either a cylinder (pre-packed oxygen) or a concentrator (distils oxygen from the air to avoid need for cylinders).

Baywater Healthcare takes orders from patients and clinicians via its call centre, manages the oxygen refilling process, delivers and installs equipment in the patient’s home. It also monitors and maintains the equipment, and delivers new cylinders when more oxygen is required.

Patients typically suffer from Chronic Obstructive Pulmonary Disease or Congestive Heart Failure The average patient uses the service for 18 months, usually at end of life.

Baywater Healthcare offers additional services for patients suffering from Sleep Apnoea, where an individual has a tendency to stop breathing during sleep. The company provides equipment for non-invasive ventilation and nebuliser therapies, where drug delivery is via inhalation.

Baywater Healthcare’s operation in Ireland is one of the leading players in the HOS and Sleep Apnoea market, which feature a large number of independent operators.


Souter Investments

Souter Investments is the family investment office of Sir Brian Souter, co-founder and Chairman of Stagecoach Group plc.  It makes investment across a broad range of asset classes, with a primary focus on private equity.

Holdings in unquoted companies include Virgin Mobile Latin America, a mobile virtual network operator in Chile and Columbia; Irish school publishing business CJ Fallon; New Zealand based public transport operators Mana Coach Services, Howick and Eastern Buses and Fullers Group; and Alexander Dennis, the UK’s leading bus and coach manufacturer.

Souter Investments’ recent exits include the sale of luxury yacht manufacturer Sunseeker to Chinese conglomerate Dalian Wanda, the IPO of general insurer the esure Group on the London Stock Exchange, and the sale of biofuel manufacturer Argent Energy to John Swire & Sons (Green Investments).


Duke Street

Duke Street is a leading operationally focused European mid-market buyout group. Founded in 1988, it specialises in taking control stakes in English and French companies with a value of up to €300 million, executing the vast majority of its deals outside of auctions. It is currently investing across four sectors: healthcare, business services, consumer and financial services. Duke Street has a proven model of value creation by successfully transforming businesses through implementing operational change and buy and build, having made nearly 60 bolt-on acquisitions for its portfolio companies.