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

Souter Investments Completes Sale of Baywater Healthcare UK

Wednesday, 17 January 2018

Souter Investments Completes Sale of Baywater Healthcare UK

Souter Investments, the family investment office of Sir Brian Souter, has sold its majority stake in Baywater Healthcare UK to Bastide Group, a specialist in the sale and rental of home medical equipment in France.

Baywater delivers oxygen-therapy, sleep apnoea therapy and non-invasive ventilation therapy services to patients in the home. It is the only independent company serving the UK market, alongside three major gas group subsidiaries.

Souter Investments backed the acquisition of Baywater, a Buy-In Management Buy-Out carve out of Air Products’ Homecare operations in the UK and Ireland, in November 2013. The deal was originated by Duke Street, the European mid-market private equity house. The company sold its Irish operations to Air Liquide in August 2015.

Adam Sullivan, CEO of Baywater commented: “The four years we have spent with Duke Street and Souter have been exciting and rewarding – they have been demanding while constructive and supportive.  My team and I are proud of the business we have built together - the strength of which has been recognised by Bastide.”

John Berthinussen, Investment Director at Souter Investments added: “Adam and his team at Baywater have built a strong, market leading business. Supported by Souter and Duke Street, they have delivered on an ambitious growth and business transformation strategy, whilst at the same time supporting the changing NHS and providing high quality, cost effective healthcare services to patients with long term conditions. Baywater is well positioned to look to the future and enter its next stage of development as part of the Bastide group, themselves healthcare specialists. We look forward to hearing of the company’s continued success.”

Charlie Troup, Managing Partner at Duke Street, said: “Baywater has been a classic Duke Street investment in healthcare, a core sector for the firm. With the dual trends of an ageing population and an increasing need for the NHS to manage costs by providing patients with care at home, we and Souter have worked successfully with management to raise the quality of care, improve logistics, invest in stronger operational and logistics capabilities, thereby delivering significant growth in profitability. We wish Bastide Group every success with Baywater’s next phase of growth.”

The sale of Baywater crystallises a substantial exit for its shareholders, with the undisclosed consideration realising more than a 5x return for Souter Investments and Duke Street, and comes during a period of high activity at Souter Investments.

The private equity focussed family investment office completed a growth capital investment in ‘EdTech’ transport specialist in November 2017, providing funding for to roll out its cutting-edge suite of apps for drivers, parents and school staff to safeguard pupils on their way to and from school.

In December 2017, Souter portfolio company Ashtead Technology, a leading provider of subsea technology and services to the oil and gas sectors, announced that it had formed a joint venture with Forum Subsea Rentals – a subsidiary of Forum Energy Technologies.  The tie up creates the industry’s leading provider of subsea survey and ROV equipment rental and associated services.

Also in December,, launched as a start-up by Souter Investments in 2011, entered a strategic partnership with FlixBus, bringing the market leading intercity express coach operator in Poland and across Central and Eastern Europe together with the foremost European intercity bus company and Europe’s fastest growing mobility start-up. Under the new partnership, will be integrated into FlixBus’ European network which offers more than 200,000 daily connections to over 1,400 destinations in 26 European countries. Operations will continue to be run locally in Poland by the existing Polish management, operational delivery and driver teams.

Commenting on Souter Investments’ recent activity, Sir Brian Souter said: “I am delighted that Souter Investments continues to invest in and build strong businesses, while generating strong returns in the process. We remain one of the most active private equity houses based in Scotland, our portfolio is in good health, and I am confident we will continue to see many interesting investment opportunities and generate superior returns in the future.”


For more information please contact Gordon Beattie on 0800 612 9890.


About Souter Investments

Souter Investments is the family investment office of Sir Brian Souter, co-founder and Chairman of Stagecoach Group plc. It makes investments across a broad range of asset classes, with a primary focus on private equity and a portfolio of more than 30 direct investments.

Recent investments include ‘EdTech’ transport specialist; TWMA, the international drilling waste management and solutions provider to the oil and gas industry; specialist construction and house-building recruiter Potensis; luxury fragrance and interiors brand Clive Christian; and institutional investment platform, solutions provider and life company Mobius Life.

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