Souter investment firm offloads stake in healthcare company
The family investment vehicle of Stagecoach tycoon Sir Bri‑ an Souter has disposed of its majority stake in a UK health‑ care firm to a French home medical equipment specialist.
Souter Investments, which has offices in Perth and Edin‑ burgh, has sold the stake in Baywater Healthcare UK to Bastide Group. Terms of the deal were not disclosed but it said it marked a significant exit.
Cheshire‑based Baywater delivers oxygen therapy, sleep apnoea therapy and non‑inva‑ sive ventilation therapy servic‑ es to patients in the home, and is the only independent com‑ pany serving the UK market.
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 2013. The deal was originated by Euro‑ pean mid‑market private equi‑ ty house Duke Street.
According to the statement, the sale of Baywater generat‑ ed a “substantial” exit for its shareholders, with the undis‑ closed consideration real‑ ising a return of more than five times for Duke Street and Souter Investments.
It also comes amid a busy period for the latter company. Souter said: “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 contin‑ ue to see many interesting investment opportunities and generate superior returns in the future.”