Souter vehicle sells health firm stake

Sir Brian Souter

The family investment vehicle of Stagecoach founder Sir Brian Souter has sold its majority stake in Baywater Healthcare UK.

Souter Investments confirmed it had divested its interests in the therapy services firm to Bastide Group, a specialist in the sale and rental of home medical equipment in France.

The transaction value was not disclosed although it was completed at a five times return on the original investment made in late 2013.

Baywater chief executive Adam Sullivan said it had been an “exciting and rewarding” journey over the past years with Souter and co-investor Duke Street.

“Adam and his team at Baywater have built a strong, market leading business,”said John Berthinussen of Souter Investments.

“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.”

The sell-out follows a new investment by Souter in ‘edtech’ transport specialist in November

Last month, portfolio company Ashtead Technology completed a joint venture with Forum Subsea Rentals, while entered a strategic partnership with FlixBus.