Employee owned care provider for the elderly, Shaw healthcare has agreed to sell a minority stake in its business to fund manager Bridges Evergreen Investment for £10m.
The agreement will see Bridges Executive Chairman Scott Greenhalgh join Shaw’s board as Non Executive Director.
Jeremy Nixey, founder/CEO of Shaw healthcare, said: “As we continue to expand the business and enhance our impact in the coming years we sought an investment partner that shares our values and has a strong record in the care sector.
“Bridges are the perfect fit and align with our ethos. We welcome Scott to Shaw’s board and look forward to his valuable input in our bright future.”
Scott added: “Shaw is a great example of the kind of organisation we created Evergreen to support: a high-quality business addressing a clear societal challenge at scale and over the long term, managed by an outstanding team.
“We believe that as an employee-owned business, its focus on staff engagement serves as an important source of competitive advantage as it looks to deliver the highest quality of care and win new contracts. We look forward to working closely with Jeremy and the team.”
Shaw operates 51 homes across England, Wales and Scotland and enjoys strong relationships with local authorities and the NHS, from whom it derives over half of its income through long-term contracts.
Evergreen is a permanent capital vehicle managed by Bridges Fund Management (“Bridges”), the specialist sustainable and impact investor. Unlike standard private equity funds, Evergreen has no requirement to exit in a finite period – allowing it to provide financial and operational support to Shaw over the long term.