Bridgeport Capital is pleased to announce that it has acquired 100% of the share capital in Hawkesbridge Private Equity, a private equity fund manager currently managing over $200m in private equity funds on behalf of institutional and high net worth investors.
Bridgeport Capital was founded by Managing Directors David Plumridge and Brendan Sulway in 2015. Bridgeport Capital is a leading Australian mid-market private equity fund manager, providing capital to Australian and New Zealand based companies with EBITDA typically ranging between $5m and $30m. Bridgeport Capital is currently actively seeking new acquisition opportunities.
Recent Bridgeport Capital transactions include:
The current Hawkesbridge Private Equity portfolio of assets will be managed by Bridgeport Capital. This portfolio of assets includes:
The Bridgeport Managing Directors are joined at the executive level by Mark Lewis (Finance Director) and Sue Rosen (CFO). All other Hawkesbridge Private Equity staff will join the Bridgeport Capital team.
Boab Capital Group has led a transaction to establish Consolidated Medical Services with Australian private equity fund manager Bridgeport Capital. Consolidated Medical Services has just acquired the Dial a Doctor Group, a leading provider of after-hours in home doctor services in the states of Western Australia, the Northern Territory and Queensland.
The medical services provided by Dial a Doctor falls under the Medical Deputising Services legislation. The service fills a key gap in the market by providing urgent medical services outside of GP clinic operating hours. Patients, including young families and the elderly, can receive urgent treatment through a simple call accessing professional medical care often customized to match cultural and linguistic needs. Dial a Doctor also helps to reduce hospital Emergency Room waitlist times and costs by treating non-life threatening after-hours patients that don’t require the full services of a hospital Emergency Departments.
Dial a Doctor Chairman, Ian Johnson said: “DAD in WA, NT and QLD is already an exciting growth business meeting a growing medical need and the investors are committed to expanding the DAD service into other states, to help fill the void between day time GP clinic operating hours and that of a hospital ER. The services we provide mean that families with young children or the elderly who may have a fever or need stitches when their regular GP is closed don’t have to wait long hours in a hospital ER waiting room. It has also been positive to bring together a direct investment consortium to make this acquisition, which is a new source of capital for small to medium sized businesses looking for growth capital when they can often be too small for institutional investor support.”
Managing Director of Bridgeport Capital, Brendan Sulway said: “Dial a Doctor currently works very successfully with a large number of day time GP clinics across three Australian states to provide services to their patients after-hours. The services that Dial a Doctor provides are not aimed at replacing regular GP consultations but instead fill the current gap in the market when a GP clinic is closed and patients are forced to go to the hospital ER department. Each Hospital ER visit costs the government around $500 per patient visit. If we can help treat some of the non-life threatening cases, this will reduce the overall cost to government, reduce hospital ER department wait times and free up hospital beds. We see this as a win for patients, GP’s and government.”
Bridgeport Capital has teamed up with management to acquire Underground Cable Systems (“UCS”) in a deal worth over $100m.
Established in 1995, UCS specialises in the design, installation and cable jointing of underground electricity distribution networks that require high levels of accreditation.
Executive Director Niel Towan and Managing Director Richard Twisk will lead the business through the next phase of growth.
“We were attracted to UCS because of its dominant market positioning and the visible and repeatable nature of the revenue pipeline” said Bridgeport Capital Managing Director Brendan Sulway. “UCS is positioning itself to capitalise on the deregulation of the NSW electricity market” said Mr Sulway, “The newly enacted renewable energy target will also provide strong growth prospects for UCS”.
Bridgeport Capital was advised on the transaction by Gilbert & Tobin, PwC and Marchment Hill. UCS was advised on the transaction by KPMG Corporate Finance and Corrs Chambers Westgarth.
Bridgeport Capital is seeking to invest into Australian businesses with earnings before interest and tax of greater than $5m. Bridgeport Capital invests in three types of transactions: succession funding for business owners, management buyouts and growth capital.
The Bridgeport Capital team will continue to manage the current Hawkesbridge Capital portfolio which currently includes Trippas White Group, Bulk Handling Australia and Australian Beverage Holdings.