For Purpose Investment Partners (FPIP), the Australian social impact investment fund manager which last month bought 14 aged care homes from private operator Signature Care, has purchased national meal delivery business Tender Loving Cuisine (TLC) through its disability services company, FP Ability Pty Ltd (FP Ability).
TLC provides home-style, high-quality healthy meals for customers accessing Home Care Packages and the Commonwealth Home Support Programme (CHSP). It was founded in Sydney in 1995 by Jack Barker.
FP Ability bought Able Foods, which provides meals for National Disability Insurance Scheme (NDIS) customers and Home Care Package recipients, in December 2022.
“This represents an opportunity to grow the offering and impact of our meal platform with complementary companies that are focused on improving health outcomes and increasing choice for customers," said FPIP Managing Director Victoria Adams.
"With established operations and serving a customer base that includes seniors and people with disabilities, TLC is a highly values-aligned company that will continue to deliver strong outcomes into the future.
"We know that improved nutrition and choice leads to better health outcomes which supports wellbeing, independence, and an overall better quality of life for individuals."
FPIP, which has $185 million in funds under management, was founded in 2018 by Michael Traill AM, co-founder of Macquarie Group's private equity business and Chair of the Federal Government’s Social Impact Investing Task Force.
For the TLC acquisition, FPIP was advised by Hamilton Locke and BDO. TLC was advised by HWL Ebsworth and EP Advisors. Funding for the acquisition will come from FPIP’s Social Impact Fund 1.
