LONDON: HgCapital Trust plc said Monday it will invest approximately £20 million in Nourish Care, a U.K. provider of software for the social and community care sector, as part of a broader strategic growth investment led by Hg.
The investment, made through the Hg Mercury Fund alongside other institutional clients of Hg, will support Nourish’s mission to improve care delivery through technology. Terms of the transaction were not disclosed.
Nourish, founded in 2011 and based in Bournemouth, England, provides a suite of digital tools for care providers, including residential and home care services. The company’s platform helps care teams plan, record and coordinate care while keeping individuals receiving support at the center of the process.
Founder and CEO Nuno Almeida will continue to lead the company and remains a significant shareholder. Livingbridge, which has backed Nourish since 2022, will retain a minority stake.
“I started Nourish after spending time with care teams, where I saw how much of a carer’s day went on admin rather than the people in their care,” Almeida said in a statement. “Everything we’ve built since then is centered on a belief that if you make care teams’ lives easier, you also improve the care that reaches each person they support.”
Almeida said the investment would accelerate product development, particularly in artificial intelligence, with support from Hg’s AI product team, Hg Catalyst. He emphasized that customer contracts, service and data handling would remain unchanged.
David Issott, a partner at Hg, said social and community care “is some of the most important work in our society, and carers deserve the very best technology to support them in this work.”
“Nourish has a modern product that care providers love, developed in close partnership with the people who use it,” Issott said. “Better software allows care workers to spend more time on care and less on admin.”
HgCapital Trust, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in Hg’s investments. Following the Nourish transaction, the trust’s outstanding commitments to invest in Hg transactions are expected to total approximately £2.0 billion, or 84% of its estimated net asset value of £2.4 billion as of June 30.
HgCapital Trust’s available liquid resources for future deployment, including announced transactions and an undrawn bank facility, are estimated at £241 million, representing 10% of the June 30 estimated NAV.
Nourish was advised by Arma Partners and Shoosmiths. Hg was advised by Houlihan Lokey and Skadden. The transaction is expected to close by the end of August.
