Bridges invests £8.5m in Innovate Services

The GP said it was looking to capitalise on the increasing demand for the provision of health-focused school meals, driven in large part by increasing rates of childhood obesity.

The GP said it sourced the deal on a proprietary basis and will work alongside Innovate's executive chair Geoff Peppiatt to build out the management team and the company's operational activities. It will also look to increase its involvement with local schools and communities to promote healthier lifestyles with the aim of obtaining impact organisation status.

The deal is the second investment made by Bridges' sustainable growth funds since the start of 2018, following the provision of follow-on funding to portfolio company Viva Gym to support the bolt-on of Portuguese budget gym company Fitness Hut.

Company
Headquartered in West Byfleet, Surrey, Innovate is a health-focused school catering business for primary and secondary schools. It serves 75 secondary schools, which it uses in turn to provide a base for a further 45 primary schools. The company generated a turnover of £17.7m in 2016, according to publicly available documents, with an operating profit of £810,000.

People
Bridges Fund Management – Emma Thorne (investment manager).
Innovate Services – Geoff Peppiatt (executive chairperson).

Advisers
Equity – RSM (corporate finance); Parthenon EY (commercial due diligence); Addleshaw Goddard (legal).
Company – Maitland Group (legal); Lawrence Stephens (legal).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• United Kingdom
• Bridges Ventures
• RSM Global
• Addleshaw Goddard