We are delighted to announce the acquisition of Able Foods, Australia’s leading specialist NDIS meal delivery business, on behalf of investors in our Social Impact Fund I. Previously owned by allied-health services provider Kinela, Able Foods provides Australians living with disability with access to high quality nutritionally-balanced meals, with exceptional service and delivery tailored to each customer’s specific needs. The full media release is available here.
People living with disability will on average suffer from poorer health and experience substantially higher rates of preventable chronic diseases than others. Challenges in accessing affordable, healthy nutritious food is a key contributing factor to this. Poorer physical health affects other aspects of life, reducing participation in work and the community. Able Foods seeks to break this cycle, providing a diverse range of healthy, affordable meals through an accessible, designed-for-disability service.
These ready-made frozen meals are designed specifically by dieticians to cater for the needs of people living with disability. Every meal is portion and calorie controlled, in line with Australian Dietary Guidelines and the Australian Guide to Healthy Eating, with texture modified options also available for people living with Dysphagia. Able Foods also offers individualised solutions including goal setting, meal plans, meals and clinical support and importantly, education to help customers develop healthier habits over the long term. As a specialist provider to NDIS participants, Able Foods also ensures that all components of its service are delivered in a disability-friendly manner. This includes specialist customer support teams over the phone, automatic claims for the NDIS funding for the meal, ensuring that all deliveries are accessible for customers, and easy to open packaging.
We are excited to build on the work of Able Foods’ founders, Karn Gosh, Spencer Ratliff and Dylan Alcott OAM, with the aim of growing the platform to impact the lives of even more people living with disability. There are a number of growth initiatives already identified in partnership with the management team, led by Spencer Ratliff and Elizabeth Brown, which we will seek to action during the course of 2023. Kinela Chairman Paul Robertson AO and Founder and CEO Karn Ghosh will continue to support the business for a period of time through the ownership transition while For Purpose Executive Director, Chris Yoo, and Managing Director, Victoria Adams, will sit on the Board of Able Foods.
For more information on Able Foods, please click here.
The FP Ability board is pleased to announce that Spencer Ratliff has been appointed as CEO of Tender Loving Cuisine (TLC), while maintaining his current role as CEO of Able Foods. This strategic decision underscores our commitment to strengthening both businesses while preserving their unique identities in the meal delivery sector.
"Having witnessed Spencer's exceptional leadership at Able Foods, we are confident that his appointment will drive innovation and growth across both brands," said Paul Robertson, Chair of FP Ability. "His track record of building client-focused businesses and navigating change makes him ideally suited for this expanded role."
Spencer Ratliff shared his vision for the future, "Both organisations share a unified mission: to deliver exceptional services and outcomes for their clients, driven by their expertise and deep specialisation in the market.
"I’m thrilled to lead TLC into its next chapter of growth, building on its 30-year legacy of outstanding service in the disability and aged care sectors. My priority is to collaborate closely with the team to explore opportunities that harness the strengths of both businesses while preserving their distinct brand identities."
Spencer added, "This common foundation will enable growth that is firmly focused on our clients.”
Spencer will be working with the board, stakeholders and suppliers to identify opportunities for mutual growth and learning between both organisations.
Paul concluded, "This appointment represents a significant step forward in our growth strategy. We're confident that under Spencer's purpose-driven leadership, both TLC and Able Foods will continue to excel in delivering exceptional meals and customer service to our valued clients."
Keypoints
- Both TLC and Able Foods will maintain their distinct brands and current operations
- A comprehensive strategic plan will be developed through collaboration with staff, senior management, customers, board members, and suppliers
- Knowledge and expertise will be shared across both businesses to enhance operations and service delivery.
ENDS
About FP Ability
An investment platform by For Purpose Investment Partners, FP Ability is committed to removing obstacles for people who require support, with a focus on people living with disabilities, their families, and older Australians. Nutrition is vital to people’s good health and wellbeing, and for customers of Able Foods and Tender Loving Cuisine (TLC), their services support choice and independence. Our aim is to improve the quality of services, for the elderly and Australians living with a disability, and address food insecurity in these sectors.
Able Foods
Able Foods mission is to enable healthier, happier and more independent lives for each and every ability. Its dedicated team understands what it means to create meals that cater for each client’s unique needs. Through years of experience, they assist clients to best manage both the NDIS and Aged Care (HCP) processes.
Tender Loving Cuisine
TLC offers customers high quality frozen ready-to-eat meals that are home delivered. With a focus on supporting older people maintain independence at home and supporting health outcomes, many clients access government funded support.
29 October 2024 - For Purpose Investment Partners (FPIP) has released its Impact Report 2024. A leading social impact investment fund manager, FPIP voluntarily reports information about its approach to impact measurement and the performance of portfolio companies and projects. With a commitment to deliver financial value and social impact without compromise, FPIP are pursuing a broader ambition to establish social impact investments as a viable asset class for large-scale transactions across the Australian market.
Michael Traill, Executive Director said “Publishing transparent and accountable information in our Impact Report 2024 is a demonstration of our thought leadership in impact investing. We believe transparent reporting is a factor in building the understanding and assurance amongst investors to unlock significant amounts of capital that can transform the social sector.”
Mr Traill, who chaired the Federal Government’s Social Impact Investing TaskForce, further explains, “Ultimately, we need to get to scale to tackle the sector-wide transformation that is needed in areas including aged care, disability, education and housing. Institutional investors need to know that impact fund managers are transparent, accountable and creating value. Proofpoints like our annual Impact Report, are part of the assurance that investors require.”
Additionally, FPIP were one of the first Australian signatories to the Operating Principles for Impact Management (OPIM) and were independently assessed by BlueMark against these principles.
Ben Smith, Head of Impact Investing at the Paul Ramsay Foundation says "As early backers of FPIP, we are pleased to see the organisation's progress and second impact report publication. FPIP's inclusion of third-party assurance creates the comfort that impact investors seek. We know from global practice that transparency and impact integrity are key ingredients to establish confidence and progress markets."
Mr Traill continues “Our values and commitment to transparency led us to seek external verification that provides investors with confidence that we have been benchmarked and tested to a global standard.”
“We are focused on continuous improvement and this was evidenced by a lift in ratings across three of the eight principles this year. As a team we will continue to work in close partnership with our investees to increase our collective impact. We are demonstrating Australian impact to a global standard.”
The Impact Report 2024 is available here.
ENDS
Michael Traill, Executive Director and co-founder of For Purpose Investment Partners is interviewed on the latest With Purpose podcast by David Knowles. The episode overview is 'Michael Traill AM made his name at Macquarie Bank as a successful private equity investor, before jumping ship to foster social entrepreneurship in Australia as founder of Social Ventures Australia. This journey led him to the field of impact investing, a field in which he is now acknowledged as a pioneering leader and elder statesman. Today, Michael is Executive Director of For Purpose Investment Partners and Chair of the Paul Ramsay Foundation. In this episode, Michael reflects on what he has learnt during his career, and shares unique insights in relation to investing, leading, governing and tackling a wide variety of social issues.’
For Purpose Investment Partners acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander people.
We believe that diversity, equity and inclusion at For Purpose Investment Partners are critical in our efforts to create significant social impact. Diversity in the team allows us to better represent the diversity of thought and experiences of the communities that we are aiming to serve, promotes a healthy and thriving working environment, and delivers innovative and sustainable outcomes for our communities, our people, our investors and our partners.
