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Acquirer profileAustralia
Who is 38sth?
38sth is a private equity firm based in Australia.
Firm facts
38sth
- Type
- private equity firm
- Headquarters
- Australia
- Website
- 38sth.com
- Subsidiary
- Livingbridge
Last verified 2026-08-02
How they work
38sth is a Melbourne-based, growth-focused private equity investor specialising in B2B services businesses in Australia and New Zealand. It is the approved spin-out of the Livingbridge Australia team and continues to manage Livingbridge's existing Australian portfolio investments.
38sth's website sets out its investment criteria and sector focus but does not describe a stage-by-stage acquisition process, a diligence timeline, or a dedicated acquisitions contact. It does not publish an acquisition-team contact, an enquiry form, or a stated response timeframe anywhere on its site.
- Sector focus
- B2B services businesses in Australia and New Zealand, focused on Industrial Services, Healthcare & Education, Professional Services and Technology verticals with large markets, resilient fundamentals, pricing power and the ability to differentiate on customer service.
- Geography
- Australia and New Zealand.
- Ownership
- Selective, high-conviction partnerships with active senior involvement; a concentrated portfolio where every business gets the partners' full attention, with technology-enabled operations embedded from day one.
- Majority or minority
- Flexible — majority or minority stakes depending on what creates the strongest alignment.
- Target revenue
- $50-500M revenue.
- Investment size
- $40M+ equity cheques.
Their portfolio
Company
Sector
What they do
- DimeoSectorIndustrial ServicesWhat they doDimeo is an Australian commercial cleaning and integrated facility-management provider, delivering tailored cleaning, contract-administration and environmental-management services to business, industry and institutional clients for more than 40 years.
- Everlight RadiologySectorTechnologyWhat they doEverlight Radiology is a global teleradiology group providing round-the-clock urgent and sub-specialty radiology reporting to hospitals, clinics and imaging providers, headquartered in the UK and Sydney with operations across the UK, Ireland, Australia, New Zealand and South Africa.
- Waste Services Group (WSG)SectorIndustrial ServicesWhat they doWaste Services Group (WSG) is an Australian waste management, resource recovery and industrial services provider, supporting around 6,000 commercial and industrial customers nationally since 2016 across managed-services and collections offerings.
Exited holdings
Confirmed former portfolio companies, shown separately from current holdings.
Company
Sector
What they do
- Better MedicalSectorHealthcare & EducationWhat they doBetter Medical is one of Australia's largest owner-operator general-practice networks, supporting more than 60 clinics and roughly 500 general practitioners and allied-health clinicians across Queensland, South Australia, Tasmania and Victoria. (exited)
- Habit HealthSectorHealthcare & EducationWhat they doHabit Health is a New Zealand provider of integrated physiotherapy, rehabilitation, nursing and workplace-health services, operating the country's largest network of its kind across individual, workplace and health-professional channels. (exited)
- TSA ManagementSectorProfessional ServicesWhat they doTSA Management was an Australian and New Zealand client-side project-management and advisory consultancy for major infrastructure and social-infrastructure projects. Following its 2021 exit from Livingbridge, TSA Management merged its brand with UK-based Henry Riley in 2024 to form TSA Riley, which now operates across Australia, the UK, New Zealand, Malaysia and Canada. (exited)
Sources
The truth, first.Data as at 2026-08-02