NIB Holdings (ASX:NHF) has ‘broadened its breadth’ in Australia’s National Disability Insurance Scheme (NDIS) following the finalisation of an acquisition to gain ownership of Brisbane-based Connect Plan Management.
The company says the acquisition represents its 3rd purchase of a NDIS company, and has an intention to acquire plan manager and Port Macquarie-based All Disability Plan Management’s business.
NIB notes All Disability provides service to about 3,000 participants, and expects the acquisition to be completed this financial year. Following completion, 4 NDIS businesses will sit under the NIB Thrive banner, with scope for further acquisitions.
“We are full of conviction about how we might play a role in an even better experience for participants and providers of disability support”
It is the company’s goal to manage plans for 50,000 NDIS participants by the financial year 2025.
Commenting on the acquisition, NIB Chief Executive Officer and Managing Director Mark Fitzgibbon said: “We are full of conviction about how we might play a role in an even better experience for participants and providers of disability supports.”
Also commenting on the acquisition, NIB Thrive CEO Martin Adlington says each of the 4 plan managers has displayed very high levels of care for participants.
“They each have a dedicated and committed workforce. For us at nib Thrive, it will be business as usual. Participants can expect the same high level of care they have seen to date from each of their plan managers.”
The company also notes the acquisition of both Connect and All Disability’s plan management business is not material to NIB’s earnings per share.
NIB Health Funds is an Australian health care fund established in the New South Wales Hunter region in 1952 to provide health insurance for workers at the BHP Steelworks, and has since grown into a national and international operation. In 2022, NIB began its campaign to enter into the NDIS plan management market following 3 years of exploring opportunities.
The NDIS represents a national scheme that supports Australians from 7 to 65 years of age who have a disability. The scheme provides funding for support and services for people who need help.