nib Group (nib) has completed its acquisition of Maple Plan Pty Ltd (Maple Plan), a National Disability Insurance Scheme (NDIS) registered plan management provider (PMP).
The acquisition is part of nib's plan to broaden its NDIS footprint, with Maple Plan being its first NDIS plan manager.
Aside from the acquisition, nib has launched “nib Thrive,” the brand name of its NDIS business. It appointed nib executive Martin Adlington, who has an impeccable record within nib and personal experience in the NDIS, as the business's chief executive.
Adlington said the Maple Plan acquisition has been smooth, and the business provides a solid foundation for nib Thrive and further expansion into the NDIS.
“We've been very impressed with the calibre of Maple Plan's employees and their focus and commitment to ensuring choice and control for NDIS participants in accessing services, ensuring greater independence and improved quality of life,” he said. “We're also pleased that Maple Plan's founders, Andrian Putra and Vincent Lay, will stay with the business to advise on continued growth and future opportunities.”
On October 13, 2022, nib announced the completion of a fully underwritten institutional placement, raising $135 million. The insurer raised a further $23.1 million via a share purchase plan (SPP offer), which closed on November 7, 2022. Funds from the placement and SPP offer will support nib's acquisition ambitions for its NDIS plan management.
“Three years ago, we began examining the NDIS and how we might play a meaningful part in it,” said nib managing director Mark Fitzgibbon. “We see an agency role for us in connecting NDIS participants with providers of support services, not unlike the way we connect the buyers and sellers of healthcare services. And clearly, there's an opportunity to provide participants with more insight into how they might be able to achieve their goals, with greater confidence in their choice of support services.”
The Maple Plan acquisition is not material to nib's earnings per share. It will be accretive from the first full year of ownership for the allocated capital deployed.
