IFM Investors’ private equity investment My Plan Manager has bought smaller competitor National Disability Support Partners in a deal tipped to be worth more than $40 million.
IFM Investors investment director Bora Han and head of private equity Stuart Wardman-Browne.Street Talk can reveal IFM Investors’ private equity team has ruled off a bolt-on acquisition at its investee company, My Plan Manager, which already has the biggest slice of plan management service providers for the National Disability Insurance Scheme .
NDSP was founded in 2017 by Donald Dickie and Lisa Theoharris. Both worked in government services before founding the business – Dickie was also an AFL player in a past life – and have grown the firm to servicing about 15,000 NDIS participants. At $4.8 million EBITDA and 7000 NDIS participants, that multiple would have valued Maple Plan at about $40 million. NDSP’s bigger and would have easily cleared a $40 million price tag, investors told this column.The team’s headed by ex-CHAMP Ventures dealmaker Stuart Wardman-Browne, and includes ex Bain Capital investor David Odgers, ex Commonwealth Superannuation operative Adrian Kerley, and Bora Han, who joined from Arowana International.
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