A Sector Worth Strengthening. A Strategy Built to Do It Well.

The scale of the NDIS and aged care sector is significant and growing:

• NDIS spending alone totalled $44.9 billion in 2024/25, with forecasts of $48 billion in 2025/26.

• Over 761,000 active NDIS participants as at December 2025.

• More than 269,000 registered providers — the vast majority small, subscale, and regional.

• Growing compliance requirements are accelerating the exit of undercapitalised operators.

The result: a fragmented industry in need of consolidation by operators with the right governance, capital, and commitment to quality.

We pursue a disciplined, values-led acquisition strategy:

• Target businesses: NDIS-registered and home care providers with annual revenues generally up to $20 million.

• Valuation approach: 2x to 5x EBITDA multiples, reflecting business size, stability, and growth profile.

Healthcare consolidation has a proven track record in Australia — across dental, medical centres, pathology, ophthalmology, and imaging. The same dynamics apply here: administrative cost savings, stronger marketing and shared technology platforms.

For participants, consolidation done right means better-resourced care teams, more consistent governance, and providers who are built to last.