Riverside adds to Australia workplace wellbeing rollup play

Riverside established the platform in January with the acquisition of Sydney-based disability insurance broker Altius from Australia-listed AUB Group for A$57 million ($42.6 million). Terms of the Nabenet investment were not disclosed.

Founded in 1993, Nabenet provides rehab services to workers with both physical and mental injuries. It has 17 locations across Victoria and also supplies nurses into regional hospitals and prisons. This effectively doubles the footprint of Altius, creating a business that spans two states.

“With nearly 30 years in the business, Nabenet has built an enviable reputation and market position in Victoria’s occupational rehabilitation market,” Kevin Xu, a vice president at Riverside, said in a statement.

“The addition of Nabenet to the Altius platform is an important step on our mission to elevate the wellbeing of Australian workplaces and communities by preventing and resolving mental and physical health issues, enabled by a talented allied health workforce and innovative technology.”

Riverside has invested more than 170 healthcare companies through platform and bolt-on transactions. The firm has a team of dedicated healthcare professionals. It describes itself as a generalist investor with specialist experience.

Previous activity in the workplace wellness niche includes the 2015 acquisition of IPAR Rehabilitation, which was used as a platform for several acquisitions in the following years. The enlarged company, Work Health Group, went on to become the national leader, more than twice the size of its nearest competitor. Riverside exited the business to MedHealth in 2018.

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• Topics
• Australasia
• Healthcare
• Buyouts
• Australia
• The Riverside Company