CASE STUDY
Sale of Pop-Up Health – $25M Revenue NDIS Healthcare Provider in South Australia.
Transaction Managed by Morgan Business Sales
Overview
Business: Pop-Up Health
Industry: NDIS Healthcare Services
Location: South Australia
Size: $25M Annual Revenue
Staff: 250 clinical staff
Years in Business: 12
Lead Broker: Nikki Katz
Morgan Business Sales was engaged by Pop Up Health as the owner sought semi-retirement after scaling the business to her maximum capacity as a solo operator. The owner chose Morgan Business Sales after developing strong rapport with broker Nikki Katz and recognising the firm’s proven processes, national network, and healthcare M&A expertise.
Objective
Secure a strategic buyer capable of taking the business to the next level through national scale and resources, given no succession plan was in place.
Summary
Morgan Business Sales positioned Pop Up Health as a high-value acquisition for roll-up strategies, emphasising its 100+ active contracts and systemised operations. The business was successfully sold to private equity-backed Lumia Care within 84 days, exceeding expectations by focusing on contract quality and scalability rather than current EBITDA. This business sale case study demonstrates Morgan Business Sales’ expertise in complex healthcare transactions and creative valuation approaches.
Challenges
Before engaging Morgan Business Sales, the business faced several key challenges:
1
Growth-focused reinvestment across clinical staff and operations limited current profitability, requiring valuation beyond traditional profit multiples.
2
Needed a buyer with existing corporate overheads (HR, finance, marketing) to absorb and optimise operations.
3
Extensive due diligence from multiple buyer advisors, requiring robust financial modelling and verification.
4
Complex deal structuring around owner transition, ongoing salaries, and integration into a larger group.
These factors demanded sophisticated financial modelling, strategic positioning for roll-up buyers, and meticulous negotiation across multiple parties.
Strategy & Approach
Valuation & Advisory
Developed financial models projecting post-acquisition profitability by consolidating overheads into the buyer’s existing infrastructure. Positioned the business on contract longevity, systemised processes, and scalability rather than current EBITDA.
Confidential Marketing
Created a digital CIM highlighting 100+ active contracts, specialised facilities, and growth potential for national acquirers seeking South Australian expansion. Maintained strict confidentiality with controlled distribution to pre-qualified buyers only.
Buyer Targeting & Outreach
Week 1: Private walkthroughs with select group of high-net-worth individuals for market testing. Week 2: Launched EOI campaign targeting PE-backed healthcare groups and roll-up acquirers, generating multiple offers.
Negotiation & Deal Management
Managed extensive due diligence across multiple buyer advisors, verified financial models, and structured complex terms around owner transition and ongoing involvement.
Tools & Processes
- CIM-PRO platform for secure, web-based CIM, buyer workflows, and virtual data room
- Morgan Business Sales proprietary buyer database and subscription-based external databases.
- Digital marketing suite: email campaign, social media and, targeted online advertising
- Centralised CRM & buyer scoring for EOI management
- Structured due diligence process with templated checklists
Final Result
Buyer Type: Private equity-backed healthcare group (Lumia Care)
Timeline: 84 days on market
Value Creation: Sold on contract portfolio and scalability rather than EBITDA, enabling buyer to leverage existing infrastructure for immediate profitability uplift.
Press Coverage: Read here.
Outcome: Lumia Care acquired Pop Up Health to expand its national footprint, adding 330 nurses and care workers to its network serving NDIS and custodial care clients. The acquisition strengthened the buyer’s service offering, accelerated growth, and maximised the strategic value of Pop Up Health’s systemised operations and contracts.
Client Testimonial
“Nikki and Craig were professional at all times, utilised their extensive network of potential buyers and their communication was first class. No request was too big and they attended to it in a timely manner. The sale negotiation was managed well with Nikki’s experience and flair standing out to achieve a successful outcome. Thanks Nikki, I would highly recommend.”
— Jane Pappin, Former Owner of Pop Up Health”
Key Insights
Industry Trends & Buyer Demand
Healthcare roll-ups remain active, with PE-backed groups aggressively acquiring regional providers to build national scale. Contract quality and geographic expansion drive buyer interest over short-term profitability.
Valuation Multiples & Market Behaviour:
NDIS and healthcare services increasingly valued on contract portfolios and synergy potential, not just EBITDA. Sophisticated buyers prioritise businesses with transferable systems and established tender relationships.
Strategic Takeaways for Business Owners
Engage brokers skilled in innovative valuation strategies for high-growth, high-potential businesses. Post-acquisition financial modelling is essential for strategic buyers. Systemised processes greatly improve business transferability.
Market Takeaway
Demand for NDIS and healthcare providers remains strong among PE-backed roll-ups building national networks, with valuations focusing on contract quality and scalability. Businesses with systemised operations and regional market share command premiums despite low current EBITDA, while traditional multiples apply primarily to profitable, standalone operators.
About Morgan Business Sales
Morgan Business Sales is Australia’s leading mid-market business sales firm, specialising in M&A transactions across a wide range of industries including civil, construction, manufacturing, healthcare, technology, education, transport, and more.
With over 100 years’ of combined experience across thousands of successful transactions, our team helps business owners achieve maximum value when exiting or expanding through acquisition.
Ready For Your Success Story?
Request a confidential call with one of our expert brokers today and explore what a successful exit could look like for your business.
