Mable responds to reports of future IPO

After rejecting reports that the aged and disability support worker platform was up for sale last year, Mable is again the subject of deal speculation.

The Australian Financial Review has reported that owner General Atlantic has hired four investment banks – UBS, Morgan Stanley, JPMorgan and Morgans – to explore a potential listing of Mable on the ASX in the second half of the year.

Mable, co-founded in 2014 by Peter Scutt and Tony Charara, is reportedly worth more than $1 billion with revenue approaching $150 million. The company reached break even last year, as previously reported in SATURDAY.

General Atlantic invested in Mable in 2021, and last year was reported to have engaged boutique corporate advisory firms Greenhill Australia and Record Point to explore “strategic options” for the platform. At the time, Mable told The Weekly SOURCE: “General Atlantic has not hired anyone to sell Mable.”

This week, a Mable spokesperson told The SOURCE: “Like many growing Australian businesses, we regularly explore options to accelerate our growth, so we can continue to support our customers in the ways that matter most, both today and into the future.”

Mable currently supports more than 31,000 aged care and NDIS clients and has a network of 23,000 support workers, built amid deepening workforce shortages across the sector.

The aged care workforce is projected to fall short by 35,000 workers this financial year, rising to an additional 120,000 within a decade – including 94,000 personal care workers.