HBF, Australia’s fifth largest private health insurer, is pleased to announce it has made a strategic investment in Pacific Smiles Group Limited (ASX: PSQ) (‘Pacific Smiles’), acquiring a circa 10.0% interest from TDM Growth Partners for approximately $41.9 million.
The investment follows HBF and Pacific Smiles entering into a 10-year partnership agreement in July 2020 to support HBF’s expansion into dental services in Western Australia. Since then, five HBF Dental centres have been established in WA, which are managed by Pacific Smiles, while HBF members outside of WA can access Member Plus dental benefits at Pacific Smiles’ network of 119 dental centres in NSW, Victoria, Queensland and the ACT.
HBF Chief Executive Officer John Van Der Wielen said the strategic investment in Pacific Smiles would further strengthen HBF’s relationship with a key partner.
“Dental represents approximately 60 per cent of our ancillary payments and we know our members want access to high quality oral healthcare,” Mr Van Der Wielen said.
“We partnered with Pacific Smiles because they have a track record in establishing and operating high quality dental clinics that deliver excellent customer service and clinical outcomes – our members are seeing this at the five HBF Dental centres we’ve opened in WA this year and at Pacific Smiles’ extensive network of clinics elsewhere.
“This strategic investment further strengthens our relationship with a key partner and is in line with our strategy of building scale nationally and expanding into health services in order to enhance the value and service we provide HBF members.”
Contact HBF: Adrian Watson, adrian.watson@hbf.com.au / 0419 040 807
About HBF
HBF was founded in Perth in 1941 and has provided private health insurance to generations of Western Australians. In 80 years HBF has grown to become Australia’s second largest member-based not-for-profit health fund, providing hospital and ancillary insurance to around one million members nationwide. HBF is also becoming a more active participant in health services, with the establishment of its Pharmacy 777 alliance and the recent launch of HBF Dental. HBF is committed to actively connecting with and supporting the communities in which it operates as a trusted member-based organisation. Visit hbf.com.au