Stonepeak has completed its acquisition of Estia Health, one of Australia's largest residential aged care operators, closing out Bain Capital's almost three-year ownership of the business. The deal marks the second investment for Volarae Living, Stonepeak's social infrastructure platform in Australia and New Zealand, following its February backing of Aura Holdings. Darren Keogh, Senior Managing Director at Stonepeak, stated the transaction aligns with the firm's strong commitment to Australia's aged care sector. Estia operates 97 homes across South Australia, Victoria, New South Wales, and Queensland, caring for more than 14,500 residents annually and employing over 15,000 people. The acquisition represents Stonepeak's continued expansion in the rapidly growing private aged care market.
Over Bain's hold, Estia expanded from 73 homes with about 6,720 residents to 93 homes with about 9,250, according to the firm. Its workforce passed 14,000. By completion, the portfolio had grown to 97 homes. Grace Mollard, who led the Bain investment alongside Mike Murphy and Charles Lawson, said the firm is proud to leave Estia Health a stronger and more resilient business. Stonepeak and Bain agreed the sale on May 26. Neither side disclosed the price. Axight, an Abu Dhabi-based private equity investment manager, described the Estia stake as its second investment in Australia, citing Stonepeak's experience in aged care and retirement living as a key reason for the partnership. Estia's leadership remains unchanged, with Sean Bilton continuing as chief executive and managing director.
Source: PE Insights · Summarized by HeadlinesBriefing