Bain’s Estia Health reportedly seeking supersize merger
Earlier this month, Street Talk speculated Pacific Equity Partners (PEP), which owns 50% of Opal HealthCare, was considering a move on Estia.
Bain Capital-owned Estia Health is reportedly exploring a major merger as consolidation accelerates across the aged care sector.
The Australian – which correctly tipped Scape Australia’s successful bid for Brookfield’s Aveo retirement village business in June – says Bain is again seeking an exit from Estia, a theme it has reported repeatedly.
Earlier this month, Street Talk speculated Pacific Equity Partners (PEP), which owns 50% of Opal HealthCare, was considering a move on Estia. Opal operates 142 residential aged care homes nationwide.
Now, The Australian reports that ASX-listed Regis Healthcare – which operates 68 aged care homes – has been approached about a tie-up with Estia, which runs more than 90 facilities. A Regis-Estia combination would create a 158-home platform and the largest operator in the sector based on facility numbers.
Regis is advised by Macquarie Capital, with The Australian suggesting the operator has been weighing a major expansion play via consolidation.
Regis has been active on the acquisition front in 2025, announcing the purchase of OC Health’s two aged care homes in October, Rockpool’s four homes in July, and BodeWell Community Care in January – a deal that doubled its home care revenue.
PEP, meanwhile, spent about $1 billion last year for its 50% stake in Opal, and separately paid around $500 million for a stake in land lease operator Serenitas in October 2023.
Aged care deal-making has been one of the defining themes of 2025 and is expected to continue as the fallout from the new Aged Care Act and the sector’s rising regulatory and capital requirements continues.
Estia has previously appointed Barrenjoey and Gresham Partners to advise on options including a potential sale or re-listing of the $1 billion-plus business. Bain acquired Estia for $838 million in 2023.
