Breaking news: Estia Health sold by Bain Capital in billion-dollar deal
Estia Health sold in multi-billion-dollar deal
- Major sale: Stonepeak and Axight acquire Estia Health in a deal reportedly worth $2.5 billion
- Rapid growth: Estia expanded from 73 to 93 homes since Bain Capital’s purchase in 2023
- Revenue surge: Estia Health posted $1.3 billion revenue in 2025, up 71% from FY23
- Leadership stays: CEO Sean Bilton and the current management team will remain in place
The agreement delivers a substantial return for Boston-based Bain Capital, which acquired Estia Health in December 2023 for $838 million.
Global infrastructure investment firm Stonepeak has partnered with Axight, an investment firm based in Abu Dhabi that works with Middle Eastern sovereign wealth funds, as a co-investor to purchase Australia’s second-largest residential aged care operator.
The terms of the transaction remain confidential, however multiple media reports earlier this week valued the deal at $2.5 billion.
The transaction timeline
Bain Capital had hired Barrenjoey, Gresham and Allens to advise on the divestment of the aged care operator.
Bain Capital and Estia Health Chief Executive Officer Sean Bilton and Chief Financial Officer Anthony Rice met fund managers in late 2025 as part of a Sydney and Melbourne roadshow. At the time, Bain was weighing up an IPO or trade sale.
Estia Health was listed on the ASX from 2014 until 2023, when Bain Capital acquired it for $838 million, valuing the company at around $280,000 per bed. At the time, The Weekly SOURCE described the sale as “rolled gold” for Bain. Today, the cost of building a new aged care bed is higher than $500,000.
Since 2023, Estia has grown significantly – from 73 homes with approximately 6,720 places to 93 homes and approximately 9,250 places today.
After securing $300 million in mezzanine finance from Nomura Securities, the company has acquired six Queensland homes from Vacenti Aged Care, two Sydney homes from Mark and Evette Moran, seven NSW and Victorian homes from Aurrum Aged Care, and three Queensland homes from Calvary Health Care.
The company has also opened new greenfield developments and continues to progress its development pipeline.
Estia reported revenue of $1.3 billion for the year ending 31 December 2025, up 71% from the $765 million posted in FY23. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $176 million, up more than 50% from $116 million in 2023.
Continuity for residents, families and staff
The current management team and governance structure, led by Sean Bilton, will continue to guide Estia.
“The day-to-day experience of residents, families and our staff will not change,” said Sean.
Speaking to The Weekly SOURCE prior to the announcement, Sean said: “The management team are pleased to be continuing the journey with Stonepeak, who have a strong sense of conviction around the ageing demographic with the investments they’ve made in Australia and New Zealand in this space.”
“Their investment profile matches us well … they are a longer-term infrastructure-focused owner and I think that will work well for us moving forward.”
Stonepeak, which was co-founded by former Macquarie Group banker and Australian billionaire businessman Mike Dorrell, took a 50% stake in retirement village operator Aura Holdings in March this year.
Stonepeak also acquired New Zealand retirement living operator Arvida in July 2024.
The transaction is expected to complete in the second half of 2026, subject to standard regulatory approvals.
