Estia Health sold to ‘alternative investment’ firm Stonepeak

Estia Health, one of Australia’s largest residential aged care operators, is set to change hands after Bain Capital agreed to sell the business to global infrastructure investment firm Stonepeak, alongside minority co‑investor Axight Capital Limited.

Estia Health confirmed the agreement, noting that its existing leadership team, including CEO and managing director Sean Bilton, will remain in place.

“The day‑to‑day experience of residents, families and our staff will not change,” Mr Bilton said.

“It is our privilege to be entrusted to care for older Australians and partner with our residents and their families at an extremely important time in their lives. That privilege does not change with our ownership.”

Mr Bilton added that the organisation is looking forward to working with Stonepeak, as its “complementary experience and long‑term investment approach” will build further upon Estia’s strong foundations.

“Stonepeak’s investments in seniors living and aged care in Australia and New Zealand, commitment to the continuity of our team, and to ongoing investment in the capability of our people and systems, will ensure we can continue to deliver for our residents and their families,” he said.

“Our ambition is for Estia Health to lead the sector and deliver the quality‑of‑care older Australians deserve.”

Bain Capital acquired Estia Health in December 2023, overseeing a period of rapid growth. Over its investment period, Estia expanded from 73 homes with approximately 6,720 places to 93 homes with around 9,250 places.

Allens, which advised Bain Capital on the sale, described the transaction as a landmark moment for the sector.

“The sale of Estia Health to Stonepeak is a compelling signal of the long‑term confidence that global infrastructure investors have in Australia’s aged care sector. It reflects strong confidence in the sector’s fundamentals,” partner Julian Donnan said.

“Australia’s aged care sector has undergone significant reform in recent years and private capital has played an important role in supporting aged care providers through that transition. Bain Capital’s partnership with Estia Health during this period – and the growth achieved – is a strong example of that dynamic in action,” partner Kimberley Lowrie added.

Stonepeak said the acquisition represents the second investment under its Volarae Living social infrastructure platform, following its February 2026 investment in retirement living operator Aura Holdings.

“Residential aged care is, and will continue to be, an essential service and important component of Australia’s overall healthcare system, especially against the backdrop of an aging population,” Stonepeak senior managing director Darren Keogh said.

“We are thrilled to support Estia Health, a high‑quality provider, build on its positive momentum, and even better serve older Australians.”

Estia Health emphasised that the transition in ownership will not affect day‑to‑day operations.

“I welcome the commitment to continuity for our residents, families and teams, and to ongoing investment in the capability of our people and systems so we can continue delivering high‑quality care,” Mr Bilton said.

The transaction is expected to close in the second half of 2026, subject to standard regulatory approvals. Terms of the deal were not disclosed.