STONEPEAK takes majority stake in ESTIA HEALTH

Following a five-month bidding process, Bain Capital has entered into a definitive Scheme Implementation Agreement to acquire 100% of the share capital of Australian aged care operator Estia Health Limited. The public-to-private transaction is structured under a board-endorsed scheme of arrangement that permits the target to distribute fully franked dividends to eligible shareholders prior to the transaction's close. For the acquirer Bain Capital, the transaction expands its dedicated healthcare portfolio, leveraging a global platform that encompasses over 175 platform investments in the medical and care sectors. The buyout secures complete operational control over a scaled Australian residential eldercare infrastructure consisting of 73 operating facilities containing over 6,500 resident places across Victoria, South Australia, New South Wales, and Queensland, backed by a workforce of lifted 8,000 employees. The post-closing corporate strategy will be executed under the continued leadership of incumbent CEO Sean Bilton. The commercial roadmap focuses on leveraging Bain Capital's institutional backing to anchor industrial market consolidation within a highly fragmented and increasingly regulated sector, optimizing corporate governance frameworks while mitigating inflationary operational pressures linked to specialized labor inputs, which account for approximately 80% of the platform's cost base.