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Bain Capital has entered a definitive agreement to sell a major stake of Estia Health to US-based international alternative investment firm Stonepeak, with participation from minority co-investor Axight.
The deal is valued at approximately $2.5 billion, the Australian Financial Review has reported.
Estia Health was acquired by Bain Capital in December 2023 for an estimated $838 million, after which it was delisted from the Australian Securities Exchange and underwent rapid growth from 73 homes to 93.
This growth included the acquisition of seven homes from Vacenti Aged Care in October 2025 – which had been under the direction of the Casagrande family for 50 years – and the acquisition of two Mark Moran Group homes in June 2025.
Estia Health also acquired seven homes from Aurrum Aged Care while under private ownership from Bain Capital, with the transfer of operations completed in April 2025 followed by the acquisition of three homes in Queensland from Calvary Health Care in November 2024.
The takeover is expected to be completed in the second half of 2026, subject to standard regulatory approvals.
The current management team and governance structure at Estia Health will remain, including chief executive officer and managing director Sean Bilton – who said the day-to-day experience of residents, families and staff will not change.
“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 said.
“We look forward to working with Stonepeak, whose complementary experience and long-term investment approach support our strategy and build on our strong foundations.”
Stonepeak’s investments in seniors living and aged care in Australia and New Zealand, its commitment to the continuity of the team and ongoing investment in the capability of people and systems ensure Estia can continue to deliver for 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.”
The deal marks the second investment for Volarae Living, Stonepeak’s social infrastructure platform in Australia and New Zealand following its February 2026 investment in Aura Holdings – a Queensland-based property developer specialising in luxury retirement living communities.
It is also the second investment in Australia for Abu Dhabi-based private equity-focused investment manager Axight, which previously acquired a significant minority stake in Australia-based alternative asset manager La Trobe Financial.
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