The Brief:
Stonepeak, alongside Abu Dhabi-based Axight Capital, acquires Estia Health from Bain Capital.
MinterEllison advises the buyer consortium; Allens acts for Bain Capital.
Bain Capital is cashing out of aged care.
The private equity giant has agreed to sell Estia Health to a consortium led by Stonepeak, the global infrastructure-focused investment firm, in a deal expected to close in late 2026.
The deal
Bain picked up Estia in 2023 and got to work. Over its hold period, it grew the business from 73 to 93 homes, expanding access to care for thousands of older Australians.
Estia is Australia’s second-largest residential aged care operator across New South Wales, Queensland, South Australia and Victoria, caring for around 9,000 residents.
For Stonepeak, the acquisition marks its second investment through Volarae Living, its social infrastructure platform in Australia and New Zealand, following its February 2026 play for Aura Holdings. Abu Dhabi-based PE-focused investment manager Axight Capital is coming along as consortium partner.
The transaction is subject to FIRB and ACCC sign-off.
Who’s acting
MinterEllison advised the Stonepeak-led consortium, with M&A partners Daniel Scotti and Nicole Sloggett leading. The team spanned aged care, real estate, environment and planning, IP, construction, insurance, FIRB and ACCC.
Allens acted for Bain Capital, led by partners Noah Obradovic and Julian Donnan. It’s a relationship that runs deep — Allens also advised Bain on the original Estia acquisition in 2023, giving the team a close read of the asset going into the sale.
Julian Donnan said, “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.”
Source: MinterEllison, Allens