On Friday, December 15, 2023, the ownership of Estia Health, was officially transferred to Bain Capital. The transfer followed the successful approval of all necessary procedures for the Scheme of Arrangement, including a shareholder vote in favour on November 15 and approval by the Supreme Court of New South Wales on December 5. Estia Health ceased trading on the ASX on December 6.
Gary Weiss, who served as the Chairman of Estia Health since 2016, stepped down from his position. Two independent non-executive directors, Norah Barlow ONZM and Professor Simon Willcock AM, will continue in their roles. The current executive management, led by CEO Sean Bilton, will remain under Bain Capital’s ownership.
Estia Health, operates 75 homes across Victoria, South Australia, New South Wales, and Queensland, with over 8,000 residents.
In a statement, Mike Murphy, a Sydney-based Partner of Bain Capital said:
“We are delighted to invest in Australian aged care and expect a long-term presence in the sector. Estia Health is at the forefront of providing a critical service for older Australians at an important time in their lives. Bain Capital will support management to continue to grow and enhance the care and services Estia Health provides for residents and their families.”