Allens has advised longstanding client Bain Capital on the sale of Estia Health, one of Australia's leading aged care providers, to Stonepeak, a leading global alternative investment firm specialising in infrastructure and real assets.
Estia Health is one of Australia’s leading residential aged care providers, operating homes across New South Wales, Queensland, Victoria, and South Australia. Throughout its investment period, Bain Capital invested heavily to grow the footprint of the business, growing from 73 to 93 homes, expanding access to care for thousands of older Australians.
The Allens team was led by Noah Obradovic, Julian Donnan and Kimberley Lowrie and included team members across the firm's M&A, capital markets, regulatory, employment, TMT and real estate practices.
‘We are proud to have worked alongside the Bain Capital team throughout their successful stewardship of Estia Health, having first advised on Bain Capital's acquisition of Estia Health in 2023. This transaction is a landmark deal in the Australian aged care sector and delivers an outcome that positions Estia Health well for its next chapter in partnership with Stonepeak,’ said lead partner, Noah Obradovic.
‘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,’ added Julian Donnan.
‘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,’ concluded Kimberley Lowrie.
The transaction is expected to complete in late 2026, subject to standard regulatory approvals.
Allens legal team
M&A and Capital Markets
Noah Obradovic (Lead Partner), Julian Donnan (Partner), Kimberley Lowrie (Managing Associate), Katherine Tsatsaklas (Senior Associate), Konrad Stilin (Senior Overseas Practitioner), Matthew Kynaston (Associate), Eleanor Skuza (Associate), Annie Reddick (Associate), James Royce (Associate), Gabriele Sanotro (Associate), Joanne Fares (Lawyer), William Tudehope (Lawyer)
Employment
Sikeli Ratu (Partner), Virginia Dore (Associate)
Regulatory
Felicity McMahon, Edison Wang (Senior Associate), Andrew Wong (Mergers & Acquisitions Counsel)
Real estate
Annabelle Aland (Partner), Lauren Cutuli (Senior Associate)