Stonepeak-led Consortium to Acquire Estia Health

SYDNEY – 27 May 2026 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced it has entered into a definitive agreement to acquire a majority stake in Estia Health, one of Australia’s leading residential aged care operators, from Bain Capital. The transaction marks a second investment for Volarae Living, Stonepeak’s social infrastructure platform in Australia and New Zealand, following its February 2026 investment in Aura Holdings.

Headquartered in Sydney, Estia Health is the second largest residential aged care operator in Australia, operating more than 90 homes across New South Wales, Queensland, South Australia, and Victoria, and caring for approximately 9,000 residents. Since its founding in 2014, Estia Health has thoughtfully expanded its footprint while continuing to invest in its employees, residents, and their families as part of its commitment to person-centered care.

“Residential aged care is, and will continue to be, an essential service and important component of Australia’s overall healthcare system, especially against the backdrop of an aging population,” said Darren Keogh, Senior Managing Director at Stonepeak. “We are thrilled to support Estia Health, a high-quality provider, build on its positive momentum, and even better serve older Australians.”

“I welcome the commitment to continuity for our residents, families and teams, and to ongoing investment in the capability of our people and systems so we can continue delivering high-quality care,” said Sean Bilton, CEO of Estia Health. “We look forward to working with Stonepeak, whose complementary experience and long-term investment approach support our strategy and build on our strong foundations. It remains our privilege to care for older Australians and support residents and their families at an extremely important time in their lives — and that will not change with our ownership.”

Stonepeak’s consortium partner in the transaction is Axight Capital Limited (Axight). The minority stake in Estia Health represents Axight’s second investment in Australia, further deepening its focus in the Asia Pacific Region.

“Estia Health has established itself as one of Australia’s leading residential aged care operators, underpinned by a strong reputation for quality care, operational excellence, and a deep commitment to residents, families and employees. We are delighted to be partnering with Stonepeak, whose significant expertise and proven experience across aged care and retirement living will be highly valuable as we support Estia Health’s continued growth,” said Jerry He and Mujtaba Hussain, Co-Managing Partners at Axight.

The transaction is expected to close in late 2026, subject to customary regulatory approvals. Terms of the transaction were not disclosed.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately A$125 billion (US$88 billion) of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

Media Contacts

For Stonepeak:
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

Jack Gordon
jack.gordon@sodali.com
+61 478 060 362