Estia Health
| Company type | Private |
|---|---|
| Industry | Aged care services |
| Founded | December 2014 |
| Founder | Peter Arvanitis |
| Fate | Acquired by Bain Capital and privatized |
Area served | Australia |
Key people | Peter Arvanitis (founder; former director until 2016) |
| Products | Aged care services |
| Parent | Bain Capital |
Estia Health is a provider of aged care services in Australia, established by Peter Arvanitis and launched on the market by Quadrant Private Equity in December 2014, with an initial valuation of $725 million. The company manages 75 facilities across the country and was publicly listed on the Australian Securities Exchange until December 2023, when Bain Capital acquired it for $551.3 million, resulting in its privatization.
History
Estia Health was created by Peter Arvanitis, who stepped down from his director role in 2016. By 2018, the organisation had achieved the highest percentage of female executives compared to its industry counterparts. However, that year saw a roughly one-sixth drop in Estia Health’s market capitalization following the Australian government's announcement of a formal investigation into misconduct within the aged care sector, prompted by a widely publicized documentary highlighting allegations of neglect and abuse.
The company continued to be listed on the stock exchange until Bain Capital completed its purchase in late 2023 for $551.3 million, after which Estia Health was removed from the ASX.
Acquisitions
In 2022, Estia Health expanded its operations by purchasing four residential aged care facilities along with two development properties from Premier Health Care Group for an amount exceeding $100 million. This acquisition added 409 resident accommodations to their portfolio, with the potential to increase capacity by an additional 160 to 179 places through future development on the acquired sites.