Estia Health Explained

Estia Health
Industry:Aged care provider
Founder:Peter Arvanitis
Parent:Bain Capital

Estia Health is an Australian aged care operator floated by Quadrant Private Equity in December 2014 when it was valued at $725 million.[1]

It operates 75 facilities across Australia and is listed on the Australian Securities Exchange.

History

It was founded by Peter Arvanitis.[2] He resigned in 2016.[3]

In 2018 it had the largest proportion of women in its executive team.[4] The company lost about a sixth of its value in September 2018 when the government announced a public inquiry into misconduct in the aged care sector,[5] following the Australian Broadcasting Corporation produced a two-part documentary focusing on alleged neglect and abuse of older people.[6]

Estia Health was a public company traded on the Australian Securities Exchange until December 2023 when it was taken private by Bain Capital[7] for $551.3 million.[8]

Acquisitions

It acquired 4 residential aged care homes and two development sites worth more than $100m from Premier Health Care Group in 2022. They will add 409 resident places to their portfolio and two development sites could deliver a further 160-179.[9]

See also

Notes and References

  1. Web site: Lessons for participating in private equity floats. 16 June 2017. 20 May 2018. NAB. James. Dunn.
  2. Web site: Gardner . Jessica . 2014-12-05 . Estia Health founder Peter Arvanitis defiant despite horror ASX debut . 2024-08-01 . The Sydney Morning Herald . en.
  3. News: Estia Health founder Peter Arvanitis resigns as director . 2 November 2018 . Australian Financial Review . 31 August 2016.
  4. News: 11 October 2018 . PepsiCo's top executive team becomes majority female 'by default' . Sydney Morning Herald . 2 November 2018.
  5. Web site: Australia's Prime Minister Announces Aged Care Royal Commission . 2024-08-01 . natlawreview.com . en.
  6. News: 17 September 2018 . Australian care providers for aged hit by inquiry . 2 November 2018 . Financial Times.
  7. News: Bain Capital's $551 mln bid sends Estia Health shares to near 5-year high . Reuters.
  8. Web site: Bain Capital's $551m bid sends Estia Health shares to 5-year high . 2024-05-26 . DealStreetAsia . en.
  9. News: 1 November 2022 . Estia Health to acquire Premier Health Care assets with Thomson Geer's help . 14 November 2022 . Australasian Lawyer.

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