15 December 2023
MEDIA RELEASE
- All required approvals received for Scheme of Arrangement
- Estia Health ceased trading on the ASX on 6 December 2023
- Gary Weiss steps down as Chair, with two current independent non-executive directors to remain
- Current executive management to continue, led by CEO Sean Bilton
Estia Health announces that ownership of the Company transferred to Bain Capital earlier this afternoon, Friday 15 December 2023. This follows the receipt of all required approvals for the Scheme of Arrangement, including a shareholder vote in favour on 15 November, and approval by the Supreme Court of New South Wales on 5 December. Trading in Estia Health shares on the ASX ceased on 6 December.
Estia Health is one of Australia’s leading residential aged providers, operating 75 homes across Victoria, South Australia, New South Wales, and Queensland, caring for over 8,000 residents and their families per year, at an important time in their lives.
The current senior leadership team, led by Sean Bilton, CEO and Managing Director, will continue to guide the Company under Bain Capital’s ownership.
Departing Estia Health Chairman, Dr Gary Weiss AM, said it has been an honour and privilege to serve as the Chairman of Estia Health since 2016.
“I would like to personally thank each of my fellow directors for their dedication and commitment to the Company.
“I am pleased that two of our current independent non-executive directors, Norah Barlow ONZM, and Professor Simon Willcock AM, will continue in their roles.
“At Estia Health we always place our residents at the centre of everything we do, including during the COVID-19 pandemic and ongoing workforce challenges.
“We are especially proud of our dedicated team members who have consistently performed at a high level in difficult circumstances to support the health and wellbeing of our residents. As a result, Estia Health maintained its reputation for the highest standards of care during difficult times for the sector,” Dr Weiss said.
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.”
Sean Bilton, Chief Executive Officer and Managing Director of Estia Health said: “We are excited to enter the next phase in the evolution of Estia Health as a leader in the residential aged care sector in Australia.
“We are ambitious for the future of our sector and the role for Estia Health in leading the ongoing evolution to provide the highest quality residential aged care and services that older Australians deserve. We look forward to continuing to deliver on our core purpose - to enrich and celebrate life together.”
