The global credit specialist has made its first investment in the sector, paying between $50M and $100M for the family-run operator, which had been owned by director and CEO John Gillett (pictured) for over 13 years.
Craigcare has been providing aged care services for over 40 years and currently has over 600 residents in six nursing homes and one retirement village in each of WA and VIC and around 800 staff. Last FY they made an EBITDA of $4.1M on a profit of about $58M.
Craigcare has confirmed all services and facilities will continue as normal and Bain Capital Credit, part of global investment giant Bain Capital worth $75B, will invest in the operator, which has a busy development pipeline valued at over $200M.
Leading the new entity will be Tony Stephenson replacing Mr Gillett as CEO. A Director of O’Connell Advisory, a management consulting and service company, Mr Stephenson has over 20 years within the health and aged care sectors and also sits on the board of Uniting.
