Estia Health, which Bain Capital acquired for more than $830 million at the end of last year, has secured financing worth $300 million through Japanese bank Nomura, according to the Australian Financial Review's Street Talk column.
It's expected the funds will be used for growth and acquisitions, and is a capital injection for Bain Capital, which has reportedly invested heavily in operational improvements for the formerly Australian Stock Exchange (ASX)-listed aged care provider.
"Aged care businesses are in high demand,", The AFR reports.
In November, Estia Health completed the acquisition of Calvary Health Care's aged care homes in Robina Rise, Noosa, and Gympie Views, strengthening its Queensland presence with the addition of 406 beds.
Last week, we reported that Estia Health's cash flow and internal rate of return had already met Bain Capital's targets from their December 2023 acquisition, and the US-based purchaser was considering selling out, according to The Australian.
In November, we also reported that Pacific Equity Partners had secured "exclusivity" over a 50% stake in Opal HealthCare, Australia's largest aged care provider, in a deal that values the operator at "significantly" more than $2 billion.
