Bain Capital has Virgin Australia as a high-profile contender for deal of the decade, but a lower-profile aged care buyout could be more satisfying, more profitable for its dealmakers and perhaps even better for investors.Bain jumped into Estia Health three years ago, when listed and unlisted aged care operators were friendless. Investors were fretting about the spirit of legislative changes from the aged care royal commission and ASX-listed Estia’s shareholders couldn’t see how their company would be able to build more homes with shares stuck near record lows, dividend expectations and high funding costs.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Leverage, luck and a 5x return: Inside Bain’s Estia firecracker
When Bain’s Mike Murphy signed a $959 million deal to buy the aged care operator, his rivals thought he was drunk on Virgin’s success and had lost the plot.
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