Bain Capital credit arm adds Australian care provider to portfolio

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The credit unit of global investment major Bain Capital has invested more than $50m in Australian elderly care provider Craigcare.

A source with knowledge of the deal confirmed the investment to AltAssets.

No financial details were disclosed, but the deal is believed to be somewhere between $50m and $100m, according to a report by The West Australian newspaper.

The company, founded in 1972, has six residential care facilities and two retirement villages across Western Australia and Victoria.

Craigcare reported an EBITDA return of $4.1 from last year with the total revenue being $58m, the article stated.

The report also claimed there are already plans for four more sites and following the transaction the current owner has retired.

Earlier this month it was reported that Bain was looking to launch a $1bn Asia-focus credit fund to take advantage of the distressed debt and direct lending opportunities.

Last month the firm acquired the German payments business Concardis, in a deal suggested to be around $700m.

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