Four Seasons Health Care has been put up for sale in a bid to pay off debt owed to US hedge fund controllers H/2 Capital Partners.
H/2 effectively controls the UK’s largest care home company, which is still owned by private equity veteran Guy Hands’ Terra Firma.
Four Seasons’ parent company Elli Investments notified the stock exchange today that an independent sales process would be launched, which is expected to complete in the first quarter of next year.
As part of the sale process directors Claire Royston, Ben Taberner and Iain Lynam have been ousted from the board and replaced by Baroness Margaret Ford, Mark Ordan and Martin Healy.
“These changes have been made in furtherance of an independent sales process and facilitate such a process taking place,” the company, which runs more than 260 care homes across the country, said.
An industry source said the operational management and day-to-day running of the business would be unaffected.
City A.M. has contacted Four Seasons Health Care and H/2 Capital Partners for comment.