Allianz Capital Partners GmbH (ACP), an investment unit of German insurer Allianz AG, has agreed to sell Four Seasons Healthcare, a leading U.K. provider of services for older people and specialized care services for adolescents and younger adults, to Delta Commercial Property LP, an investment vehicle for Three Delta LLP for £1.4 billion ($2.67 billion).
Allianz said the purchase price “includes assumed debt and represents a multiple of around 14 times current year EBITDA. The consideration will be financed through a combination of third party bank debt and equity funds managed by Three Delta.”
Allianz noted: “Four Seasons is one of the largest independent providers of care homes and specialist services in the U.K. with over 19,800 beds in 416 care homes, hospitals and centers owned or operated throughout England, Scotland and Northern Ireland with over 20,000 employees.”
Commenting on the transaction, Thomas Puetter, CEO of ACP stated: “We believe that we have found a very good home for the business for the next phase of its development and wish Three Delta and the Four Seasons’ management team every success for the future.”
Four Seasons CEO Tony Heywood commented: “We are very pleased with the choice of new owner for Four Seasons and look forward to continuing to grow and develop the business.”
Paul Taylor, Principal of Three Delta indicated: “We are delighted to be the new owners of Four Seasons. We believe it is an excellent business and we look forward to supporting the management team as they continue to implement their strategy.”