NINE homes in Fife operated by Four Seasons Health Care, including one in the East Neuk, will soon be under new management.
Terra Firma, a leading private equity firm, has acquired the UK chain, featuring over 60 properties in Scotland, from Four Seasons, Britain’s largest independent elderly and specialist care provider.
Among the premises is Earlsferry House Care Home at Williamsburgh in Elie, which currently has 25 residents and around 32 staff.
The transaction should be completed on or before July 16 and the existing debt liabilities of Four Seasons – understood to be around £780 million, payable by September – will be discharged in full.
A spokesman said the takeover would mean no changes to the day-to-day running of the homes.
The company is being acquired for a total consideration of up to £825 million, which will be financed through a mixture of equity and new debt.
Four Seasons said that, during a period of financial uncertainty, it had achieved a turnaround in quality of care and business performance, and was trading profitably.
Guy Hands, chairman and chief investment officer of Terra Firma, said: “By investing new equity, Four Seasons’ debt has been very substantially reduced and Terra Firma has brought stability to the company.
“Our number one priority is to ensure Four Seasons delivers consistent high-quality care and peace of mind for residents, service users and their families.”
At Earlsferry, a converted two-floor private residence on two floors, there is “a high standard of quality nursing and social care” for physically frail older people and those with dementia, with a reange of suitable pursuits organised by personal activities staff.