Carey Olsen has advised leading European private equity firm Terra Firma on the acquisition of Four Seasons Health Care (Four Seasons) for a total consideration of up to £825 million.

Four Seasons is the leading independent provider of health and social care in the United Kingdom (UK). The company operates 445 care homes and 61 hospitals and specialist units in the UK, Isle of Man and Jersey. It employs more than 30,000 staff caring for more than 20,000 residents. Four Seasons has taken a sector lead in the development of specialist services for residents with higher dependency needs including nursing care for infirm elderly, respite, step-up and step-down care and an award winning specialist dementia service that is studied by care providers internationally.

Terra Firma is a leading European private equity firm specialising in buy-outs of large, asset-rich and complex businesses. Carey Olsen advised Terra Firma on the Guernsey and Jersey legal aspects of this transaction. The Carey Olsen team was led by corporate partners Tom Carey and Guy Coltman who were assisted by senior associate Geoff Ward-Marshall and associate David Taylor.
Other firms, who acted for Terra Firma on this transaction, included Slaughter and May as lead English legal counsel and Cravath Swaine & Moore who advised on US financing issues.

The acquisition, which completed last month, is being financed through a mixture of equity and new debt, with the debt being arranged by Goldman Sachs and Barclays.

Carey Olsen partner Tom Carey said: “We are delighted to have been instructed on Terra Firma’s purchase of Four Seasons Health Care which is one of the most significant leveraged buyout transactions this year.”