Advent International may make Four Seasons bid

Reports suggest that buyout house Advent International is considering a bid for beleaguered care home operator Four Seasons Health Care.

Four Seasons, which operates more than 300 homes in Britain, has reportedly been in talks with its lenders since May last year in an attempt to reduce its £1.5bn debt pile.

The restructuring process has been dragged out because of the company's complicated debt structure, which is split between 11 tranches and 35 different lenders. A debt-for-equity swap offer is currently on the table and has been reported to be received positively by lenders.

Restructuring is said to be the preferred option for the company, but if this does not pan out, Four Seasons will be put up for sale.

Deutsche Bank has been appointed by the company to either move the talks forward and explore 'new sources of capital' or manage the sales process.

Qatar Investment Authority bought Four Seasons from Allianz Capital in 2006 for £1.4bn. Its property portfolio was valued at £900m last year, but property prices have since plummeted. Advent has hired Close Brothers to advise on the potential bid.

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