The buyout house is currently carrying out due diligence on the purchase, which could cost up to £900m, and is being advised by Goldman Sachs and Barclays Capital according to UK newspaper The Telegraph.
CVC Capital Partners and a consortium of investors including Patron Capital are believed to be among interested buyers in the care home, which became the UK’s largest following the collapse of Blackstone-backed Southern Cross last year.
The news followed talks between shareholders over a restructuring of the company’s finances.
Four Seasons is seeking fresh equity and debt ahead of loan covenants due in September, when £780m of its debt will mature.
Hands’ firm has reawakened its buying in recent weeks following a disastrous purchase of music company EMI in 2007, which saw it lose £1.75bn on its investment.
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