Another day, another Guy Hands deal goes sour...
It would appear buy-out baron Guy Hands is poised to lose control of care homes group Four Seasons. At least, that is what esteemed peers are reporting on Twitter this afternoon. In fact, Marlow over at The Daily Telegrah claims handing over keys could crysallise a loss of about £450 million for Terra Firma Capital Partners.
Not many people are going to feel too sorry for Mr Hands, a controversial financier who has made millions for himself as well as few enemies in the City. But some observers might feel his investors deserve a smidgen of sympathy?
Well, I remember when Hands emerged as one of leftfield frontrunners to buy Four Seasons as it was yours truly who first revealed on the front page of The Daily Telegraph's business section that Terra Firma was in the running to buy the care home group. Below is a link:
Sector bankers and industry executives were pretty surprised about my scoop as Hands hadn't never really shown much appetite for healthcare assets in the past. And it came soon after the downfall of Southern Cross Healthcare, one of Britain's largest care homes companies that was once backed by US private equity firm Blackstone.
So, I always thought Hands's purchase of Four Seaons was a bit mad, and so it has been proved to be the case.....