Tcehnguiz bros’ right hand man in £1.4bn deal

Paul Taylor, who split from Vincent and Robert Tchenguiz’s property empire earlier this year to pursue his own investment firm, has beaten 3i and Terra Firma to land Four Seasons.

Paul Taylor, the former right hand man of property tycoons Vincent and Robert Tchenguiz, is acquiring Four Seasons, the UK’s second largest healthcare group, for £1.4 billion (€2 billion, $2.6 billion).

Taylor left the brothers’ property companies earlier this year to form investment firm Three Delta with backing from an investment fund of the Qatar Investment Authority.

The auction of Four Seasons began in January when private equity owners Allianz Capital Partners put it up for sale after receiving several expressions of interest.

Taylor’s Three Delta is understood to have seen off 3i and Terra Firma Capital Partners, as well as Borealis Infrastructure, a Canadian investment firm.

It is buying Four Seasons Healthcare for approximately 14 times the company’s estimated 2006 earnings before interest, tax, depreciation and amortisation.

Dresdner Kleinwort was sole financial advisor. At one stage, the bank considered selling the property and operating company separately.

Allianz Capital Partners bought the care services provider from London-based Alchemy Partners for £775 million (€1.1 billion; $1.4 billion).

The healthcare sector has been attracting a number of property players.

London & Regional, the private property company run by Ian and Richard Livingstone, were part of a consortium that bought General Healthcare Group for £2.2 billion (€3.2 billion; $4.1 billion) in April alongside South African healthcare firm Netcare, Apax Partners, and private equity real estate fund, Brockton Capital.

Brockton Capital was co founded by former Blackstone director David Marks and ex-Merrill Lynch man Jason Blank in 2005.

Four Seasons Healthcare is one of the largest providers of care homes and specialist services in the UK with over 19,800 beds in 416 care homes, hospitals and centers.

The business has more than 20,000 employees.