Balhousie said the purchase will further the group’s expansion and capital investment plans with the current management.

The deal with AcalisCare means Balhousie and its 1400 staff now enter an “exciting growth phase”, said former chairman Tony Banks, who founded the Scottish business 30 years ago.

Balhousie is now home to almost 1000 residents in 26 care facilities, ranging from residential and nursing to specialist care, across six regions of Scotland.

The agreement with AcalisCare is that Mr Banks remains an investor in Balhousie Care Group and that the business retains its name and its head office in Perth.

Mr Banks said: “After three decades of building Balhousie Care Group, I am extremely proud of what the group and the brand has become, which is a highly respected player in the care sector. It was hugely important to me that any investment partner we worked with shared Balhousie’s values and aspirations, and I believe AcalisCare does.

“This is the start of an exciting new growth and investment phase for the business, for our staff and for residents. It will ensure that the Balhousie brand grows even stronger over the next 30 years.”

Lieven Baten, partner in AcalisCare and the new chairman of Balhousie Care Group, added: “Balhousie Care is a natural fit for us and this deal gives us an important foothold in Scotland. Balhousie brings innovation and excitement to Scotland’s care sector. We see huge potential to grow and expand the services under the Balhousie brand.”

Balhousie’s planned capital investment includes extensions to two of its flagship homes, in Broughty Ferry and Bonnybridge. It is also advancing plans for new care homes in Dundee, Perth and Callander.