BGF exits Edinburgh's CSN Care Group after major investment and sale
BGF has exited its investment in Edinburgh-headquartered care provider CSN Care Group following its sale.
CSN has been acquired by Clece Care Services, a national care provider currently operating in more than 70 locations across the UK.
BGF invested £4 million in the capital-based care group in December 2020. CSN operates a national network of branches across the UK and its care brands include Carewatch, MyLife and New Directions.
The funding provided by BGF - formerly known as Business Growth Fund - supported CSN to grow its network and pursue selected merger and acquisition opportunities. In the period since late 2020, CSN has completed a series of acquisitions in Glasgow, Welwyn Garden City and Horsham, West Sussex.
CSN has also bolstered its specialist care offering through the MyLife brand and recruited a team of nurses to develop specialist care packages. It currently delivers around 36,000 hours of care per week through its owned branches.
Executive chairman Scott Christie and managing director Craig Hendry founded the company in January 2019 by means of a management buyout of part of the Carewatch Group.
Clece Care Services is part of Clece Group, a Spanish headquartered company that employs more than 75,000 people across Spain, Portugal and the UK.
Christie said: “This is an exciting next step for CSN which will continue to expand its presence in the care sector across the UK under Clece’s ownership. BGF’s support over the last couple of years has been invaluable in allowing us to acquire like-minded and high quality businesses across the UK.”
Paddy Graham, head of Scotland for BGF, said: “CSN has achieved incredibly rapid growth in a short period of time. The broad mix of specialist services and commitment to high quality care was one of the things that initially attracted us to CSN, as was its strategic focus on private and high-acuity services.
“BGF is a flexible and patient investor, therefore this is an earlier exit than we are typically accustomed to, however the very successful growth since investment coupled with the strong strategic fit with Clece meant that we were delighted to support an exit at this time.”
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