Early exit for BGF as CSN Care Group acquired
CSN, the Edinburgh and Milton Keynes based care company, has been acquired by Clece Care Services, part of a Spanish group which operates in more than 70 locations across the UK.
The deal, for an undisclosed sum, means an early exit for BGF which invested £4m in December 2020.
Since then CSN has completed acquisitions in Glasgow, Horsham and Welwyn Garden City to expand its Carewatch, MyLife and New Directions brands.
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 Spain-based company, which employs more than 75,000 staff across Spain, Portugal and the UK.
Mr 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 at BGF, added: “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.”
Javier Roman Hernando CEO at Clece Group added: “Acquiring CSN is an important part of growing our operations across the UK. It is clear that the company’s initial management buyout, coupled with BGF’s investment, have put CSN on an exciting upward trajectory in a growing and indispensable sector.”