BGF pulls out as Edinburgh care provider CSN is sold

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BGF exited its investment in CSN Care Group as it was acquired by competing provider Clece Care Services.

BGF invested £4m in Edinburgh-headquartered CSN in December 2020. It operates a nationwide network of branches across the UK and its skincare brands include Carewatch, MyLife and New Directions.

The funding helped CSN grow its network and pursue acquisitions in Glasgow, Welwyn Garden City and Horsham.

It currently provides approximately 36,000 hours of care per week through its own branches.

Executive Chairman Scott Christie and Chief Executive Craig Hendry founded the company in January 2019 through a management buyout of part of the Carewatch Group.

Christie said: “This is an exciting next step for CSN as it will continue to expand its healthcare presence across the UK under Clece’s ownership.

Paddy Graham, Head of Scotland for BGF, commented: “We are a flexible and patient investor, so this is an earlier exit than we are generally used to, but the very successful growth since the he investment coupled with the strong strategic fit with Clece meant we were delighted to support an exit at that time.

Clece Care Services is part of Clece Group, a company based in Spain with 25 years of experience in a range of care services. It employs over 75,000 people in Spain, Portugal and the UK.

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