Investment giant BGF has invested £4million in CSN Care Group, a social care provider which operates a national network of owned and franchised branches across the UK with headquarters in Edinburgh and Milton Keynes. Its brands include Carewatch, MyLife and New Directions.
CSN Care Group was founded by chairman Scott Christie and managing director Craig Hendry in January 2019 as a result of a management buyout of part of the Carewatch Group. Since then the group has grown and now provides more than 50,000 weekly hours of care covering a range of homecare services including social care, privately funded care, live-in care and high-acuity specialist care services.
BGF’s funding will be used to support continued organic growth and to pursue selected M&A opportunities to supplement CSN’s existing branches, with a particular focus on providers of private and high-acuity care.
Christie said: “We are pleased to be partnering with BGF for the next stage of our growth. BGF were selected as the right partner for us due to their long-term approach and the strong relationship we have built with the team over several years. We look forward to working with Andrew and the BGF team as we continue to provide high-quality care, build our capabilities in high-acuity care and make acquisitions that have a strong cultural fit with CSN.”
David Gammie, who led the investment for BGF added: “CSN has grown extremely well over the last couple of years providing a broad mix of care across the UK. We are backing a strong and highly experienced management team in Scott and Craig. We look forward to working with the whole team to support CSN on the next stage of its growth journey.”
Alongside BGF’s investment, CSN has appointed Dr Andrew Dun to its board as a non-executive director. Dun has a clinical and quality background and experience of the social care sector. Early in his career he was a GP before taking on several commercial roles in the social care sector, including as chief executive of social care business Enara. He has served on several boards including most recently Orbis Education and AJM Healthcare.
Dun said: “CSN is an extremely well-run business, committed to providing high-quality care outcomes to their customers.”
BGF was advised on the transaction by Addleshaw Goddard (legal), Andrew Winning (financial due diligence), Mazars (tax). CSN’s advisors were Gilson Gray (legal) and Azets (tax).
Date published: January 21, 2021