BGF has exited its investment in CSN Care Group as it has been acquired by rival provider Clece Care Services.
BGF invested £4m in Edinburgh-headquartered CSN in December 2020. It operates a national network of branches across the UK and its care brands include Carewatch, MyLife and New Directions.
The funding supported CSN to grow its network and pursue acquisitions in Glasgow, Welwyn Garden City and Horsham.
It currently delivers around 36,000 hours of care per week through its owned branches.
Executive chair 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.
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.”
Paddy Graham, head of Scotland for BGF, commented: “We are 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. ”
Clece Care Services is part of Clece Group, a Spanish-headquartered company with 25 years of experience across a range of care services. It employs over 75,000 people across Spain, Portugal and the UK.
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