BGF invests £4m in CSN

The funding will be used to support continued organic growth and to pursue selected M&A opportunities to supplement CSN's existing branches.

Alongside BGF's investment, CSN has appointed Andrew Dun to the board as non-executive director. Dun has served on numerous boards, including most recently Orbis Education and AJM Healthcare.

BGF is a minority, non-controlling equity partner.

Previous funding
The business was founded in a management buyout in January 2019, when executive chairman Scott Christie and managing director Craig Hendry carved the entity out of Carewatch Group.

Company
Founded in 1993, CSN is a social care provider that operates a national network of owned and franchised branches across the UK. Its headquarters are in Edinburgh and Milton Keynes, and its brands include Carewatch, MyLife and New Directions.

For the year ending on 31 March 2020, the company generated £1.6m in EBITDA, from revenues of £27.1m.

People
BGF – David Gammie (investor).

Advisers
Equity – Addleshaw Goddard (legal); Andrew Winning (financial due diligence); Mazars (tax).
Company – Gilson Gray (legal); Azets (tax).

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• Topics
• Expansion
• UK / Ireland
• Healthcare
• BGF (Business Growth Fund)
• United Kingdom
• Minority investing