Michelmores’ Corporate team has advised, BGF, one of the largest and most experienced growth capital investors in the UK and Ireland, on its £3.4 million investment in BN Care.
BGF was established in 2011 and has since invested more than £3bn in over 500 small and mid-sized firms. Its focus is to provide growth capital to help ambitious companies achieve their full potential. Its sustainable investment model sees it operate primarily as a minority and long-term partner.
The investment has enabled the Exeter-based specialist care home provider to acquire a fourth care home in Dorset and brings its total specialist nursing bed capacity to 120. The group has ambitions to open a further six homes by 2028 which is fuelled by the need to meet the increasing demands of an ageing population with complex medical and care needs.
The Michelmores team was led by Corporate Partner Henry Taylor and Senior Associate Francesca Hubbard, with support from Solicitor Meriam Ahmed. Colleagues in the Firm’s Employment, Banking, Tax, and Real Estate teams also brought their expertise to the deal.
Francesca Hubbard said:
“It was a pleasure working with BGF on another deal in the South West and we are delighted to have assisted on an investment which will enable BN Care to help address the supply-demand imbalance in this important sector.”
BGF investor Edwin Davies said:
“We are delighted to be backing BN Care as it looks to expand its provision of high-quality care to older people across our communities. We are grateful for the insights and advice provided by Michelmores to support us through the transaction which involved raising additional bank debt as well as making an acquisition at the same time as our investment. We look forward to supporting the business with further funding and strategic support in the future as it expands its portfolio of homes.”