BSN Social Care ("BSN") is the UK’s fourth largest independent fostering agency (“IFA”), focusing on higher acuity therapeutic fostering placements for “Looked After Children”.
Having merged their independently founded agencies (Blue Sky and Nexus) to form BSN in 2014, Grace Wyatt and Simon Lockyer had built a leading IFA with a reputation for quality of care and a long record of delivering exceptional outcomes. In early 2021, MML engaged with Grace and Simon bilaterally to shape a deal that would allow them to meet their specific goals. This meant remaining majority owners of their business whilst simultaneously laying the foundations for managerial succession and continued growth. MML’s investment created a significant equity incentive pot for both the wider team and incoming key hires, ensured the availability of funding for acquisitive expansion, and brought in a highly aligned partner who understood the absolute importance of maintaining care quality.
Fund | Partnership Capital |
Region | Europe |
Deal Status | Current |
Sector | Healthcare |
BSN is one of the UK’s largest independent fostering agencies, providing care to “Looked After Children” across most of England and Wales. We effectively act as an agency - recruiting, training and then matching the most suitable foster carers to children who have been removed from their birth family environment by a Local Authority, for reasons of child welfare or safety. Fostering provides the children with a stable, secure, and caring environment to achieve their maximum potential, with the ultimate intention to return them to their family, when suitable.
It was an intense period but, ultimately, very efficient. We engaged with MML on a bilateral basis in late 2020 based on what they had achieved with a business at a similar point in its journey to our own and whose management team spoke very highly of Richard and Ian. Terms were formally agreed in late January, and everyone worked hard on both sides to get the deal done by the beginning of March - made all the more challenging by the fact we were in the middle of Covid-19 lockdown! MML stuck to their word to deliver a deal in a short timeframe and in line with everything they promised at the outset.
They’ve been both busy and exciting. Most notably, with the help of MML we have welcomed a new CEO and Chairman into our business as Grace and I look to swap our day-to-day operational involvement for board level oversight. We’ve also made several other key hires to support growth plans and continue to pursue our quality-led acquisition strategy - with the goal of bringing our amazing outcomes to those that need it across the country.
For investors in MML Fund VI, MML Ireland I & MML Ireland II
For investors in MML Fund VII
