Funeral Services Partnership sold to Montagu Private Equity
Montagu Private Equity (“Montagu”), a leading European private equity firm, announced in May 2015 the acquisition of a majority stake in Funeral Services Partnership (“FSP” or “the Company”), a leading UK funeral services provider. Other terms of the deal are not being disclosed.
Founded in 2007 by CEO Phillip Greenfield, FSP is today the third largest funeral services provider in the UK, with over 130 branches throughout the country. The Company has circa 500 staff and oversees approximately 10,500 funerals per year. FSP’s model is based on acquiring independent funeral directors, retaining their heritage – a major asset – and putting in investment, training and improved processes in order to build a brand with a reputation for absolute reliability, trust and quality.
Montagu will partner with Phillip Greenfield and his management team to grow the business by making further acquisitions, via organic expansion and through continued operational enhancements.
Phillip Greenfield, Founder and CEO of FSP, said:
“Over the last decade, FSP has grown into a leading player in funeral services. We want to continue to grow our presence in the UK market and we are confident that Montagu will be great partners given their previous experience of the sector. We look forward to working with Alex and the team going forward.”
Alex Dabbous, Director at Montagu Private Equity, commented:
“We are proud to be investing in FSP, a strong brand name in a sector we know well. FSP provides important and essential services, and we will work hard with Phillip and his team to help build the business further in the years to come.”
Stephen Pett, of the Prepaid Funeral Review said “Whilst we appreciate that there are economies of scale in the funeral industry, we have to be sad that more and more funeral directors are giving up their independence. It can do nothing for choice.”