News Room
May 2007
Aberdeen invests in Funeral Services Partnership
Aberdeen Asset Managers Growth Capital (“AAMGC” or “Aberdeen”) has acquired a £5m stake in Midlands-based Funeral Services Partnership Ltd, a new company set up to create a group of independent funeral businesses.
Heading the company is Philip Greenfield, the former founder of the Fairways Funeral business, which he grew to manage 6,000 funerals per year and was sold to the Co-operative Group in 2006 in a multi-million pound deal.
Greenfield is partnered by, Guy Turner, who has joined Funeral Services Partnership as financial director. He formerly worked for equity provider 3i, which was an investor in Fairways.
Together with Aberdeen the pair intend to build up a major independent funeral services business, which will also encompass associated trades, for example headstone suppliers. This will be done through acquisitions and incremental growth of the core business.
From a standing start, the company has already acquired two funeral services businesses based in the Midlands and the south of England.
Andrew Ferguson, Senior Investment Manager, Growth Capital, commented:
"We are delighted to be backing Phillip and Guy, and their growth plans for FSP. Phillip has a demonstrable track record in buy and build in the funeral sector, structuring the right team to manage growth, and most importantly growing shareholder value. We are looking forward to working with Phillip and Guy and believe that this investment will allow the company to exploit the opportunities that Phillip has identified in the sector.”
Philip Greenfield, Chief Executive, Funeral Services Partnership Ltd, commented:
"We are delighted to have completed a funding package with Aberdeen which has enabled us to proceed with our buy and build strategy. Significant opportunities exist to establish the company as a major independent player in the funeral services market and we look forward to a close and fruitful collaboration with our new partners.”
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