Puma Private Equity, the private equity division of Puma Investments, has exited its stake in portfolio company, Pure Cremation – a fast-growing direct cremations business.
Pure Cremation has been the driving force behind the UK-wide adoption of direct cremation, a straightforward and affordable alternative to traditional funerals, enabling loved ones to hold a more personal event to commemorate the deceased’s life at a later date.
Puma delivered GBP7.35 million of funding in two rounds, in November 2017 and December 2018. Since then Pure Cremation has gone from strength to strength, doubling in size each year since launching in 2015 as the UK’s only dedicated direct cremation provider.
Bryan Powell, CEO and co-founder of Pure Cremation, says: “Puma Private Equity has played a pivotal role in our ability to attract superb staff, develop robust systems and construct our state-of-the-art crematorium, Charlton Park.
“We are incredibly grateful for their support, expertise, and their confidence in Pure Cremation at the start of our journey.”
This investment was delivered in part from funds raised by Puma VCT 13 – the thirteenth VCT launched by Puma Investments. Puma VCT 13 has realised a 4x money multiple on its investment after just two and a half years of hold.
Rupert West, Managing Director of Puma Private Equity, says: “We are delighted to have supported Pure Cremation through these critical years of growth. We shall miss having them in the portfolio but have managed to realise a fantastic return for our investors within a tight timeframe. Puma Private Equity is committed to helping businesses achieve their full potential – working in partnership with management to unlock growth – and Pure Cremation has been a fantastic example of this. We wish Bryan and the team the very best of luck as they continue to grow their business.”
