Mid-market investment firm Access Holdings has completed a transaction that will allow it to continue to manage portfolio company Foundation Partners Group (FPG).
Access Holdings is fully committed to its partnership with Foundation Partners Group and believes that it is positioned for long-term growth. Coller Capital, a leading investor in the secondary market for private assets, backed the transaction. The FPG transaction represents an extension of the existing partnership between Access Holdings and FPG, which first began back in 2015. Access Holdings plans to reinvest most of the proceeds from the transaction back into Foundation Partners Group to help grow and scale the business over the long term.
“Today’s announcement demonstrates that Access Holdings is committed to working closely with Foundation Partners Group for years to come,” says Access Holdings Founding Partner Kevin McAllister. “We fully believe in FPG’s business model and will provide additional capital and further strategic assistance to the business as they solidify themselves as a leading private deathcare services provider in the country.”
Foundation Partners Group is one of the fastest growing privately held providers of deathcare services in the US, serving more than 85,000 families annually. Since first partnering with Access Holdings, FPG has grown from 22 funeral homes and five cemeteries to more than 170 locations in 21 states. Access Holdings is working closely with FPG to achieve a three-part growth strategy of adding additional brands and locations within existing geographies, building a state-of-the-art decedent care network to provide enhanced services, and investing significantly in digital capabilities to provide direct-to-consumer cremation offerings.
“We are ecstatic that Access Holdings has committed to continue supporting Foundation Partners Group as we grow and scale our business,” said Foundation Partners Group President and CEO Kent Robertson. “Our strong relationship with Access Holdings has furthered our goal of both partnering with independent funeral home operators who believe in providing the highest quality service for families and investing in innovative technology and service capabilities to become the funeral service provider of the future.”
Foundation Partners Group was founded 11 years ago with the belief that cremation is the future of deathcare. Today, the company leads the industry in its commitment to cremation, with an overall cremation rate of more than 87 percent. Click here to learn more about Foundation Partners Group.
The investment bank Evercore and the law firms of Kirkland & Ellis LLP and Miles & Stockbridge assisted on the deal. Coller Capital was advised by Cleary Gottlieb Steen & Hamilton LLP.
