Sovereign Capital’s portfolio company LM Funerals has acquired a fifth funeral services business in 2010, F.M.& J. Wait.
Based in Staffordshire, FMJW is a family-run business that has been operating for over 200 years.
It is the largest independent funeral director in Lichfield and is run by the fifth-generation of Waits, Jonathan Wait, who acts as the lead funeral arranger and conductor and will remain in this role going forward.
The acquisition continues Wolverhampton-based LM Funerals strong growth in 2010. At the beginning of the year the group acquired two separate funeral directors, CS Bowyer and KY Green, both based in Wiltshire. This was followed in June with the acquisitions of two further businesses, Salisbury-based Chris White Funeral Directors and Pomphrey and Mercer Funeral Directors, which operates in and around Hastings.
Since LM Funerals was backed by Sovereign in 2003 it has increased the number of sites it operates from 29 to 65, through both opening satellite branches and acquisitions.
There is a strong pipeline of further acquisitions and in November 2010 LM Funerals appointed a new chief executive, Deborah Kemp, to lead the company in its expansion plans.
Debt for the transaction has been provided by The Royal Bank of Scotland.
Kevin Whittle, partner at Sovereign Capital, says: “The acquisition of a fifth highly regarded funeral business in only 12 months reinforces LM Funerals’ position as one of the leading funeral services companies in the UK. In this fragmented market there is room for further expansion and we look forward to LM Funerals continuing its strong deal flow in 2011.”
