Sovereign Capital, a UK private equity firm, has acquired three funeral directors, John Stuart Funeral Services, CS Bowyer and KY Green, for its portfolio company, Laurel, a Wolverhampton-based funeral group which now comprises 50 sites.
John Stuart and CS Bowyer, both based in Wiltshire, have over 150 years of trading history between them whilst KY Green, based in Aylesbury, can trace its origins back over 200 years.
The group intends to build on the individual heritage of these previously family owned businesses through broadening the range of services available to the bereaved.
Kevin Whittle (pictured), partner at Sovereign Capital, says: “We are pleased to be consolidating Laurel’s position in the UK funeral market and providing each business with all of the benefits of the Group’s infrastructure. We look forward to further expanding the Group’s geographic reach within this highly fragmented sector.”
Ian Johnston, chief executive of Laurel, adds: “We are delighted to welcome these highly respected funeral directors to the group. As with previous acquisitions, the businesses’ individual traditions will continue to be upheld whilst simultaneously sharing best practice across the group’s 240 staff.”
Laurel is assessing a number of further acquisition opportunities with a view to continuing to expand the group’s national footprint. This expansion is being supported by an acquisition facility provided by The Royal Bank of Scotland.
