LONDON, 16th June 2015: Metric Capital Partners (“MCP”, “Metric”), the European private capital group, has announced the completion of the sale of its investment in Laurel Funerals (the “Company” or “Laurel”). Metric’s credit and equity instruments were exited through the full sale of the Company to Dignity Plc (“Dignity”), a UK-listed funeral home business, and Funeral Service Partnership (“FSP”), a UK-based funeral home operator, in a transaction valuing the business at £75.0 million.
In April 2012, a consortium including Metric Capital, Duke Street, Babson and Alcentra completed the acquisition of Laurel, the number three player in the UK funerals market with more than 60 branches concentrated in the Midlands and the South East. During the life of the investment, the Company showed impressive growth, both organically and through the acquisition of reputable brands, taking the total number of strategically located branches to 83.
John Sinik, Managing Partner of MCP, commented: “We are very happy with our investment in Laurel Funerals and the returns that this transaction has generated for our investors. At the time of the investment, we were attracted to Company’s market position, resilience of the sector, as well as the exciting prospects for both organic and acquisitive growth. As a result of the positive developments of Laurel during the life of the investment, the Company’s strong portfolio of heritage brands attracted growing interest from a range of potential buyers, and we are extremely pleased with the sale to Dignity and FSP, both of whom are established funeral operators in the UK.”
Peter Cornell, Partner at MCP, represented Metric on the Company’s board during the life of the investment.
Launched in 2011, MCP is an independent private capital group which invests in European small and medium-sized firms by providing debt and equity solutions to support the execution of strategic transactions including MBOs, MBIs, growth/development capital, refinancing and rescue financing.
For further information please consult:
John Sinik, Managing Partner, Metric Capital Partners – Tel: +44 (0) 203 540 1550
Peter Cornell, Partner, Metric Capital Partners – Tel: +44 (0) 203 540 1550