Freeth Cartwright advises on multi-million pound private equity deal
FREETH CARTWRIGHT ADVISES ON MULTI-MILLION POUND PRIVATE EQUITY DEAL
The Midlands-based corporate finance teams of Freeth Cartwright and Cooper Parry have advised Funeral Services Partnership Limited (FSP) in a multi-million pound buy and build investment by August Equity LLP.
FSP was established in 2007 as a market consolidator of funeral care providers and operates nationally. August Equity has committed £23m alongside an acquisition facility from HSBC, providing a significant acquisition war chest to fund the next stage of FSP’s growth plans.
August Equity is backing the existing management team led by Phillip Greenfield, CEO, and Graham Hodson, Chairman. Phillip is a former founder and director of funeral service company Fairways, which he grew and subsequently sold. Graham Hodson is also well known in the industry having founded funeral business Laurels.
Advising the shareholders on the transaction, Heath Walker, partner at Cooper Parry Corporate Finance, said: “We are delighted to be supporting FSP in its next phase of acquisitive growth. The business has a strong management team with an excellent track record. They have the opportunity to grow the organisation significantly in a highly fragmented market place. This deal once again demonstrates the credibility of the local adviser base in the Midlands.”
Karl Jansen, partner and head of corporate at Freeth Cartwright, commented: “It’s been an exciting journey since we first became involved with FSP through our long-term association with Guy Turner, one of the company’s founders and a well-known figure in the Midlands corporate finance market. We have worked closely with them, advising on the initial equity and debt fundraising and seven acquisitions, and we’re looking forward to playing our part in the next phase.”
FSP’s Guy Turner added: “I know from my time at 3i that the quality of the advisers in the Midlands corporate finance community is as good as anywhere, whether you are a Midlands based business or, like us, a national operator. The support that we have had from Karl and Heath and their respective teams really has been a key factor in our success.”
FSP won ‘Deal Of The Year Below £10m’ at the 2008 Midlands Insider Dealmakers Awards and this deal represents an exit for Maven Capital Partners and Octopus Intermediate Capital.
ends - 5 October 2009